Adam B. Ashcraft

Federal Reserve Bank of New York

33 Liberty Street

New York, NY 10045-0001

United States

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SCHOLARLY PAPERS

28

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34,744

SSRN CITATIONS
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524

CROSSREF CITATIONS

810

Scholarly Papers (28)

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1.

Understanding the Securitization of Subprime Mortgage Credit

Downloads 14,542 ( 363)
Citation 118

Understanding the Securitization of Subprime Mortgage Credit

Wharton Financial Institutions Center Working Paper No. 07-43, FRB of New York Staff Report, No. 318
Number of pages: 82 Posted: 14 Dec 2007 Last Revised: 11 Mar 2008
Adam B. Ashcraft and Til Schuermann
Federal Reserve Bank of New York and Oliver Wyman
Downloads 14,527 (354)
Citation 184

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subprime mortgage credit, securitization, rating agencies, principal agent, moral hazard

Understanding the Securitization of Subprime Mortgage Credit

Foundations and Trends in Finance, Vol. 2, No. 3, pp. 191-309, 2006
Number of pages: 119 Posted: 14 Jun 2010
Adam B. Ashcraft and Til Schuermann
Federal Reserve Bank of New York and Oliver Wyman
Downloads 15 (758,952)
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Subprime mortgage credit, securitization, rating agencies, principal agent, moral hazard

2.

Shadow Banking

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Citation 159

Shadow Banking

Number of pages: 81 Posted: 16 Jul 2010
Zoltan Pozsar, Tobias Adrian, Adam B. Ashcraft and Haley Boesky
Federal Reserve Banks - Federal Reserve Bank of New York, International Monetary Fund, Federal Reserve Bank of New York and Bank of America Merrill Lynch
Downloads 5,380 (2,065)
Citation 128

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shadow banking, financial intermediation

Shadow Banking

FRB of New York Staff Report No. 458
Number of pages: 81 Posted: 20 Jul 2010 Last Revised: 09 Aug 2014
Zoltan Pozsar, Tobias Adrian, Adam B. Ashcraft and Haley Boesky
Federal Reserve Banks - Federal Reserve Bank of New York, International Monetary Fund, Federal Reserve Bank of New York and Bank of America Merrill Lynch
Downloads 2,458 (7,836)
Citation 185

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shadow banking, financial intermediation

Shadow Banking

Economic Policy Review, Vol. 19, No. 2, 2013
Number of pages: 16 Posted: 13 Jan 2014
Zoltan Pozsar, Tobias Adrian, Adam B. Ashcraft and Hayley Boesky
Federal Reserve Banks - Federal Reserve Bank of New York, International Monetary Fund, Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 1,487 (17,386)

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credit intermediation, financial institutions

3.

Shadow Banking: A Review of the Literature

FRB of New York Staff Report No. 580
Number of pages: 38 Posted: 13 Nov 2012
Tobias Adrian and Adam B. Ashcraft
International Monetary Fund and Federal Reserve Bank of New York
Downloads 1,771 (13,517)
Citation 28

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shadow banking, financial stability, financial intermediation

4.

Shadow Banking Regulation

Downloads 1,653 ( 15,085)
Citation 34

Shadow Banking Regulation

FRB of New York Staff Report No. 559
Number of pages: 64 Posted: 20 Apr 2012
Tobias Adrian and Adam B. Ashcraft
International Monetary Fund and Federal Reserve Bank of New York
Downloads 1,653 (14,821)
Citation 34

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shadow banking, financial regulation

Shadow Banking Regulation

Annual Review of Financial Economics, Vol. 4, pp. 99-140, 2012
Posted: 04 Nov 2012
Tobias Adrian and Adam B. Ashcraft
International Monetary Fund and Federal Reserve Bank of New York

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5.

MBS Ratings and the Mortgage Credit Boom

FRB of New York Staff Report No. 449, European Banking Center Discussion Paper No. 2010-24S, CentER Discussion Paper Series No. 2010-89S
Number of pages: 59 Posted: 25 May 2010 Last Revised: 29 Aug 2010
Adam B. Ashcraft, Paul S. Goldsmith-Pinkham and James I. Vickery
Federal Reserve Bank of New York, Yale School of Management and Federal Reserve Bank of Philadelphia
Downloads 1,409 (19,197)
Citation 133

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Credit Rating Agencies, Subprime Crisis, Mortgage-Backed Securities

6.

Has the CDS Market Lowered the Cost of Corporate Debt?

Downloads 1,059 ( 29,218)
Citation 37

Has the CDS Market Lowered the Cost of Corporate Debt?

Number of pages: 44 Posted: 21 Jun 2007 Last Revised: 22 Jun 2016
Adam B. Ashcraft and João A. C. Santos
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 1,059 (28,816)
Citation 37

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Credit default swaps, loan spreads, credit spreads.

Has the CDS Market Lowered the Cost of Corporate Debt?

Journal of Monetary Economics, Vol. 56, No. 4, 2009
Posted: 23 Sep 2009
Adam B. Ashcraft and João A. C. Santos
Federal Reserve Bank of New York and Federal Reserve Bank of New York

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Credit default swaps, loan spreads, credit spreads

7.

Firm Balance Sheets and Monetary Policy Transmission

Journal of Monetary Economics, Forthcoming
Number of pages: 41 Posted: 28 Jan 2006
Adam B. Ashcraft and Murillo Campello
Federal Reserve Bank of New York and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 610 (61,725)
Citation 7

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Firm Financial Constraints, Monetary Policy, Balance Sheet Channel, Financial Conglomerates, Internal Capital Markets

8.

Are Bank Holding Companies a Source of Strength to Their Banking Subsidiaries?

Number of pages: 32 Posted: 23 Sep 2004
Adam B. Ashcraft
Federal Reserve Bank of New York
Downloads 592 (64,101)
Citation 37

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cross-guarantee provision, source-of-strength doctrine, bank capital regulation

9.

Shadow Bank Monitoring

FRB of New York Staff Report No. 638
Number of pages: 35 Posted: 03 Oct 2013
Tobias Adrian, Adam B. Ashcraft and Nicola Cetorelli
International Monetary Fund, Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 519 (75,593)
Citation 23

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shadow banking, financial stability monitoring, financial intermediation

10.

New Evidence on the Lending Channel

FRB of New York Staff Report No. 136
Number of pages: 58 Posted: 02 Sep 2001
Adam B. Ashcraft
Federal Reserve Bank of New York
Downloads 447 (90,420)
Citation 61

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internal capital markets, lending channel

11.

Are Banks Really Special? New Evidence from the Fdic-Induced Failure of Healthy Banks

FRB of New York Staff Report No. 176, EFMA 2004 Basel Meetings Paper
Number of pages: 45 Posted: 10 May 2004
Adam B. Ashcraft
Federal Reserve Bank of New York
Downloads 401 (102,517)
Citation 87

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Bank failures, cross-guarantee, uniqueness of banks

12.

Does Skin‐in‐the‐Game Affect Security Performance?

Number of pages: 60 Posted: 17 Jul 2014 Last Revised: 18 Jan 2019
Adam B. Ashcraft, Kunal Gooriah and Amir Kermani
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and University of California, Berkeley
Downloads 399 (103,138)
Citation 10

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skin-in-the-game, securitization, secondary market, commercial mortgage backed securities

13.

Do Tougher Bank Capital Requirements Matter? New Evidence from the Eighties

Number of pages: 39 Posted: 02 Sep 2001
Adam B. Ashcraft
Federal Reserve Bank of New York
Downloads 286 (148,077)
Citation 13

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Bank capital requirements, moral hazard, bank regulation

14.

Precautionary Reserves and the Interbank Market

Downloads 284 (149,122)
Citation 27

Precautionary Reserves and the Interbank Market

FRB of New York Staff Report No. 370
Number of pages: 55 Posted: 22 May 2009
Adam B. Ashcraft, James McAndrews and David R. Skeie
Federal Reserve Bank of New York, Wharton Financial Institutions Center and University of Warwick - Warwick Business School
Downloads 149 (269,227)
Citation 33

Abstract:

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Tax law, S corporations, organizational form, dividend policy, sell-offs, industry structure

Precautionary Reserves and the Interbank Market

Number of pages: 54 Posted: 22 Mar 2009
Adam B. Ashcraft, James McAndrews and David R. Skeie
Federal Reserve Bank of New York, Wharton Financial Institutions Center and University of Warwick - Warwick Business School
Downloads 135 (291,143)
Citation 2

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excess reserves, fed funds market, discount window, large-value payments, limited participation

15.

The Federal Home Loan Bank System: The Lender of Next-to-Last Resort?

FRB of New York Staff Report No. 357, Federal Reserve Bank of Atlanta Working Paper No. 2009-4
Number of pages: 48 Posted: 02 Dec 2008
Adam B. Ashcraft, Morten L. Bech and W. Scott Frame
Federal Reserve Bank of New York, Bank for International Settlements (BIS) - Committee on Payments and Market Infrastructures and Federal Reserve Bank of Dallas
Downloads 246 (172,037)
Citation 14

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Federal Home Loan Bank, government-sponsored enterprise, lender of last resort, liquidity

16.

Does the Market Discipline Banks? New Evidence from the Regulatory Capital Mix

FRB of New York Staff Report No. 244
Number of pages: 41 Posted: 12 May 2006
Adam B. Ashcraft
Federal Reserve Bank of New York
Downloads 231 (182,736)
Citation 17

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market discipline, subordinated debt, bank capital regulation, financial distress, bond covenants

17.

The Bankruptcy Abuse Prevention and Consumer Protection Act: Means-Testing or Mean Spirited?

FRB of New York Staff Report No. 279
Number of pages: 28 Posted: 13 Mar 2007
Adam B. Ashcraft, Astrid Andrea Dick and Donald P. Morgan
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 212 (198,111)
Citation 9

Abstract:

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bankruptcy, consumption smoothing, insurance, moral hazard

18.

On the Market Discipline of Informationally-Opaque Firms: Evidence from Bank Borrowers in the Federal Funds Market

FRB of New York Staff Report No. 257, FDIC Center for Financial Research Working Paper No. 2006-09
Number of pages: 62 Posted: 20 Sep 2006
Adam B. Ashcraft and C. Hoyt Bleakley
Federal Reserve Bank of New York and University of Chicago - Booth School of Business
Downloads 189 (219,788)
Citation 30

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Earnings management, market discipline, opaqueness

19.

Borrowers' Financial Constraints and the Transmission of Monetary Policy: Evidence from Financial Conglomerates

FRB of New York Staff Report No. 153
Number of pages: 41 Posted: 31 Jul 2006
Adam B. Ashcraft and Murillo Campello
Federal Reserve Bank of New York and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 125 (307,236)
Citation 7

Abstract:

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balance sheet channel, internal capital markets

20.

Defaults and Losses on Commercial Real Estate Bonds during the Great Depression Era

FRB of New York Staff Report No. 544
Number of pages: 44 Posted: 10 Feb 2012
Tyler Wiggers and Adam B. Ashcraft
affiliation not provided to SSRN and Federal Reserve Bank of New York
Downloads 118 (320,236)
Citation 8

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Great Depression, CMBS market, default and loss study, commercial real estate

21.

Two Monetary Tools: Interest Rates and Haircuts

Downloads 96 (367,882)
Citation 47

Two Monetary Tools: Interest Rates and Haircuts

NBER Working Paper No. w16337
Number of pages: 41 Posted: 07 Sep 2010 Last Revised: 21 Feb 2021
Adam B. Ashcraft, Nicolae Garleanu and Lasse Heje Pedersen
Federal Reserve Bank of New York, University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 92 (381,033)
Citation 12

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Two Monetary Tools: Interest Rates and Haircuts

CEPR Discussion Paper No. DP8000
Number of pages: 43 Posted: 14 Nov 2010
Adam B. Ashcraft, Nicolae Garleanu and Lasse Heje Pedersen
Federal Reserve Bank of New York, University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 4 (870,064)
Citation 4
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asset pricing, financial frictions, haircuts, liquidity, macroeconomics, margin requirements, monetary policy

22.

Identifying the Consequences of Teenage Childbearing

Number of pages: 43 Posted: 01 Sep 2001
Adam B. Ashcraft
Federal Reserve Bank of New York
Downloads 94 (372,742)

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23.

The Consequences of Teenage Childbearing

NBER Working Paper No. w12485
Number of pages: 48 Posted: 31 Aug 2006 Last Revised: 12 Feb 2022
Adam B. Ashcraft and Kevin Lang
Federal Reserve Bank of New York and Boston University - Department of Economics
Downloads 64 (463,020)
Citation 1

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24.

On the Economic Distortions of Smoothing Aggregate Volatility With Monetary Policy

Number of pages: 27 Posted: 02 Sep 2001
Adam B. Ashcraft
Federal Reserve Bank of New York
Downloads 63 (466,758)

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monetary policy, aggregate smoothing

25.

A Review of Shadow Banking

CEPR Discussion Paper No. DP13363
Number of pages: 38 Posted: 11 Dec 2018 Last Revised: 17 Dec 2018
Tobias Adrian, Adam B. Ashcraft, Peter Breuer and Nicola Cetorelli
International Monetary Fund, Federal Reserve Bank of New York, International Monetary Fund (IMF) and Federal Reserve Bank of New York
Downloads 9 (786,885)
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26.

Credit Ratings and Security Prices in the Subprime MBS Market

American Economic Review, Vol. 101, No. 3, pp. 115-119, 2011
Posted: 03 Jun 2011
Adam B. Ashcraft, Paul S. Goldsmith-Pinkham, Peter Hull and James I. Vickery
Federal Reserve Bank of New York, Yale School of Management, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of Philadelphia

Abstract:

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credit ratings, mortgage-backed securities

27.

The Term Asset-Backed Securities Lending Facility

Posted: 18 Mar 2009
Adam B. Ashcraft, Allan Malz and Joshua V. Rosenberg
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York

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28.

Using Loan Rates to Measure and Regulate Bank Risk: Findings Immodest Proposal

Posted: 17 Feb 2004
Donald P. Morgan and Adam B. Ashcraft
Federal Reserve Bank of New York and Federal Reserve Bank of New York

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Deposit insurance reform, credit risk pricing, risk-based capital regulation