Michael J. Fleming

Federal Reserve Bank of New York

Research Officer

33 Liberty Street

New York, NY 10045

United States

http://www.newyorkfed.org/research/economists/fleming/

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SCHOLARLY PAPERS

50

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21,541

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479

CROSSREF CITATIONS

549

Scholarly Papers (50)

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1.

What Moves the Bond Market?

Economic Policy Review, Vol. 3, No. 4, December 1997
Number of pages: 20 Posted: 24 Sep 2007
Michael J. Fleming and Eli M. Remolona
Federal Reserve Bank of New York and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 2,531 (9,342)
Citation 19

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bonds, U.S. Treasury Market

2.

Measuring Treasury Market Liquidity

Downloads 2,258 (11,232)
Citation 78

Measuring Treasury Market Liquidity

Economic Policy Review, Vol. 9, No. 3, September 2003
Number of pages: 26 Posted: 25 Aug 2005
Michael J. Fleming
Federal Reserve Bank of New York
Downloads 1,161 (30,672)
Citation 21

Abstract:

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liquidity, trading volume, bid-ask spread, quote size, price impact

Measuring Treasury Market Liquidity

FRB of New York Staff Report No. 133
Number of pages: 57 Posted: 29 Jul 2001
Michael J. Fleming
Federal Reserve Bank of New York
Downloads 1,097 (33,211)
Citation 61

Abstract:

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Liquidity, Trading volume, Bid-ask spreads, Quote sizes, Price impact

3.

The Failure Resolution of Lehman Brothers

Economic Policy Review, Forthcoming
Number of pages: 57 Posted: 10 Apr 2014
Michael J. Fleming and Asani Sarkar
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 1,486 (21,610)
Citation 8

Abstract:

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Chapter 11, derivatives

4.

The Repurchase Agreement Refined: Gcf Repo

Number of pages: 7 Posted: 14 Mar 2005
Michael J. Fleming and Kenneth Garbade
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 1,394 (23,777)
Citation 1

Abstract:

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repurchase agreements, RP, repo, fails, negative interest rates

5.

Repurchase Agreements with Negative Interest Rates

Number of pages: 7 Posted: 04 Oct 2004
Michael J. Fleming and Kenneth Garbade
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 1,118 (32,859)
Citation 3

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repurchase agreements, gcf repo, general collateral, fixed income clearing corporation, dealer finance

6.

Price Formation and Liquidity in the U.S. Treasury Market: The Response to Public Information

Downloads 683 (64,594)
Citation 56

Price Formation and Liquidity in the U.S. Treasury Market: The Response to Public Information

Number of pages: 21 Posted: 09 Mar 1999
Michael J. Fleming and Eli M. Remolona
Federal Reserve Bank of New York and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 683 (63,704)
Citation 56

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Price Formation and Liquidity in the U.S. Treasury Market: The Response to Public Information

Posted: 09 Mar 1999
Michael J. Fleming and Eli M. Remolona
Federal Reserve Bank of New York and Bank for International Settlements (BIS) - Monetary and Economic Department

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7.

The Term Securities Lending Facility: Origin, Design, and Effects

Current Issues in Economics and Finance, Vol. 15, No. 2, February 2009
Number of pages: 11 Posted: 27 Feb 2009 Last Revised: 28 Feb 2009
Michael J. Fleming, Frank M. Keane and Warren B. Hrung
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 670 (66,207)
Citation 4

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federal reserve, liquidity facility, securities lending, financing market, repo market

8.

Intraday Market Making with Overnight Inventory Costs

Downloads 635 (70,755)
Citation 7

Intraday Market Making with Overnight Inventory Costs

Journal of Financial Markets, Forthcoming
Number of pages: 65 Posted: 29 Sep 2016 Last Revised: 13 Apr 2020
Tobias Adrian, Agostino Capponi, Michael J. Fleming, Erik Vogt and Hongzhong Zhang
International Monetary Fund, Columbia University - Department of Industrial Engineering and Operations Research, Federal Reserve Bank of New York, Citadel LLC and Columbia University
Downloads 493 (96,001)
Citation 1

Abstract:

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inventory control, jump-driven stochastic control, market microstructure theory, market making

Intraday Market Making with Overnight Inventory Costs

FRB of NY Staff Report No. 799
Number of pages: 57 Posted: 25 Oct 2016
Tobias Adrian, Agostino Capponi, Michael J. Fleming, Erik Vogt and Hongzhong Zhang
International Monetary Fund, Columbia University - Department of Industrial Engineering and Operations Research, Federal Reserve Bank of New York, Citadel LLC and Columbia University
Downloads 142 (338,733)
Citation 7

Abstract:

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market microstructure theory, market liquidity, market making, financial intermediation

9.

The Term Structure of Announcement Effects

BIS Working Paper No. 71
Number of pages: 36 Posted: 13 Dec 2005
Michael J. Fleming and Eli M. Remolona
Federal Reserve Bank of New York and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 631 (71,457)
Citation 43

Abstract:

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Announcements, Term structure, Expectations

10.

How Do Treasury Dealers Manage Their Positions?

Downloads 619 (73,190)
Citation 31

How Do Treasury Dealers Manage Their Positions?

FRB of New York Staff Report No. 299, Rev. August 2022
Number of pages: 66 Posted: 13 Sep 2007 Last Revised: 18 Aug 2022
Michael J. Fleming, Joshua V. Rosenberg and Giang Nguyen
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Pennsylvania State University - Smeal College of Business
Downloads 349 (143,488)
Citation 10

Abstract:

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Treasury market, dealer, positions, inventory, hedging, issuance

How do Treasury Dealers Manage their Positions?

AFA 2008 New Orleans Meetings Paper
Number of pages: 40 Posted: 22 Mar 2007
Michael J. Fleming and Joshua V. Rosenberg
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 270 (188,218)
Citation 20

Abstract:

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Treasury market, dealer, positions, inventory, hedging, issuance

11.

The Microstructure of a U.S. Treasury ECN: The BrokerTec Platform

Journal of Financial Markets, Vol. 40, No. September, 2018
Number of pages: 54 Posted: 31 Jul 2009 Last Revised: 02 Mar 2021
Michael J. Fleming, Bruce Mizrach and Giang Nguyen
Federal Reserve Bank of New York, Rutgers University, Department of Economics and Pennsylvania State University - Smeal College of Business
Downloads 610 (74,838)
Citation 45

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microstructure, Treasury market, bid-ask spread, price impact, information

12.

Explaining Settlement Fails

Current Issues in Economics and Finance, Vol. 11, No. 9, September 2005
Number of pages: 7 Posted: 26 Oct 2005
Michael J. Fleming and Kenneth Garbade
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 570 (81,088)
Citation 6

Abstract:

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settlement fails, securities lending, repurchase agreements, Treasury securities

13.

Liquidity and Volatility in the U.S. Treasury Market

Journal of Econometrics, 217(2), 207-229. , FRB of New York Staff Report No. 590, UNC Kenan-Flagler Research Paper No. 2013-20, Kenan Institute of Private Enterprise Research Paper
Number of pages: 55 Posted: 02 Jan 2013 Last Revised: 01 Jul 2021
Giang Nguyen, Robert F. Engle, Michael J. Fleming and Eric Ghysels
Pennsylvania State University - Smeal College of Business, New York University (NYU) - Department of Finance, Federal Reserve Bank of New York and University of North Carolina Kenan-Flagler Business School
Downloads 531 (88,569)
Citation 31

Abstract:

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liquidity, Treasury market, limit order book, financial crisis, volatility, announcement

14.

The Microstructure of China's Government Bond Market

FRB of New York Staff Report No. 622
Number of pages: 45 Posted: 04 Jun 2013 Last Revised: 14 Aug 2013
Jennie Bai, Michael J. Fleming and Casidhe Horan
Georgetown University - McDonough School of Business, Federal Reserve Bank of New York and The Stephen M. Ross School of Business at the University of Michigan
Downloads 459 (105,687)
Citation 7

Abstract:

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trading activity, market efficiency, announcements, interest rates

15.

Repo Market Effects of the Term Securities Lending Facility

FRB of New York Staff Report No. 426
Number of pages: 37 Posted: 21 Jan 2010
Michael J. Fleming, Warren B. Hrung and Frank M. Keane
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 455 (106,800)
Citation 38

Abstract:

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Federal Reserve, liquidity facility, repo market, repurchase agreement

16.

Who Buys Treasury Securities at Auction?

Current Issues in Economics and Finance, Vol. 13, No. 1, January 2007
Number of pages: 7 Posted: 14 Feb 2007
Michael J. Fleming
Federal Reserve Bank of New York
Downloads 450 (108,135)

Abstract:

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treasury securities, auction

17.

The Federal Reserve’s Foreign Exchange Swap Lines

Current Issues in Economics and Finance, Vol. 16, No. 4, April 2010
Number of pages: 7 Posted: 30 Apr 2010
Michael J. Fleming and Nicholas Klagge
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 423 (116,283)
Citation 21

Abstract:

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swap line, liquidity facility

18.

The Microstructure of the TIPS Market

Downloads 406 (122,002)
Citation 15

The Microstructure of the TIPS Market

Economic Policy Review, 2012
Number of pages: 19 Posted: 24 Dec 2011
Michael J. Fleming and Neel Krishnan
Federal Reserve Bank of New York and affiliation not provided to SSRN
Downloads 226 (224,545)
Citation 6

Abstract:

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Treasury inflation-protected securities, announcements

The Microstructure of the TIPS Market

FRB of New York Staff Report No. 414
Number of pages: 33 Posted: 21 Dec 2009
Michael J. Fleming and Neel Krishnan
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 180 (276,903)
Citation 9

Abstract:

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Treasury inflation-protected securities, liquidity, seasonality, announcements

19.

Market Liquidity after the Financial Crisis

Downloads 401 (123,727)
Citation 41

Market Liquidity after the Financial Crisis

FRB of NY Staff Report No. 796
Number of pages: 47 Posted: 20 Oct 2016 Last Revised: 21 Sep 2017
Tobias Adrian, Michael J. Fleming, Or Shachar and Erik Vogt
International Monetary Fund, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Citadel LLC
Downloads 401 (122,585)

Abstract:

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liquidity, market making, Treasury market, corporate bonds, regulation

Market Liquidity after the Financial Crisis

CEPR Discussion Paper No. DP12248
Number of pages: 49 Posted: 29 Aug 2017
Tobias Adrian, Michael J. Fleming, Or Shachar and Erik Vogt
International Monetary Fund, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Citadel LLC
Downloads 0
Citation 30
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corporate bonds, liquidity, market making, regulation, Treasury securities

Market Liquidity after the Financial Crisis

Annual Review of Financial Economics, Vol. 9, pp. 43-83, 2017
Posted: 03 Jan 2018
Tobias Adrian, Michael J. Fleming, Or Shachar and Erik Vogt
International Monetary Fund, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Citadel LLC

Abstract:

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20.

Heat Waves, Meteor Showers, and Trading Volume: An Analysis of Volatility Spillovers in the U.S. Treasury Market

FRB of New York Staff Report No. 82
Number of pages: 37 Posted: 13 Nov 1999
Michael J. Fleming and Jose A. Lopez
Federal Reserve Bank of New York and Federal Reserve Bank of San Francisco
Downloads 388 (128,435)
Citation 11

Abstract:

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volatility, trading volume, GARCH, intraday, U.S. Treasury securities market

21.

What Financing Data Reveal About Dealer Leverage

Number of pages: 7 Posted: 05 Apr 2005
Tobias Adrian and Michael J. Fleming
International Monetary Fund and Federal Reserve Bank of New York
Downloads 380 (131,569)

Abstract:

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leverage, primary dealers, risk taking, volatility, treasury market

22.

The Round-the-Clock Market for U.S. Treasury Securities

Economic Policy Review, Vol. 3, No. 2, July 1997
Number of pages: 24 Posted: 27 Sep 2007
Michael J. Fleming
Federal Reserve Bank of New York
Downloads 328 (154,385)
Citation 1

Abstract:

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intraday, trading volume, volatility, liquidity

23.

When the Back Office Moved to the Front Burner: Settlement Fails in the Treasury Market after September 11

Number of pages: 23 Posted: 15 Sep 2004
Michael J. Fleming and Kenneth Garbade
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 323 (156,979)
Citation 6

Abstract:

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Settlement fails, Treasury market, repurchase agreement, repo market, securities lending, September 11

24.

An Analysis of CDS Transactions: Implications for Public Reporting

FRB of New York Staff Report No. 517
Number of pages: 25 Posted: 08 Oct 2011 Last Revised: 18 Sep 2012
Kathryn Chen, Michael J. Fleming, John P. Jackson, Ada Li and Asani Sarkar
Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York, Bank of England, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 292 (174,582)
Citation 46

Abstract:

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block trade, clearing eligible, credit derivatives, dealer hedging, price reporting, public transparency

25.

Federal Reserve Liquidity Provision during the Financial Crisis of 2007-2009

Downloads 291 (175,249)

Federal Reserve Liquidity Provision during the Financial Crisis of 2007-2009

FRB of New York Staff Report No. 563
Number of pages: 33 Posted: 08 Aug 2012
Michael J. Fleming
Federal Reserve Bank of New York
Downloads 291 (174,226)
Citation 34

Abstract:

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central bank , liquidity facilities, lender of last resort

Federal Reserve Liquidity Provision During the Financial Crisis of 2007–2009

Annual Review of Financial Economics, Vol. 4, pp. 161-177, 2012
Posted: 04 Nov 2012
Michael J. Fleming
Federal Reserve Bank of New York

Abstract:

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26.

An Analysis of OTC Interest Rate Derivatives Transactions: Implications for Public Reporting

FRB of New York Staff Report No. 557
Number of pages: 23 Posted: 19 Apr 2012
Michael J. Fleming, John P. Jackson, Ada Li, Asani Sarkar and Patricia Zobel
Federal Reserve Bank of New York, Bank of England, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 269 (189,870)
Citation 11

Abstract:

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interest rate derivatives, price reporting, public transparency, standardization

27.

The Evolution of Treasury Market Liquidity: Evidence from 30 Years of Limit Order Book Data

FRB of NY Staff Report No. 827, Rev. January 2023
Number of pages: 48 Posted: 17 Nov 2017 Last Revised: 13 Jan 2023
Tobias Adrian, Michael J. Fleming and Erik Vogt
International Monetary Fund, Federal Reserve Bank of New York and Citadel LLC
Downloads 266 (192,007)
Citation 4

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Treasury securities, market liquidity, index, low latency, electronification

28.

Trading Activity in the Indian Government Bond Market

FRB of NY Staff Report No. 785
Number of pages: 39 Posted: 09 Aug 2016 Last Revised: 30 Aug 2017
Michael J. Fleming, Seema Saggar and Samita Sareen
Federal Reserve Bank of New York, Government of India - Reserve Bank of India and New York University (NYU)
Downloads 236 (215,954)

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India, government bonds, trading activity

29.

How Workers Use 401(K) Plans: The Participation, Contribution, and Withdrawal Decisions

FRB of New York Staff Report No. 38
Number of pages: 48 Posted: 28 Oct 2006
Michael J. Fleming, William F. Bassett and Anthony P. Rodrigues
Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System and Federal Reserve Bank of New York
Downloads 225 (226,137)
Citation 22

Abstract:

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30.

Price Formation and Liquidity in the U.S. Treasury Market: Evidence from Intraday Patterns Around Announcements

Downloads 215 (236,043)

Price Formation and Liquidity in the U.S. Treasury Market: Evidence from Intraday Patterns Around Announcements

FRB of New York Staff Report No. 27
Number of pages: 55 Posted: 11 Nov 2006
Michael J. Fleming and Eli M. Remolona
Federal Reserve Bank of New York and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 215 (235,440)
Citation 18

Abstract:

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Price Formation and Liquidity in the U.S. Treasury Market: Evidence from Intraday Patterns Around Announcements

Federal Reserve Bank of New York Staff Reports Number 27
Posted: 14 Jan 1998
Michael J. Fleming and Eli M. Remolona
Federal Reserve Bank of New York and Bank for International Settlements (BIS) - Monetary and Economic Department

Abstract:

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31.

The Benchmark U.S. Treasury Market: Recent Performance and Possible Alternatives

Economic Policy Review, Vol. 6, No. 1, April 2000
Number of pages: 17 Posted: 08 Mar 2006
Michael J. Fleming
Federal Reserve Bank of New York
Downloads 191 (262,913)
Citation 1

Abstract:

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treasury, benchmark, debt, agency, market, securities

32.

Trading Activity and Price Transparency in the Inflation Swap Market

Economic Policy Review, Vol. 19, No. 1, 2013
Number of pages: 13 Posted: 11 Sep 2013
Michael J. Fleming and John Sporn
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 178 (279,842)
Citation 6

Abstract:

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inflation swap, trading activity, liquidity, price transparency, inflation expectations

33.

Price and Size Discovery in Financial Markets: Evidence from the U.S. Treasury Securities Market

Review of Asset Pricing Studies, 9(2), 256-295.
Number of pages: 56 Posted: 11 Aug 2013 Last Revised: 02 Mar 2021
Michael J. Fleming and Giang Nguyen
Federal Reserve Bank of New York and Pennsylvania State University - Smeal College of Business
Downloads 176 (282,632)
Citation 18

Abstract:

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dark pool, liquidity, price impact, information share, fixed income market

34.

Preserving Firm Value Through Exit: The Case of Voluntary Liquidations

FRB of New York Staff Report No. 8
Number of pages: 53 Posted: 22 Jun 2007
Michael J. Fleming and John J. Moon
Federal Reserve Bank of New York and Columbia University - Columbia Business School
Downloads 170 (291,197)
Citation 4

Abstract:

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voluntary liquidation, asset reallocation

35.

Are Larger Treasury Issues More Liquid? Evidence from Bill Reopenings

Downloads 164 (300,176)
Citation 17

Are Larger Treasury Issues More Liquid? Evidence from Bill Reopenings

FRB of New York Staff Reports No. 145
Number of pages: 40 Posted: 18 Mar 2002
Michael J. Fleming
Federal Reserve Bank of New York
Downloads 164 (300,296)
Citation 17

Abstract:

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Treasury Market, Liquidity, Bid-ask spread, Trading volume, Issue size

Are Larger Treasury Issues More Liquid? Evidence from Bill Reopenings

Posted: 27 May 2002
Michael J. Fleming
Federal Reserve Bank of New York

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Treasury Market, Liquidity, Bid-ask spread, Trading volume, Issue size

36.

Anomalous Bidding in Short-Term Treasury Bill Auctions

Downloads 155 (314,841)
Citation 3

Anomalous Bidding in Short-Term Treasury Bill Auctions

Number of pages: 21 Posted: 28 Sep 2004
Michael J. Fleming, Kenneth Garbade and Frank M. Keane
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 155 (315,138)
Citation 3

Abstract:

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Treasury bill, auction procedures, bidding behavior

Anomalous Bidding in Short-Term Treasury Bill Auctions

Posted: 04 May 2004
Michael J. Fleming, Kenneth Garbade and Frank M. Keane
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York

Abstract:

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Treasury bills, auctions, bidding

37.

Dealer Financial Conditions and Lender-of-Last Resort Facilities

FRB of New York Staff Report No. 673
Number of pages: 57 Posted: 20 May 2014
Viral V. Acharya, Viral V. Acharya, Michael J. Fleming, Warren B. Hrung and Asani Sarkar
New York University (NYU) - Leonard N. Stern School of Business, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 135 (351,744)
Citation 29

Abstract:

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lender of last resort, central banking, crises, illiquidity, insolvency, stigma

38.

Tick Size, Competition for Liquidity Provision, and Price Discovery: Evidence from the U.S. Treasury Market

Management Science (forthcoming). FRB of New York Staff Report No. 886 (2019), Rev. April 2022
Number of pages: 59 Posted: 23 Apr 2019 Last Revised: 26 Aug 2022
Michael J. Fleming, Giang Nguyen and Francisco Ruela
Federal Reserve Bank of New York, Pennsylvania State University - Smeal College of Business and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 130 (361,873)
Citation 4

Abstract:

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tick size, bid-ask spread, market liquidity, price efficiency, price discovery, liquidity provision, Treasury securities, dealers, principal trading firms

39.

The Federal Reserve’s Market Functioning Purchases

Downloads 128 (366,105)
Citation 3

The Federal Reserve’s Market Functioning Purchases

FRB of New York Staff Report No. 998
Number of pages: 38 Posted: 27 Dec 2021
Michael J. Fleming, Haoyang Liu, Rich Podjasek and Jake Schurmeier
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of Dallas, affiliation not provided to SSRN and Harbor Capital Advisors, Inc.
Downloads 67 (563,738)
Citation 2

Abstract:

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Federal Reserve, asset purchases, Treasury securities, agency mortgage-backed securities, COVID-19

The Federal Reserve’s Market Functioning Purchases

Economic Policy Review, Vol. 28, No. 1, p. 210-241
Number of pages: 33 Posted: 07 Jul 2022
Michael J. Fleming, Haoyang Liu, Rich Podjasek and Jake Schurmeier
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of Dallas, affiliation not provided to SSRN and Harbor Capital Advisors, Inc.
Downloads 61 (592,234)
Citation 4

Abstract:

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Federal Reserve, asset purchases, Treasury securities, agency mortgage-backed securities, COVID-19

40.

All-to-All Trading in the U.S. Treasury Market

FRB of New York Staff Report No. 1036
Number of pages: 36 Posted: 24 Oct 2022 Last Revised: 27 Oct 2022
Alain Chaboud, Ellen Correia-Golay, Caren Cox, Michael J. Fleming, Yesol Huh, Frank M. Keane, Kyle Lee, Krista Schwarz, Clara Vega and Carolyn Windover
Board of Governors of the Federal Reserve System, Federal Reserve Banks, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of New York, U.S. Department of the Treasury, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 114 (398,712)

Abstract:

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Treasury market, market structure, all-to-all

41.

ECB Monetary Operations and the Interbank Repo Market

FRB of New York Staff Report No. 654
Number of pages: 46 Posted: 11 Jan 2014
Peter G. Dunne, Michael J. Fleming and Andrey Zholos
Central Bank of Ireland, Federal Reserve Bank of New York and Queen's University Management School
Downloads 108 (414,548)
Citation 5

Abstract:

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repo, funding, liquidity, monetary policy, reserve management

42.

Income Effects of Federal Reserve Liquidity Facilities

Current Issues in Economics and Finance, Vol. 17, No. 1, February 2011
Number of pages: 7 Posted: 06 Mar 2011
Michael J. Fleming and Nicholas Klagge
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 98 (443,664)
Citation 5

Abstract:

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Federal Reserve, Liquidity facilities, Lender of last resort

43.

The Netting Efficiencies of Marketwide Central Clearing

FRB of New York Staff Report No. 964
Number of pages: 47 Posted: 20 Apr 2021
Michael J. Fleming and Frank M. Keane
Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 89 (471,844)

Abstract:

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Treasury securities, central clearing, dealers, market structure, COVID-19

44.

Dealer Capacity and U.S. Treasury Market Functionality

FRB of New York Staff Report No. 1070, https://doi.org/10.59576/sr.1070
Number of pages: 75 Posted: 14 Aug 2023 Last Revised: 16 Aug 2023
Darrell Duffie, Michael J. Fleming, Frank M. Keane, Claire Nelson, Or Shachar and Peter Van Tassel
Stanford University - Graduate School of Business, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Princeton University, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 81 (503,324)

Abstract:

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treasury market, liquidity, volatility, dealer intermediation, value-at-risk

45.

Financial Market Implications of the Federal Debt Paydown

FRB of New York Staff Report No. 120
Number of pages: 42 Posted: 09 Aug 2006
Michael J. Fleming
Federal Reserve Bank of New York
Downloads 81 (499,683)
Citation 5

Abstract:

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treasury market, benchmark, reserve asset, liquidity

46.

Dealer Balance Sheet Capacity and Market Liquidity During the 2013 Selloff in Fixed Income Markets

FEDS Notes No. 2013-10-16
Posted: 09 Jul 2021 Last Revised: 03 Jul 2021
Tobias Adrian, Michael J. Fleming, Jonathan E. Goldberg, Morgan Lewis, Fabio M. Natalucci and Jason Wu
International Monetary Fund, Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System, affiliation not provided to SSRN, U.S. Federal Reserve Board - Division of Monetary Affairs and Hong Kong Monetary Authority

Abstract:

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47.

Breaking Down Trace Volumes Further

FEDS Notes No. 2018-11-29
Posted: 06 Dec 2018 Last Revised: 25 Jun 2020
Doug Brain, Michiel De Pooter, Dobrislav Dobrev, Michael J. Fleming, Peter Johansson, Frank M. Keane, Michael Puglia, Tony Rodrigues and Or Shachar
Nassau Community College, Amazon Web Services, Inc., Board of Governors of the Federal Reserve System, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, affiliation not provided to SSRN, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Federal Reserve Bank of New York

Abstract:

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48.

Unlocking the Treasury Market Through Trace

FEDS Notes No. 2018-09-28-1
Posted: 05 Oct 2018 Last Revised: 02 Oct 2020
Doug Brain, Michiel De Pooter, Dobrislav Dobrev, Michael J. Fleming, Pete Johansson, Collin Jones, Frank M. Keane, Michael Puglia, liza reiderman, Tony Rodrigues and Or Shachar
Nassau Community College, Amazon Web Services, Inc., Board of Governors of the Federal Reserve System, Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System, Columbia University, Board of Governors of the Federal Reserve System and Federal Reserve Bank of New York

Abstract:

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49.

Dealer Balance Sheet Capacity and Market Liquidity During the 2013 Selloff in Fixed Income Markets

FEDS Notes No. 2013-10-16 https://doi.org/10.17016/2380-7172.0004
Posted: 17 Dec 2013
Tobias Adrian, Michael J. Fleming, Jonathan E. Goldberg, Morgan Lewis, Fabio M. Natalucci and Jason Wu
International Monetary Fund, Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of New York, U.S. Federal Reserve Board - Division of Monetary Affairs and Hong Kong Monetary Authority

Abstract:

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50.

Preserving Firm Value Through Exit: The Case of Voluntary Liquidations

Federal Reserve Bank of New York Staff Report No. 8
Posted: 19 May 2000
Michael J. Fleming and John J. Moon
Federal Reserve Bank of New York and Columbia University - Columbia Business School

Abstract:

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