Nathan Foley-Fisher

Board of Governors of the Federal Reserve System

20th Street and Constitution Avenue NW

Washington, DC 20551

United States

  • Board of Governors of the Federal Reserve System

SCHOLARLY PAPERS

18

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54

Scholarly Papers (18)

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1.

Are US Life Insurers the New Shadow Banks?

Number of pages: 64 Posted: 25 Feb 2020 Last Revised: 21 Apr 2023
Nathan Foley-Fisher, Nathan Heinrich and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 2,707 (10,913)
Citation 1

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shadow banking, insurance companies, annuities, private debt, private equity, leveraged loans, collateralized loan obligations

2.

The Impact of Unconventional Monetary Policy on Firm Financing Constraints: Evidence from the Maturity Extension Program

Downloads 626 (92,834)
Citation 15

The Impact of Unconventional Monetary Policy on Firm Financing Constraints: Evidence from the Maturity Extension Program

Number of pages: 48 Posted: 14 Dec 2014 Last Revised: 16 Dec 2015
Nathan Foley-Fisher, Rodney Ramcharan and Edison G. Yu
Board of Governors of the Federal Reserve System, University of Southern California, Marshall School of Business and Federal Reserve Bank of Philadelphia
Downloads 241 (272,560)
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monetary policy, asset prices, external finance

The Impact of Unconventional Monetary Policy on Firm Financing Constraints: Evidence from the Maturity Extension Program

Number of pages: 49 Posted: 05 Aug 2015
Nathan Foley-Fisher, Rodney Ramcharan and Edison G. Yu
Board of Governors of the Federal Reserve System, University of Southern California, Marshall School of Business and Federal Reserve Bank of Philadelphia
Downloads 148 (427,979)

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The Impact of Unconventional Monetary Policy on Firm Financing Constraints: Evidence from the Maturity Extension Program

FEDS Working Paper No. 2016-025
Number of pages: 48 Posted: 04 Apr 2016
Nathan Foley-Fisher, Rodney Ramcharan and Edison G. Yu
Board of Governors of the Federal Reserve System, University of Southern California, Marshall School of Business and Federal Reserve Bank of Philadelphia
Downloads 99 (587,918)
Citation 11

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unconventional monetary policy, firm‐financial constraints, bond markets

The Impact of Unconventional Monetary Policy on Firm Financing Constraints: Evidence from the Maturity Extension Program

FRB of Philadelphia Working Paper No. 15-30, 28th Australasian Finance and Banking Conference
Number of pages: 49 Posted: 20 Aug 2015
Nathan Foley-Fisher, Rodney Ramcharan and Edison G. Yu
Board of Governors of the Federal Reserve System, University of Southern California, Marshall School of Business and Federal Reserve Bank of Philadelphia
Downloads 86 (644,176)

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The Impact of Unconventional Monetary Policy on Firm Financing Constraints: Evidence from the Maturity Extension Program

FRB of Philadelphia Working Paper No. 15-30
Number of pages: 50 Posted: 15 Aug 2015
Nathan Foley-Fisher, Rodney Ramcharan and Edison G. Yu
Board of Governors of the Federal Reserve System, University of Southern California, Marshall School of Business and Federal Reserve Bank of Philadelphia
Downloads 52 (851,090)
Citation 1

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Quantitative Easing, Unconventional Monetary Policy, Preferred Habitat, Financial Constraints

3.

Self-Fulfilling Runs: Evidence from the U.S. Life Insurance Industry

Downloads 598 (98,472)
Citation 13

Self-Fulfilling Runs: Evidence from the U.S. Life Insurance Industry

Number of pages: 73 Posted: 24 Oct 2014 Last Revised: 07 Jan 2020
Nathan Foley-Fisher, Borghan Narajabad and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 265 (247,700)

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Shadow banking, self-fulfilling runs, life insurance companies, funding agreement-backed securities

Self-Fulfilling Runs: Evidence from the U.S. Life Insurance Industry

Number of pages: 73 Posted: 18 Oct 2015 Last Revised: 07 Jan 2020
Nathan Foley-Fisher, Borghan Narajabad and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 228 (288,001)
Citation 9

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Shadow banking, self-fulfilling runs, life insurance companies, funding agreement-backed securities

Self-Fulfilling Runs: Evidence from the U.S. Life Insurance Industry

FEDS Working Paper No. 2015-32r1, http://dx.doi.org/10.17016/FEDS.2015.032r1
Number of pages: 51 Posted: 31 May 2015
Nathan Foley-Fisher, Borghan Narajabad and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 105 (563,014)
Citation 4

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Shadow banking, self-fulfilling runs, life insurance companies, funding agreement-backed securities

4.

Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry

Downloads 397 (161,427)
Citation 5

Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry

Number of pages: 61 Posted: 02 Dec 2015 Last Revised: 07 Jan 2020
Nathan Foley-Fisher, Borghan Narajabad and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 257 (255,548)
Citation 3

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securities lending, wholesale funding, corporate bonds, repo, interest rate risk management, life insurers

Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry

NBER Working Paper No. w22774
Number of pages: 40 Posted: 31 Oct 2016 Last Revised: 25 Mar 2023
Nathan Foley-Fisher, Borghan Narajabad and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 75 (699,128)
Citation 2

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Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry

FEDS Working Paper No. 2016-050
Number of pages: 38 Posted: 27 Jun 2016
Nathan Foley-Fisher, Borghan Narajabad and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 65 (757,934)

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Securities lending, Wholesale funding, Life insurers, Market liquidity

5.

Over-the-Counter Market Liquidity and Securities Lending

Downloads 320 (204,634)
Citation 6

Over-the-Counter Market Liquidity and Securities Lending

Number of pages: 35 Posted: 16 Nov 2016 Last Revised: 19 Apr 2018
Nathan Foley-Fisher, Stefan Gissler and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 189 (344,628)
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Over-The-Counter Markets, Corporate Bonds, Market Liquidity, Securities Lending, Insurance Companies

Over-the-Counter Market Liquidity and Securities Lending

FEDS Working Paper No. 2019-011
Number of pages: 61 Posted: 05 Mar 2019
Nathan Foley-Fisher, Stefan Gissler and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 87 (639,499)
Citation 2

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Broker-dealers, Corporate bonds, Insurance companies, Market liquidity, Over-the-counter markets, Securities lending

Over-the-Counter Market Liquidity and Securities Lending

BIS Working Paper No. 768
Number of pages: 55 Posted: 27 Feb 2019
Nathan Foley-Fisher, Stefan Gissler and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 44 (920,588)
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over-the-counter markets, corporate bonds, market liquidity, securities lending, insurance companies, broker-dealers

6.

Measuring Interest Rate Risk Management by Financial Institutions

Downloads 308 (213,283)
Citation 1

Measuring Interest Rate Risk Management by Financial Institutions

Number of pages: 77 Posted: 09 Nov 2023
Celso Brunetti, Nathan Foley-Fisher and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 223 (294,319)

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Financial institutions, interest rate risk management, high-frequency financial econometrics, subsampling, life insurers

Measuring Interest Rate Risk Management by Financial Institutions

FEDS Working Paper No. 2023-67
Number of pages: 68 Posted: 20 Oct 2023
Celso Brunetti, Nathan Foley-Fisher and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 85 (648,871)
Citation 1

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Financial institutions, Interest rate risk management, High-frequency financial econometrics, Subsampling, Life insurers

7.

Adverse Selection Dynamics in Privately-Produced Safe Debt Markets

Downloads 292 (225,750)
Citation 6

Adverse Selection Dynamics in Privately-Produced Safe Debt Markets

Number of pages: 71 Posted: 21 Dec 2020 Last Revised: 12 Oct 2021
Nathan Foley-Fisher, Gary B. Gorton and Stephane Verani
Board of Governors of the Federal Reserve System, Yale School of Management and Board of Governors of the Federal Reserve System
Downloads 180 (360,451)

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safe debt, adverse selection, information sensitivity, collateralized loan obligations

Adverse Selection Dynamics in Privately-Produced Safe Debt Markets

FEDS Working Paper No. 2020-88, Yale Program on Financial Stability Working Paper
Number of pages: 60 Posted: 27 Oct 2020 Last Revised: 04 Nov 2020
Nathan Foley-Fisher, Gary B. Gorton and Stephane Verani
Board of Governors of the Federal Reserve System, Yale School of Management and Board of Governors of the Federal Reserve System
Downloads 80 (673,107)

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Adverse Selection Dynamics in Privately-Produced Safe Debt Markets

NBER Working Paper No. w28016
Number of pages: 60 Posted: 02 Nov 2020 Last Revised: 21 Jul 2023
Nathan Foley-Fisher, Gary B. Gorton and Stephane Verani
Board of Governors of the Federal Reserve System, Yale School of Management and Board of Governors of the Federal Reserve System
Downloads 32 (1,044,771)
Citation 6

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8.

Who Limits Arbitrage?

Number of pages: 40 Posted: 18 Apr 2019 Last Revised: 11 Oct 2024
Nathan Foley-Fisher, Borghan Narajabad and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 196 (334,218)

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limits of arbitrage, securities lending, life insurers, corporate bonds, market

9.

The Informational Centrality of Banks

Downloads 131 (471,790)

The Informational Centrality of Banks

Number of pages: 65 Posted: 24 Jan 2024
Nathan Foley-Fisher, Gary B. Gorton and Stephane Verani
Board of Governors of the Federal Reserve System, Yale School of Management and Board of Governors of the Federal Reserve System
Downloads 72 (715,937)

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price informativeness, asset pricing, banking system, financial crises

The Informational Centrality of Banks

FEDS Working Paper No. 2024-6
Number of pages: 66 Posted: 27 Feb 2024
Nathan Foley-Fisher, Gary B. Gorton and Stephane Verani
Board of Governors of the Federal Reserve System, Yale School of Management and Board of Governors of the Federal Reserve System
Downloads 48 (884,625)

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Price informativeness, Asset pricing, Banking system, Financial crises

The Informational Centrality of Banks

NBER Working Paper No. w32007
Number of pages: 66 Posted: 02 Jan 2024
Nathan Foley-Fisher, Gary B. Gorton and Stephane Verani
Board of Governors of the Federal Reserve System, Yale School of Management and Board of Governors of the Federal Reserve System
Downloads 11 (1,313,424)
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10.

Life Insurers' Role in the Intermediation Chain of Public and Private Credit to Risky Firms 

Number of pages: 14 Posted: 18 Nov 2024 Last Revised: 06 Dec 2024
Sydney Carlino, Nathan Foley-Fisher, Nathan Heinrich and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 115 (521,871)

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collateralized loan obligations, private credit, life insurers, leveraged loans, business development companies, joint venture loan funds, middle market loans

11.

U.S. Real Interest Rates and Default Risk in Emerging Economies

FRB International Finance Discussion Paper No. 1051
Number of pages: 28 Posted: 16 Aug 2012
Nathan Foley-Fisher and Bernardo Guimaraes
Board of Governors of the Federal Reserve System and affiliation not provided to SSRN
Downloads 71 (710,464)
Citation 6

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real interest rates, default risk, sovereign debt, identification through heteroskedasticity

12.

Sovereign Debt Guarantees and Default: Lessons from the UK and Ireland, 1920-1938

European Economic Review, Vol. 87, 2016
Number of pages: 31 Posted: 18 Mar 2020
Nathan Foley-Fisher and Eoin McLaughlin
Board of Governors of the Federal Reserve System and University of St. Andrews
Downloads 63 (757,295)
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Irish land bonds, Dublin Stock Exchange, Sovereign default, Debt guarantees

13.

The Timing of Sovereign Defaults Over Electoral Terms

FRB International Finance Discussion Paper No. 1047
Number of pages: 36 Posted: 30 May 2017
Nathan Foley-Fisher
Board of Governors of the Federal Reserve System
Downloads 54 (818,339)

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14.

Online Appendix- Further Robustness Tests

BIS Working Paper No. 768 (Appendix)
Number of pages: 8 Posted: 27 Feb 2019
Nathan Foley-Fisher, Stefan Gissler and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 36 (975,520)

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15.

Life Insurers’ Role in the Intermediation Chain of Public and Private Credit to Risky Firms

FEDS Notes No. 2025-03-21-1
Posted: 14 Apr 2025
Sydney Carlino, Nathan Foley-Fisher, Nathan Heinrich and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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16.

How Do U.S. Life Insurers Manage Liquidity in Times of Stress?

FEDS Notes No. 2022-08-23
Posted: 03 Oct 2022
Nathan Foley-Fisher, Nathan Heinrich and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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17.

Assessing the Size of the Risks Posed by Life Insurers' Nontraditional Liabilities

FEDS Notes No. 2019-05-21-1
Posted: 26 Jul 2019
Nathan Foley-Fisher, Borghan Narajabad and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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18.

Funding Agreement-Backed Securities in the Enhanced Financial Accounts

FEDS Notes No. 2016-08-05-2 http://dx.doi.org/10.17016/2380-7172.1823
Posted: 22 Oct 2016
Stephane Verani, Maria G. Perozek, Borghan Narajabad, Ralf Meisenzahl and Nathan Foley-Fisher
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Federal Reserve Bank of Chicago and Board of Governors of the Federal Reserve System

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