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Articles by Gregory Phelan
Sustainability with Risky Growth
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Threats to Sustainability Stem Particularly from Factors That Stymie Growth and Have High Levels of Risk
Views and opinions expressed are those of the authors and do not necessarily represent official positions or policy of the OFR or Treasury. The tension between risk and growth raises the question of whether current economic decisions will leave future generations at least as well off as present generations.
OFR Models One Theory on the Cause of March 2020’s Treasury Market Fragility
Views and opinions expressed are those of the authors and do not necessarily represent official positions or policy of the OFR or Treasury. Treasury prices typically increase during times of stress. Yet, in March 2020, when financial markets experienced stress from the onset of the COVID-19 pandemic, Treasury prices dropped precipitously. Extraordinary policy interventions by the Federal Reserve were needed to resolve this fragility.
Digital Currency and Banking-Sector Stability
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Liquidity Provision and Financial Stability
Supporting Information Filename Description jmcb13026-sup-0001-OnlineAppendix.pdf2.4 MB Supporting Information LITERATURE CITED . (2015) “A Crisis of Banks as Liquidity Providers.” Journal of Finance, 70, 1–43. Acharya, Viral V, Irvind Gujral, Nirupama Kulkarni, and Hyun Song Shin. (2011) “Dividends and Bank Capital in the Financial Crisis of 2007-2009.” Technical Report, National Bureau of Economic Research. Adrian, Tobias, and Nina Boyarchenko.
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