Research
PIFS conducts research on policy issues impacting the global financial system. PIFS research has focused on issues such as US Treasury market liquidity, global equity market structure, the rise of cloud computing and, most recently, the regulation of crypto markets.
Establishing Credible Rules for Fed Emergency Lending (2017)
Abstract Purpose The purpose of this paper is to propose reforms that would establish a credible framework of rules to constrain and guide emergency lending by the Federal Reserve and by fiscal authorities during a future financial crisis.
SRISK as a Measure of Systemic Risk for Insurers Oversimplified and Inappropriate (2016)
I. Summary Acharya et al define SRISK as a macro-finance measure of systemic risk to furnish “an estimate of the amount of capital that a financial institution would need to raise in order to function normally if we have another financial crisis.” SRISK measures the...
Bank Capital for Operational Risk: A Tale of Fragility and Instability (2015)
Abstract Operational risk is fundamentally different from all other risks taken on by a bank. It is embedded in every activity and product of an institution, and in contrast to the conventional financial risks (e.g. market, credit) is harder to measure and model, and...