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My authors Follow this authorMichael J. Fleming
Personal Details
First Name: | Michael |
Middle Name: | J. |
Last Name: | Fleming |
Suffix: | |
RePEc Short-ID: | pfl35 |
[This author has chosen not to make the email address public] | |
http://www.newyorkfed.org/research/economists/fleming | |
Terminal Degree: | 1994 Department of Economics; Harvard University (from RePEc Genealogy) |
Affiliation
(50%) Federal Reserve Bank of New York
New York City, New York (United States)http://www.newyorkfed.org/
RePEc:edi:frbnyus (more details at EDIRC)
(50%) Research and Statistics Group
Federal Reserve Bank of New York
New York City, New York (United States)http://www.newyorkfed.org/research/
RePEc:edi:rfrbnus (more details at EDIRC)
Research output
Jump to: Working papers Articles ChaptersWorking papers
- Michael J. Fleming & Isabel Krogh & Claire Nelson, 2024. "Measuring Treasury Market Depth," Liberty Street Economics 20240212, Federal Reserve Bank of New York.
- Michael J. Fleming, 2023. "How Has Treasury Market Liquidity Evolved in 2023?," Liberty Street Economics 20231017, Federal Reserve Bank of New York.
- Michael J. Fleming & Or Shachar & Peter Van Tassel, 2023. "The 2022 Spike in Corporate Security Settlement Fails," Liberty Street Economics 20230410, Federal Reserve Bank of New York.
- Darrell Duffie & Michael Fleming & Frank Keane & Claire Nelson & Or Shachar & Peter Van Tassel, 2023.
"Dealer capacity and US Treasury market functionality,"
BIS Working Papers
1138, Bank for International Settlements.
- Darrell Duffie & Michael J. Fleming & Frank M. Keane & Claire Nelson & Or Shachar & Peter Van Tassel, 2023. "Dealer Capacity and U.S. Treasury Market Functionality," Staff Reports 1070, Federal Reserve Bank of New York.
- Tobias Adrian & Michael J. Fleming, 2022. "The Bond Market Selloff in Historical Perspective," Liberty Street Economics 20220714, Federal Reserve Bank of New York.
- Alain P. Chaboud & Caren Cox & Michael J. Fleming & Ellen Correia Golay & Yesol Huh & Frank M. Keane & Kyle Lee & Krista B. Schwarz & Clara Vega & Carolyn Windover, 2022. "All-to-All Trading in the U.S. Treasury Market," Staff Reports 1036, Federal Reserve Bank of New York.
- Michael J. Fleming & Claire Nelson, 2022. "How Liquid Has the Treasury Market Been in 2022?," Liberty Street Economics 20221115a, Federal Reserve Bank of New York.
- Michael J. Fleming & Haoyang Liu & Rich Podjasek & Jake Schurmeier, 2021.
"The Federal Reserve’s Market Functioning Purchases,"
Staff Reports
998, Federal Reserve Bank of New York.
- Michael J. Fleming & Haoyang Liu & Rich Podjasek & Jake Schurmeier, 2022. "The Federal Reserve’s Market Functioning Purchases," Economic Policy Review, Federal Reserve Bank of New York, vol. 28(1), pages 210-241, July.
- Michael J. Fleming & Frank M. Keane, 2021. "The Netting Efficiencies of Marketwide Central Clearing," Staff Reports 964, Federal Reserve Bank of New York.
- Michael J. Fleming & Asani Sarkar & Peter Van Tassel, 2020. "The COVID-19 Pandemic and the Fed’s Response," Liberty Street Economics 20200415, Federal Reserve Bank of New York.
- Michael J. Fleming, 2020. "Treasury Market Liquidity and the Federal Reserve during the COVID-19 Pandemic," Liberty Street Economics 20200529a, Federal Reserve Bank of New York.
- Michael J. Fleming & Francisco Ruela, 2020. "Treasury Market Liquidity during the COVID-19 Crisis," Liberty Street Economics 20200417, Federal Reserve Bank of New York.
- Michael J. Fleming & Giang Nguyen & Francisco Ruela, 2020. "How Does Tick Size Affect Treasury Market Quality?," Liberty Street Economics 20200115, Federal Reserve Bank of New York.
- Michael J. Fleming & Or Shachar & Peter Van Tassel, 2020. "Treasury Market When-Issued Trading Activity," Liberty Street Economics 20201130, Federal Reserve Bank of New York.
- Michael J. Fleming, 2020. "How Does the Liquidity of New Treasury Securities Evolve?," Liberty Street Economics 20200826, Federal Reserve Bank of New York.
- Michael J. Fleming & Francisco Ruela, 2020. "How Liquid Is the New 20-Year Treasury Bond?," Liberty Street Economics 20200701, Federal Reserve Bank of New York.
- Erin Denison & Michael J. Fleming & Asani Sarkar, 2019. "Creditor Recovery in Lehman’s Bankruptcy," Liberty Street Economics 20190114a, Federal Reserve Bank of New York.
- Erin Denison & Michael J. Fleming & Asani Sarkar, 2019. "Customer and Employee Losses in Lehman’s Bankruptcy," Liberty Street Economics 20190116, Federal Reserve Bank of New York.
- Michael J. Fleming & Giang Nguyen, 2019. "Assessing the Price Impact of Treasury Market Workups," Liberty Street Economics 20190306c, Federal Reserve Bank of New York.
- Michael J. Fleming & Giang Nguyen & Francisco Ruela, 2019.
"Tick Size, Competition for Liquidity Provision, and Price Discovery: Evidence from the U.S. Treasury Market,"
Staff Reports
886, Federal Reserve Bank of New York.
- Michael Fleming & Giang Nguyen & Francisco Ruela, 2024. "Tick Size, Competition for Liquidity Provision, and Price Discovery: Evidence from the U.S. Treasury Market," Management Science, INFORMS, vol. 70(1), pages 332-354, January.
- Erin Denison & Michael J. Fleming & Warren B. Hrung & Asani Sarkar, 2019. "Dealer Participation in the TSLF Options Program," Liberty Street Economics 20190306a, Federal Reserve Bank of New York.
- Erin Denison & Michael J. Fleming & Asani Sarkar, 2019. "How Much Value Was Destroyed by the Lehman Bankruptcy?," Liberty Street Economics 20190114b, Federal Reserve Bank of New York.
- Erin Denison & Michael J. Fleming & Asani Sarkar, 2019. "The Indirect Costs of Lehman’s Bankruptcy," Liberty Street Economics 20190117, Federal Reserve Bank of New York.
- Erin Denison & Michael J. Fleming & Asani Sarkar, 2019. "Lehman's Bankruptcy Expenses," Liberty Street Economics 20190115, Federal Reserve Bank of New York.
- Adam Copeland & Michael J. Fleming & Frank M. Keane & Radhika Mithal, 2018. "Do You Know How Your Treasury Trades Are Cleared and Settled?," Liberty Street Economics 20180912, Federal Reserve Bank of New York.
- Michael J. Fleming & Amanda Wahlers, 2018. "Dealer Trading and Positioning in Floating Rate Notes," Liberty Street Economics 20180326, Federal Reserve Bank of New York.
- Michael J. Fleming, 2018. "U.S. Treasury Market Action on Election Night 2016," Liberty Street Economics 20181026, Federal Reserve Bank of New York.
- Michael J. Fleming & Bruce Mizrach & Giang Nguyen, 2018. "Price Impact of Trades and Orders in the U.S. Treasury Securities Market," Liberty Street Economics 20181205, Federal Reserve Bank of New York.
- Erin Denison & Michael J. Fleming & Warren B. Hrung & Asani Sarkar, 2018. "Options of Last Resort," Liberty Street Economics 20180226, Federal Reserve Bank of New York.
- Doug Brain & Michiel De Pooter & Dobrislav Dobrev & Michael J. Fleming & Peter Johansson & Collin Jones & Frank M. Keane & Michael Puglia & Liza Reiderman & Tony Rodrigues & Or Shachar, 2018.
"Unlocking the Treasury Market through TRACE,"
FEDS Notes
2018-09-28-1, Board of Governors of the Federal Reserve System (U.S.).
- Doug Brain & Michiel De Pooter & Dobrislav Dobrev & Michael J. Fleming & Peter Johansson & Collin Jones & Frank M. Keane & Michael Puglia & Liza Reiderman & Anthony P. Rodrigues & Or Shachar, 2018. "Unlocking the Treasury Market through TRACE," Liberty Street Economics 20180928b, Federal Reserve Bank of New York.
- Doug Brain & Michiel De Pooter & Dobrislav Dobrev & Michael J. Fleming & Peter Johansson & Frank M. Keane & Michael Puglia & Tony Rodrigues & Or Shachar, 2018.
"Breaking Down TRACE Volumes Further,"
FEDS Notes
2018-11-29, Board of Governors of the Federal Reserve System (U.S.).
- Doug Brain & Michiel De Pooter & Dobrislav Dobrev & Michael J. Fleming & Peter Johansson & Frank M. Keane & Michael Puglia & Anthony P. Rodrigues & Or Shachar, 2018. "Breaking Down TRACE Volumes Further," Liberty Street Economics 20181129, Federal Reserve Bank of New York.
- Adrian, Tobias & Fleming, Michael J. & Shachar, Or & Vogt, Erik, 2017.
"Market Liquidity after the Financial Crisis,"
CEPR Discussion Papers
12248, C.E.P.R. Discussion Papers.
- Erik Vogt & Michael Fleming & Or Shachar & Tobias Adrian, 2017. "Market Liquidity After the Financial Crisis," Annual Review of Financial Economics, Annual Reviews, vol. 9(1), pages 43-83, November.
- Tobias Adrian & Michael J. Fleming & Or Shachar & Erik Vogt, 2016. "Market liquidity after the financial crisis," Staff Reports 796, Federal Reserve Bank of New York.
- Tobias Adrian & Michael J. Fleming & Or Shachar, 2017. "Market Liquidity after the Financial Crisis," Liberty Street Economics 20170628, Federal Reserve Bank of New York.
- Tobias Adrian & Michael J. Fleming & Erik Vogt, 2017. "The Evolution of Treasury Market Liquidity: Evidence from 30 Years of Limit Order Book Data," Staff Reports 827, Federal Reserve Bank of New York.
- Michael J. Fleming, 2017. "Advent of Trade Reporting for U.S. Treasury Securities," Liberty Street Economics 20170118, Federal Reserve Bank of New York.
- Viral V. Acharya & Michael J. Fleming & Warren B. Hrung & Asani Sarkar, 2017. "Which Dealers Borrowed from the Fed’s Lender-of-Last-Resort Facilities?," Liberty Street Economics 20170510, Federal Reserve Bank of New York.
- Michael J. Fleming & Frank M. Keane & Jake Schurmeier & Emma Weiss, 2016. "A Closer Look at the Federal Reserve’s Securities Lending Program," Liberty Street Economics 20160817, Federal Reserve Bank of New York.
- Michael J. Fleming & Andreas Fuster & Linsey Molloy & Rich Podjasek, 2016. "Has MBS Market Liquidity Deteriorated?," Liberty Street Economics 20160208a, Federal Reserve Bank of New York.
- Michael J. Fleming & Frank M. Keane, 2016. "Characterizing the Rising Settlement Fails in Seasoned Treasury Securities," Liberty Street Economics 20160104, Federal Reserve Bank of New York.
- Tobias Adrian & Agostino Capponi & Michael J. Fleming & Erik Vogt & Hongzhong Zhang, 2016.
"Intraday market making with overnight inventory costs,"
Staff Reports
799, Federal Reserve Bank of New York.
- Adrian, Tobias & Capponi, Agostino & Fleming, Michael & Vogt, Erik & Zhang, Hongzhong, 2020. "Intraday market making with overnight inventory costs," Journal of Financial Markets, Elsevier, vol. 50(C).
- Adrian, Tobias & Capponi, Agostino & Vogt, Erik & Zhang, Hongzhong, 2017. "Intraday Market Making with Overnight Inventory Costs," CEPR Discussion Papers 12245, C.E.P.R. Discussion Papers.
- Michael J. Fleming & Frank M. Keane, 2016. "What’s behind the March Spike in Treasury Fails?," Liberty Street Economics 20160418, Federal Reserve Bank of New York.
- Tobias Adrian & Michael J. Fleming & Erik Vogt & Zachary Wojtowicz, 2016. "Corporate Bond Market Liquidity Redux: More Price-Based Evidence," Liberty Street Economics 20160209, Federal Reserve Bank of New York.
- Tobias Adrian & Michael J. Fleming & Erik Vogt & Zachary Wojtowicz, 2016. "Did Third Avenue's Liquidation Reduce Corporate Bond Market Liquidity?," Liberty Street Economics 20160219a, Federal Reserve Bank of New York.
- Tobias Adrian & Michael J. Fleming & Ernst Schaumburg, 2016. "Continuing the Conversation on Liquidity," Liberty Street Economics 20160208b, Federal Reserve Bank of New York.
- Michael J. Fleming & Frank M. Keane & Ernst Schaumburg, 2016. "Primary Dealer Participation in the Secondary U.S. Treasury Market," Liberty Street Economics 20160212, Federal Reserve Bank of New York.
- Michael J. Fleming, 2016. "Is Treasury Market Liquidity Becoming More Concentrated," Liberty Street Economics 20160211, Federal Reserve Bank of New York.
- Michael J. Fleming & Seema Saggar & Samita Sareen, 2016. "Trading activity in the Indian government bond market," Staff Reports 785, Federal Reserve Bank of New York.
- Michael J. Fleming & Collin Jones, 2015. "Dealers’ Positions and the Auction Cycle," Liberty Street Economics 20151014, Federal Reserve Bank of New York.
- Tobias Adrian & Michael J. Fleming & Ernst Schaumburg, 2015. "Introduction to a Series on Market Liquidity," Liberty Street Economics 20150817, Federal Reserve Bank of New York.
- Tobias Adrian & Michael J. Fleming & Or Shachar & Daniel Stackman & Erik Vogt, 2015. "Changes in the Returns to Market Making," Liberty Street Economics 20151007, Federal Reserve Bank of New York.
- Tobias Adrian & Michael J. Fleming & Or Shachar & Daniel Stackman & Erik Vogt, 2015. "Has Liquidity Risk in the Corporate Bond Market Increased?," Liberty Street Economics 20151006b, Federal Reserve Bank of New York.
- Tobias Adrian & Michael J. Fleming & Or Shachar & Erik Vogt, 2015. "Redemption Risk of Bond Mutual Funds and Dealer Positioning," Liberty Street Economics 20151008, Federal Reserve Bank of New York.
- Tobias Adrian & Michael J. Fleming & Daniel Stackman & Erik Vogt, 2015. "Has U.S. Treasury Market Liquidity Deteriorated?," Liberty Street Economics 20150817, Federal Reserve Bank of New York.
- Michael J. Fleming & Ernst Schaumburg & Ron Yang, 2015. "The Evolution of Workups in the U.S. Treasury Securities Market," Liberty Street Economics 20150820, Federal Reserve Bank of New York.
- Tobias Adrian & Michael J. Fleming & Daniel Stackman & Erik Vogt, 2015. "What's Driving Dealer Balance Sheet Stagnation?," Liberty Street Economics 20150821, Federal Reserve Bank of New York.
- Tobias Adrian & Michael J. Fleming & Daniel Stackman & Erik Vogt, 2015. "Has Liquidity Risk in the Treasury and Equity Markets Increased?," Liberty Street Economics 20151006a, Federal Reserve Bank of New York.
- Tobias Adrian & Michael J. Fleming & Ernst Schaumburg, 2015. "Introduction to a Series on Market Liquidity: Part 2," Liberty Street Economics 20151005, Federal Reserve Bank of New York.
- Michael J. Fleming & Frank M. Keane & Antoine Martin & Michael McMorrow, 2014. "What Explains the June Spike in Treasury Settlement Fails?," Liberty Street Economics 20140919a, Federal Reserve Bank of New York.
- Dong Beom Choi & Patrick de Fontnouvelle & Thomas M. Eisenbach & Michael J. Fleming, 2014. "At the N.Y. Fed: Workshop on the Risks of Wholesale Funding," Liberty Street Economics 20140918, Federal Reserve Bank of New York.
- Michael J. Fleming & Asani Sarkar, 2014.
"The Failure Resolution of Lehman Brothers,"
Liberty Street Economics
20140403, Federal Reserve Bank of New York.
- Michael J. Fleming & Asani Sarkar, 2013. "The failure resolution of Lehman Brothers," Economic Policy Review, Federal Reserve Bank of New York, issue Dec, pages 175-206.
- Dunne, Peter G. & Fleming, Michael J. & Zholos, Andrey, 2014.
"ECB Monetary Operations and the Interbank Repo Market,"
Research Technical Papers
09/RT/14, Central Bank of Ireland.
- Peter G. Dunne & Michael J. Fleming & Andrey Zholos, 2013. "ECB monetary operations and the interbank repo market," Staff Reports 654, Federal Reserve Bank of New York.
- Viral V. Acharya & Michael J. Fleming & Warren B. Hrung & Asani Sarkar, 2014.
"Dealer financial conditions and lender-of-last resort facilities,"
Staff Reports
673, Federal Reserve Bank of New York.
- Acharya, Viral V. & Fleming, Michael J. & Hrung, Warren B. & Sarkar, Asani, 2017. "Dealer financial conditions and lender-of-last-resort facilities," Journal of Financial Economics, Elsevier, vol. 123(1), pages 81-107.
- Michael J. Fleming & Frank M. Keane & Antoine Martin & Michael McMorrow, 2014. "Measuring Settlement Fails," Liberty Street Economics 20140919b, Federal Reserve Bank of New York.
- Michael J. Fleming & Giang Nguyen, 2013.
"Price and size discovery in financial markets: evidence from the U.S. Treasury securities market,"
Staff Reports
624, Federal Reserve Bank of New York.
- Michael J Fleming & Giang Nguyen, 2019. "Price and Size Discovery in Financial Markets: Evidence from the U.S. Treasury Securities Market," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 9(2), pages 256-295.
- Michael J. Fleming & Deborah Leonard & Grant Long & Julie Remache, 2013. "What if? A Counterfactual SOMA Portfolio," Liberty Street Economics 20130814b, Federal Reserve Bank of New York.
- Michael J. Fleming & Deborah Leonard, 2013. "Transparency and Sources of Information on the Federal Reserve’s Operations, Income, and Balance Sheet," Liberty Street Economics 20130816, Federal Reserve Bank of New York.
- Jennie Bai & Michael J. Fleming & Casidhe Horan, 2013. "The Microstructure of China's Government Bond Market," Staff Reports 622, Federal Reserve Bank of New York.
- Tobias Adrian & Michael J. Fleming, 2013. "The Recent Bond Market Selloff in Historical Perspective," Liberty Street Economics 20130805, Federal Reserve Bank of New York.
- Michael J. Fleming & John Sporn, 2013. "How Liquid Is the Inflation Swap Market?," Liberty Street Economics 20130401, Federal Reserve Bank of New York.
- Tobias Adrian & Michael J. Fleming & Jonathan Goldberg & Morgan Lewis & Fabio M. Natalucci & Jason J. Wu, 2013.
"Dealer Balance Sheet Capacity and Market Liquidity during the 2013 Selloff in Fixed Income Markets,"
FEDS Notes
2013-10-16, Board of Governors of the Federal Reserve System (U.S.).
- Tobias Adrian & Michael J. Fleming & Jonathan Goldberg & Morgan Lewis & Fabio M. Natalucci & Jason J. Wu, 2013. "Dealer Balance Sheet Capacity and Market Liquidity during the 2013 Selloff in Fixed-Income Markets," Liberty Street Economics 20131016a, Federal Reserve Bank of New York.
- Meryam Bukhari & Alyssa Cambron & Michael J. Fleming & Jonathan McCarthy & Julie Remache, 2013. "The SOMA Portfolio through Time," Liberty Street Economics 20130812, Federal Reserve Bank of New York.
- Michael J. Fleming & Sean Myers, 2013. "Primary Dealers’ Waning Role in Treasury Auctions," Liberty Street Economics 20130220, Federal Reserve Bank of New York.
- Michael J. Fleming, 2013. "Information on Dealer Activity in Specific Treasury Issues Now Available," Liberty Street Economics 20130826, Federal Reserve Bank of New York.
- Michael J. Fleming, 2012. "Failure Is No Longer a (Free) Option for Agency Debt and Mortgage-Backed Securities," Liberty Street Economics 20120319, Federal Reserve Bank of New York.
- Michael J. Fleming, 2012.
"Federal Reserve liquidity provision during the financial crisis of 2007-2009,"
Staff Reports
563, Federal Reserve Bank of New York.
- Michael J. Fleming, 2012. "Federal Reserve Liquidity Provision during the Financial Crisis of 2007–2009," Annual Review of Financial Economics, Annual Reviews, vol. 4(1), pages 161-177, October.
- Robert Engle & Michael J. Fleming & Eric Ghysels & Giang Nguyen, 2012.
"Liquidity and volatility in the U.S. treasury market,"
Staff Reports
590, Federal Reserve Bank of New York.
- Nguyen, Giang & Engle, Robert & Fleming, Michael & Ghysels, Eric, 2020. "Liquidity and volatility in the U.S. Treasury market," Journal of Econometrics, Elsevier, vol. 217(2), pages 207-229.
- Michael J. Fleming & John Jackson & Ada Li & Asani Sarkar & Patricia Zobel, 2012. "The Impact of Trade Reporting on the Interest Rate Derivatives Market," Liberty Street Economics 20120430, Federal Reserve Bank of New York.
- Michael J. Fleming & John Jackson & Ada Li & Asani Sarkar & Patricia Zobel, 2012. "An analysis of OTC interest rate derivatives transactions: implications for public reporting," Staff Reports 557, Federal Reserve Bank of New York.
- Dunne, Peter & Fleming, Michael J. & Zholos, Andrey, 2011. "Repo Market Microstructure in Unusual Monetary Policy Conditions," Research Technical Papers 8/RT/11, Central Bank of Ireland.
- Kathryn Chen & Michael J. Fleming & John Jackson & Ada Li & Asani Sarkar, 2011. "How Might Increased Transparency Affect the CDS Market?," Liberty Street Economics 20111123, Federal Reserve Bank of New York.
- Kathryn Chen & Michael J. Fleming & John Jackson & Ada Li & Asani Sarkar, 2011. "An analysis of CDS transactions: implications for public reporting," Staff Reports 517, Federal Reserve Bank of New York.
- Michael J. Fleming & Warren B. Hrung & Frank M. Keane, 2010.
"Repo market effects of the Term Securities Lending Facility,"
Staff Reports
426, Federal Reserve Bank of New York.
- Michael J. Fleming & Warren B. Hrung & Frank M. Keane, 2010. "Repo Market Effects of the Term Securities Lending Facility," American Economic Review, American Economic Association, vol. 100(2), pages 591-596, May.
- Michael J. Fleming & Neel Krishnan, 2009.
"The microstructure of the TIPS market,"
Staff Reports
414, Federal Reserve Bank of New York.
- Michael J. Fleming & Neel Krishnan, 2012. "The microstructure of the TIPS market," Economic Policy Review, Federal Reserve Bank of New York, vol. 18(Mar), pages 27-45.
- Michael J. Fleming & Bruce Mizrach & Giang Nguyen, 2009.
"The microstructure of a U.S. Treasury ECN: the BrokerTec platform,"
Staff Reports
381, Federal Reserve Bank of New York.
- Fleming, Michael J. & Mizrach, Bruce & Nguyen, Giang, 2018. "The microstructure of a U.S. Treasury ECN: The BrokerTec platform," Journal of Financial Markets, Elsevier, vol. 40(C), pages 2-22.
- Michael Fleming & Bruce Mizrach, 2008. "The Microstructure of a U.S. Treasury ECN: The Brokertec Platform," Departmental Working Papers 200803, Rutgers University, Department of Economics.
- Michael J. Fleming & Giang Nguyen & Joshua V. Rosenberg, 2007.
"How do treasury dealers manage their positions?,"
Staff Reports
299, Federal Reserve Bank of New York.
- Fleming, Michael & Nguyen, Giang & Rosenberg, Joshua, 2024. "How do Treasury dealers manage their positions?," Journal of Financial Economics, Elsevier, vol. 158(C).
- Michael J. Fleming & Kenneth D. Garbade & Frank M. Keane, 2004.
"Anomalous bidding in short-term Treasury bill auctions,"
Staff Reports
184, Federal Reserve Bank of New York.
- Michael J. Fleming & Kenneth D. Garbade & Frank Keane, 2005. "Anomalous Bidding In Short‐Term Treasury Bill Auctions," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 28(2), pages 165-176, June.
- Michael J. Fleming, 2002.
"Are larger Treasury issues more liquid? Evidence from bill reopenings,"
Staff Reports
145, Federal Reserve Bank of New York.
- Michael J. Fleming, 2002. "Are larger Treasury issues more liquid? Evidence from bill reopenings," Proceedings, Federal Reserve Bank of Cleveland, pages 707-739.
- Fleming, Michael J, 2002. "Are Larger Treasury Issues More Liquid? Evidence from Bill Reopenings," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(3), pages 707-735, August.
- Michael J. Fleming, 2001.
"Measuring treasury market liquidity,"
Staff Reports
133, Federal Reserve Bank of New York.
- Michael J. Fleming, 2003. "Measuring treasury market liquidity," Economic Policy Review, Federal Reserve Bank of New York, issue Sep, pages 83-108.
- Michael J. Fleming, 2001. "Financial market implications of the federal debt paydown," Staff Reports 120, Federal Reserve Bank of New York.
- Michael J. Fleming & Jose A. Lopez, 1999.
"Heat waves, meteor showers, and trading volume: an analysis of volatility spillovers in the U.S. Treasury market,"
Working Papers in Applied Economic Theory
99-09, Federal Reserve Bank of San Francisco.
- Michael J. Fleming & Jose A. Lopez, 1999. "Heat waves, meteor showers, and trading volume: an analysis of volatility spillovers in the U.S. Treasury market," Staff Reports 82, Federal Reserve Bank of New York.
- Michael J. Fleming & Eli M Remolona, 1999.
"The term structure of announcement effects,"
BIS Working Papers
71, Bank for International Settlements.
- Michael J. Fleming & Eli M. Remolona, 1999. "The term structure of announcement effects," Staff Reports 76, Federal Reserve Bank of New York.
- William F. Bassett & Michael J. Fleming & Anthony P. Rodrigues, 1998.
"How workers use 401(k) plans: the participation, contribution, and withdrawal decisions,"
Staff Reports
38, Federal Reserve Bank of New York.
- Bassett, William F. & Fleming, Michael J. & Rodrigues, Anthony P., 1998. "How Workers Use 401(K) Plans: The Participation, Contribution, and Withdrawal Decisions," National Tax Journal, National Tax Association;National Tax Journal, vol. 51(2), pages 263-289, June.
- Michael J. Fleming & Eli M. Remolona, 1997. "Price formation and liquidity in the U.S. Treasury market: evidence from intraday patterns around announcements," Staff Reports 27, Federal Reserve Bank of New York.
- Michael J. Fleming & Eli M. Remolona, 1997.
"What moves the bond market?,"
Research Paper
9706, Federal Reserve Bank of New York.
- Michael J. Fleming & Eli M. Remolona, 1997. "What moves the bond market?," Economic Policy Review, Federal Reserve Bank of New York, vol. 3(Dec), pages 31-50.
- Michael J. Fleming & Eli M. Remolona, 1996. "Price formation and liquidity in the U.S. treasuries market: evidence from intraday patterns around announcements," Research Paper 9633, Federal Reserve Bank of New York.
- Michael J. Fleming, 1995. "New evidence on the effectiveness of the proxy mechanism," Research Paper 9503, Federal Reserve Bank of New York.
- Michael J. Fleming & John J. Moon, 1995. "Preserving firm value through exit: the case of voluntary liquidations," Staff Reports 8, Federal Reserve Bank of New York.
Articles
- Michael Fleming & Giang Nguyen & Francisco Ruela, 2024.
"Tick Size, Competition for Liquidity Provision, and Price Discovery: Evidence from the U.S. Treasury Market,"
Management Science, INFORMS, vol. 70(1), pages 332-354, January.
- Michael J. Fleming & Giang Nguyen & Francisco Ruela, 2019. "Tick Size, Competition for Liquidity Provision, and Price Discovery: Evidence from the U.S. Treasury Market," Staff Reports 886, Federal Reserve Bank of New York.
- Fleming, Michael & Nguyen, Giang & Rosenberg, Joshua, 2024.
"How do Treasury dealers manage their positions?,"
Journal of Financial Economics, Elsevier, vol. 158(C).
- Michael J. Fleming & Giang Nguyen & Joshua V. Rosenberg, 2007. "How do treasury dealers manage their positions?," Staff Reports 299, Federal Reserve Bank of New York.
- Michael J. Fleming & Haoyang Liu & Rich Podjasek & Jake Schurmeier, 2022.
"The Federal Reserve’s Market Functioning Purchases,"
Economic Policy Review, Federal Reserve Bank of New York, vol. 28(1), pages 210-241, July.
- Michael J. Fleming & Haoyang Liu & Rich Podjasek & Jake Schurmeier, 2021. "The Federal Reserve’s Market Functioning Purchases," Staff Reports 998, Federal Reserve Bank of New York.
- Nguyen, Giang & Engle, Robert & Fleming, Michael & Ghysels, Eric, 2020.
"Liquidity and volatility in the U.S. Treasury market,"
Journal of Econometrics, Elsevier, vol. 217(2), pages 207-229.
- Robert Engle & Michael J. Fleming & Eric Ghysels & Giang Nguyen, 2012. "Liquidity and volatility in the U.S. treasury market," Staff Reports 590, Federal Reserve Bank of New York.
- Adrian, Tobias & Capponi, Agostino & Fleming, Michael & Vogt, Erik & Zhang, Hongzhong, 2020.
"Intraday market making with overnight inventory costs,"
Journal of Financial Markets, Elsevier, vol. 50(C).
- Adrian, Tobias & Capponi, Agostino & Vogt, Erik & Zhang, Hongzhong, 2017. "Intraday Market Making with Overnight Inventory Costs," CEPR Discussion Papers 12245, C.E.P.R. Discussion Papers.
- Tobias Adrian & Agostino Capponi & Michael J. Fleming & Erik Vogt & Hongzhong Zhang, 2016. "Intraday market making with overnight inventory costs," Staff Reports 799, Federal Reserve Bank of New York.
- Michael J Fleming & Giang Nguyen, 2019.
"Price and Size Discovery in Financial Markets: Evidence from the U.S. Treasury Securities Market,"
The Review of Asset Pricing Studies, Society for Financial Studies, vol. 9(2), pages 256-295.
- Michael J. Fleming & Giang Nguyen, 2013. "Price and size discovery in financial markets: evidence from the U.S. Treasury securities market," Staff Reports 624, Federal Reserve Bank of New York.
- Fleming, Michael J. & Mizrach, Bruce & Nguyen, Giang, 2018.
"The microstructure of a U.S. Treasury ECN: The BrokerTec platform,"
Journal of Financial Markets, Elsevier, vol. 40(C), pages 2-22.
- Michael Fleming & Bruce Mizrach, 2008. "The Microstructure of a U.S. Treasury ECN: The Brokertec Platform," Departmental Working Papers 200803, Rutgers University, Department of Economics.
- Michael J. Fleming & Bruce Mizrach & Giang Nguyen, 2009. "The microstructure of a U.S. Treasury ECN: the BrokerTec platform," Staff Reports 381, Federal Reserve Bank of New York.
- Erik Vogt & Michael Fleming & Or Shachar & Tobias Adrian, 2017.
"Market Liquidity After the Financial Crisis,"
Annual Review of Financial Economics, Annual Reviews, vol. 9(1), pages 43-83, November.
- Tobias Adrian & Michael J. Fleming & Or Shachar & Erik Vogt, 2016. "Market liquidity after the financial crisis," Staff Reports 796, Federal Reserve Bank of New York.
- Tobias Adrian & Michael J. Fleming & Or Shachar, 2017. "Market Liquidity after the Financial Crisis," Liberty Street Economics 20170628, Federal Reserve Bank of New York.
- Adrian, Tobias & Fleming, Michael J. & Shachar, Or & Vogt, Erik, 2017. "Market Liquidity after the Financial Crisis," CEPR Discussion Papers 12248, C.E.P.R. Discussion Papers.
- Acharya, Viral V. & Fleming, Michael J. & Hrung, Warren B. & Sarkar, Asani, 2017.
"Dealer financial conditions and lender-of-last-resort facilities,"
Journal of Financial Economics, Elsevier, vol. 123(1), pages 81-107.
- Viral V. Acharya & Michael J. Fleming & Warren B. Hrung & Asani Sarkar, 2014. "Dealer financial conditions and lender-of-last resort facilities," Staff Reports 673, Federal Reserve Bank of New York.
- Michael J. Fleming & John Sporn, 2013. "Trading activity and price transparency in the inflation swap market," Economic Policy Review, Federal Reserve Bank of New York, vol. 19(May), pages 45-57.
- Michael J. Fleming & Asani Sarkar, 2013.
"The failure resolution of Lehman Brothers,"
Economic Policy Review, Federal Reserve Bank of New York, issue Dec, pages 175-206.
- Michael J. Fleming & Asani Sarkar, 2014. "The Failure Resolution of Lehman Brothers," Liberty Street Economics 20140403, Federal Reserve Bank of New York.
- Michael J. Fleming, 2012.
"Federal Reserve Liquidity Provision during the Financial Crisis of 2007–2009,"
Annual Review of Financial Economics, Annual Reviews, vol. 4(1), pages 161-177, October.
- Michael J. Fleming, 2012. "Federal Reserve liquidity provision during the financial crisis of 2007-2009," Staff Reports 563, Federal Reserve Bank of New York.
- Michael J. Fleming & Neel Krishnan, 2012.
"The microstructure of the TIPS market,"
Economic Policy Review, Federal Reserve Bank of New York, vol. 18(Mar), pages 27-45.
- Michael J. Fleming & Neel Krishnan, 2009. "The microstructure of the TIPS market," Staff Reports 414, Federal Reserve Bank of New York.
- Michael J. Fleming & Nicholas Klagge, 2011. "Income effects of Federal Reserve liquidity facilities," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 17(Feb).
- Michael J. Fleming & Warren B. Hrung & Frank M. Keane, 2010.
"Repo Market Effects of the Term Securities Lending Facility,"
American Economic Review, American Economic Association, vol. 100(2), pages 591-596, May.
- Michael J. Fleming & Warren B. Hrung & Frank M. Keane, 2010. "Repo market effects of the Term Securities Lending Facility," Staff Reports 426, Federal Reserve Bank of New York.
- Michael J. Fleming & Nicholas Klagge, 2010. "The Federal Reserve's foreign exchange swap lines," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 16(Apr).
- Michael J. Fleming & Warren B. Hrung & Frank M. Keane, 2009. "The Term Securities Lending Facility: origin, design, and effects," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 15(Feb).
- Michael J. Fleming, 2007. "Who buys Treasury securities at auction?," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 13(Jan).
- Fleming, Michael J. & Garbade, Kenneth D., 2007. "Dealer behavior in the specials market for US Treasury securities," Journal of Financial Intermediation, Elsevier, vol. 16(2), pages 204-228, April.
- Michael J. Fleming & Kenneth D. Garbade, 2005. "Explaining settlement fails," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 11(Sep).
- Michael J. Fleming & Kenneth D. Garbade & Frank Keane, 2005.
"Anomalous Bidding In Short‐Term Treasury Bill Auctions,"
Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 28(2), pages 165-176, June.
- Michael J. Fleming & Kenneth D. Garbade & Frank M. Keane, 2004. "Anomalous bidding in short-term Treasury bill auctions," Staff Reports 184, Federal Reserve Bank of New York.
- Tobias Adrian & Michael J. Fleming, 2005. "What financing data reveal about dealer leverage," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 11(Mar).
- Michael J. Fleming & Kenneth D. Garbade, 2004. "Repurchase agreements with negative interest rates," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 10(Apr).
- Michael J. Fleming, 2003.
"Measuring treasury market liquidity,"
Economic Policy Review, Federal Reserve Bank of New York, issue Sep, pages 83-108.
- Michael J. Fleming, 2001. "Measuring treasury market liquidity," Staff Reports 133, Federal Reserve Bank of New York.
- Michael J. Fleming & Kenneth D. Garbade, 2002. "When the back office moved to the front burner: settlement fails in the treasury market after 9/11," Economic Policy Review, Federal Reserve Bank of New York, vol. 8(Nov), pages 35-57.
- Michael J. Fleming, 2002.
"Are larger Treasury issues more liquid? Evidence from bill reopenings,"
Proceedings, Federal Reserve Bank of Cleveland, pages 707-739.
- Fleming, Michael J, 2002. "Are Larger Treasury Issues More Liquid? Evidence from Bill Reopenings," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(3), pages 707-735, August.
- Michael J. Fleming, 2002. "Are larger Treasury issues more liquid? Evidence from bill reopenings," Staff Reports 145, Federal Reserve Bank of New York.
- Michael J. Fleming, 2000. "The benchmark U.S. Treasury market: recent performance and possible alternatives," Economic Policy Review, Federal Reserve Bank of New York, issue Apr, pages 129-145.
- Michael J. Fleming & Eli M. Remolona, 1999. "Price Formation and Liquidity in the U.S. Treasury Market: The Response to Public Information," Journal of Finance, American Finance Association, vol. 54(5), pages 1901-1915, October.
- Bassett, William F. & Fleming, Michael J. & Rodrigues, Anthony P., 1998.
"How Workers Use 401(K) Plans: The Participation, Contribution, and Withdrawal Decisions,"
National Tax Journal, National Tax Association;National Tax Journal, vol. 51(2), pages 263-289, June.
- William F. Bassett & Michael J. Fleming & Anthony P. Rodrigues, 1998. "How workers use 401(k) plans: the participation, contribution, and withdrawal decisions," Staff Reports 38, Federal Reserve Bank of New York.
- Michael J. Fleming, 1997. "The round-the-clock market for U.S. Treasury securities," Economic Policy Review, Federal Reserve Bank of New York, vol. 3(Jul), pages 9-32.
- Michael J. Fleming & Eli M. Remolona, 1997.
"What moves the bond market?,"
Economic Policy Review, Federal Reserve Bank of New York, vol. 3(Dec), pages 31-50.
- Michael J. Fleming & Eli M. Remolona, 1997. "What moves the bond market?," Research Paper 9706, Federal Reserve Bank of New York.
Chapters
- Michael Fleming & Asani Sarkar, 1999. "Liquidity in U.S. Treasury Spot and Futures Markets," CGFS Papers chapters, in: Bank for International Settlements (ed.), Market Liquidity: Research Findings and Selected Policy Implications, volume 11, pages 1-14, Bank for International Settlements.
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NEP Fields
NEP is an announcement service for new working papers, with a weekly report in each of many fields. This author has had 55 papers announced in NEP. These are the fields, ordered by number of announcements, along with their dates. If the author is listed in the directory of specialists for this field, a link is also provided.- NEP-MST: Market Microstructure (32) 2009-08-30 2011-10-09 2012-04-10 2013-01-07 2013-06-30 2013-09-13 2016-10-23 2016-10-30 2017-09-03 2017-11-26 2019-05-06 2020-03-02 2020-03-02 2020-03-02 2020-03-02 2020-03-09 2020-03-16 2020-03-23 2020-03-23 2020-03-23 2020-03-30 2020-03-30 2020-09-14 2020-12-14 2021-04-26 2022-11-14 2022-12-05 2023-06-12 2023-08-28 2023-11-06 2023-12-11 2024-03-04. Author is listed
- NEP-FMK: Financial Markets (18) 2001-05-02 2001-08-15 2002-04-25 2007-09-09 2012-09-30 2013-06-30 2014-12-08 2016-10-23 2017-11-26 2019-05-06 2020-04-27 2020-04-27 2020-08-31 2020-09-14 2020-12-14 2022-11-14 2023-08-28 2023-12-11. Author is listed
- NEP-MON: Monetary Economics (10) 2010-01-30 2011-04-09 2012-09-30 2014-12-08 2020-02-10 2020-02-24 2020-03-30 2020-04-27 2020-06-15 2022-01-17. Author is listed
- NEP-BAN: Banking (8) 2010-01-30 2011-04-09 2012-09-30 2013-01-07 2014-05-24 2016-10-23 2017-09-03 2020-04-27. Author is listed
- NEP-MAC: Macroeconomics (7) 2011-04-09 2014-05-24 2014-12-08 2020-02-10 2020-03-23 2020-04-27 2022-01-17. Author is listed
- NEP-CBA: Central Banking (5) 2011-04-09 2012-09-30 2014-05-24 2020-02-10 2020-02-10. Author is listed
- NEP-CFN: Corporate Finance (3) 2014-05-24 2016-10-23 2017-09-03
- NEP-ETS: Econometric Time Series (2) 1999-08-04 1999-10-20
- NEP-URE: Urban and Real Estate Economics (2) 2020-02-24 2020-03-30
- NEP-ACC: Accounting and Auditing (1) 2020-03-02
- NEP-IFN: International Finance (1) 2024-03-04
- NEP-REG: Regulation (1) 2011-10-09
- NEP-TRA: Transition Economics (1) 2013-06-30
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