A Hitchhiker’s Guide to Federal Reserve Participation in Fixed Income Markets
Amol Agrawal
Nina Boyarchenko and Or Shachar in this new JEP aricle discuss evolution of fixed income markets: We review US dealer-intermediated fixed income markets, including Treasuries, agency mortgage-backed securities, corporate bonds, and municipal bonds. Through the lenses of primary dealers’ positions, we show these markets’ evolution over the past decade and the effects of recent episodes […]