Access Statistics for Michael J. Fleming

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Working Paper File Downloads Abstract Views
Last month 3 months 12 months Total Last month 3 months 12 months Total
A Closer Look at the Federal Reserve’s Securities Lending Program 0 1 8 54 0 3 46 120
Advent of Trade Reporting for U.S. Treasury Securities 0 0 0 5 1 1 2 20
All-to-All Trading in the U.S. Treasury Market 0 0 1 15 1 2 12 36
An analysis of CDS transactions: implications for public reporting 0 0 0 19 0 0 1 98
An analysis of OTC interest rate derivatives transactions: implications for public reporting 0 0 1 24 0 0 1 109
Anomalous bidding in short-term Treasury bill auctions 0 0 0 77 0 0 3 502
Are larger Treasury issues more liquid? Evidence from bill reopenings 0 0 0 158 0 0 2 865
Assessing the Price Impact of Treasury Market Workups 0 0 0 11 0 1 2 25
At the N.Y. Fed: Workshop on the Risks of Wholesale Funding 0 0 0 7 0 0 1 17
Breaking Down TRACE Volumes Further 0 0 0 8 0 0 0 18
Breaking Down TRACE Volumes Further 0 0 0 4 0 0 1 20
Changes in the Returns to Market Making 0 0 3 17 0 0 4 38
Characterizing the Rising Settlement Fails in Seasoned Treasury Securities 0 0 0 5 0 0 2 19
Continuing the Conversation on Liquidity 0 1 2 2 0 2 5 16
Corporate Bond Market Liquidity Redux: More Price-Based Evidence 1 1 3 22 1 1 3 23
Creditor Recovery in Lehman’s Bankruptcy 0 0 2 65 0 2 8 333
Customer and Employee Losses in Lehman’s Bankruptcy 0 0 0 2 0 0 2 18
Dealer Balance Sheet Capacity and Market Liquidity during the 2013 Selloff in Fixed Income Markets 0 0 2 33 0 0 3 105
Dealer Balance Sheet Capacity and Market Liquidity during the 2013 Selloff in Fixed-Income Markets 0 0 4 17 0 0 7 68
Dealer Capacity and U.S. Treasury Market Functionality 0 0 0 17 0 2 8 24
Dealer Participation in the TSLF Options Program 0 0 4 7 0 0 7 21
Dealer Trading and Positioning in Floating Rate Notes 0 1 2 15 0 1 4 21
Dealer capacity and US Treasury market functionality 0 0 0 5 0 0 9 16
Dealer financial conditions and lender-of-last resort facilities 0 0 0 56 0 0 0 212
Dealers’ Positions and the Auction Cycle 0 0 1 8 0 0 2 21
Did Third Avenue's Liquidation Reduce Corporate Bond Market Liquidity? 0 0 0 2 1 1 2 20
Do You Know How Your Treasury Trades Are Cleared and Settled? 0 0 1 10 0 1 3 33
ECB Monetary Operations and the Interbank Repo Market 0 0 0 33 0 0 1 123
ECB monetary operations and the interbank repo market 0 0 0 3 0 0 1 108
End‑of‑Month Liquidity in the Treasury Market 0 0 6 6 0 0 8 8
Failure Is No Longer a (Free) Option for Agency Debt and Mortgage-Backed Securities 0 0 0 5 0 0 1 15
Federal Reserve liquidity provision during the financial crisis of 2007-2009 0 0 0 59 0 1 3 125
Financial market implications of the federal debt paydown 0 0 1 89 0 0 3 543
Has Liquidity Risk in the Corporate Bond Market Increased? 0 0 1 23 0 0 3 53
Has Liquidity Risk in the Treasury and Equity Markets Increased? 0 0 1 18 0 0 3 34
Has MBS Market Liquidity Deteriorated? 1 1 2 17 2 3 5 20
Has Treasury Market Liquidity Improved in 2024? 0 0 8 8 0 0 9 9
Has U.S. Treasury Market Liquidity Deteriorated? 1 2 2 29 1 2 5 74
Heat waves, meteor showers, and trading volume: an analysis of volatility spillovers in the U.S. Treasury market 0 0 0 149 0 0 1 915
Heat waves, meteor showers, and trading volume: an analysis of volatility spillovers in the U.S. Treasury market 0 0 0 145 1 1 2 795
How Does Tick Size Affect Treasury Market Quality? 0 1 2 13 0 1 4 34
How Does the Liquidity of New Treasury Securities Evolve? 0 0 2 14 0 0 4 48
How Has Treasury Market Liquidity Evolved in 2023? 0 0 1 4 0 1 4 12
How Liquid Has the Treasury Market Been in 2022? 0 0 0 17 0 2 2 27
How Liquid Is the Inflation Swap Market? 0 1 2 30 0 1 5 70
How Liquid Is the New 20-Year Treasury Bond? 1 1 1 20 1 3 16 84
How Might Increased Transparency Affect the CDS Market? 0 0 0 2 0 0 0 11
How Much Value Was Destroyed by the Lehman Bankruptcy? 0 0 0 7 0 1 5 37
How do treasury dealers manage their positions? 0 0 0 199 1 1 3 1,446
How workers use 401(k) plans: the participation, contribution, and withdrawal decisions 0 0 0 276 0 1 5 1,437
Information on Dealer Activity in Specific Treasury Issues Now Available 0 0 0 2 0 0 0 9
Intraday market making with overnight inventory costs 0 0 0 30 0 0 4 132
Introduction to a Series on Market Liquidity 0 0 1 4 0 0 2 12
Introduction to a Series on Market Liquidity: Part 2 0 0 1 2 0 0 2 11
Is Treasury Market Liquidity Becoming More Concentrated 0 1 1 14 1 2 2 19
Lehman's Bankruptcy Expenses 0 0 0 7 0 1 3 37
Liquidity and volatility in the U.S. treasury market 0 0 0 124 2 3 4 352
Market Liquidity after the Financial Crisis 0 0 0 50 0 1 3 97
Market Liquidity after the Financial Crisis 0 0 0 16 1 2 3 33
Market liquidity after the financial crisis 0 0 1 161 3 3 7 285
Measuring Settlement Fails 0 0 0 9 0 1 3 34
Measuring Treasury Market Depth 0 0 2 16 1 2 6 14
Measuring treasury market liquidity 0 0 1 565 0 0 8 1,622
New evidence on the effectiveness of the proxy mechanism 0 0 1 77 0 0 2 688
Options of Last Resort 0 0 0 0 0 0 3 15
Preserving firm value through exit: the case of voluntary liquidations 0 0 0 75 0 1 2 377
Price Impact of Trades and Orders in the U.S. Treasury Securities Market 1 3 4 30 2 4 8 55
Price and size discovery in financial markets: evidence from the U.S. Treasury securities market 0 0 0 46 1 1 3 142
Price formation and liquidity in the U.S. Treasury market: evidence from intraday patterns around announcements 0 0 0 189 2 2 4 818
Price formation and liquidity in the U.S. treasuries market: evidence from intraday patterns around announcements 0 0 0 131 0 0 2 602
Primary Dealer Participation in the Secondary U.S. Treasury Market 0 0 0 19 1 1 7 43
Primary Dealers’ Waning Role in Treasury Auctions 0 0 0 14 0 0 2 28
Redemption Risk of Bond Mutual Funds and Dealer Positioning 1 1 3 20 1 1 4 56
Repo Market Microstructure in Unusual Monetary Policy Conditions 0 0 1 55 0 0 3 281
Repo market effects of the Term Securities Lending Facility 0 0 0 98 0 0 4 350
The 2022 Spike in Corporate Security Settlement Fails 0 0 4 12 0 0 10 21
The Bond Market Selloff in Historical Perspective 0 0 1 13 1 1 5 31
The COVID-19 Pandemic and the Fed’s Response 1 3 11 539 1 6 27 924
The Evolution of Treasury Market Liquidity: Evidence from 30 Years of Limit Order Book Data 1 1 3 72 2 4 12 400
The Evolution of Workups in the U.S. Treasury Securities Market 0 0 0 22 0 0 3 45
The Failure Resolution of Lehman Brothers 0 0 0 7 0 0 0 35
The Federal Reserve’s Market Functioning Purchases 0 0 0 15 0 0 0 14
The Impact of Trade Reporting on the Interest Rate Derivatives Market 0 0 0 2 0 0 0 9
The Indirect Costs of Lehman’s Bankruptcy 1 1 1 7 1 1 1 22
The Microstructure of China's Government Bond Market 0 0 0 104 0 0 2 159
The Microstructure of a U.S. Treasury ECN: The Brokertec Platform 0 0 1 54 1 1 4 441
The Netting Efficiencies of Marketwide Central Clearing 0 0 0 30 0 0 2 68
The Recent Bond Market Selloff in Historical Perspective 1 2 3 12 1 2 4 52
The SOMA Portfolio through Time 0 0 0 10 1 1 7 80
The microstructure of a U.S. Treasury ECN: the BrokerTec platform 0 0 1 139 1 2 4 574
The microstructure of the TIPS market 0 0 0 29 0 0 0 149
The term structure of announcement effects 0 0 1 345 1 2 11 1,458
The term structure of announcement effects 0 0 1 60 0 2 6 348
Tick Size, Competition for Liquidity Provision, and Price Discovery: Evidence from the U.S. Treasury Market 0 0 0 24 1 1 4 75
Trading activity in the Indian government bond market 0 0 1 12 0 1 3 67
Transparency and Sources of Information on the Federal Reserve’s Operations, Income, and Balance Sheet 0 0 0 0 0 1 2 8
Treasury Market Liquidity and the Federal Reserve during the COVID-19 Pandemic 0 0 1 195 1 3 8 469
Treasury Market Liquidity during the COVID-19 Crisis 1 1 2 367 2 3 9 806
Treasury Market When-Issued Trading Activity 2 6 35 109 19 55 255 554
U.S. Treasury Market Action on Election Night 2016 0 1 2 16 2 5 8 28
U.S. Treasury Market Functioning from the GFC to the Pandemic 6 10 10 10 6 8 8 8
Unlocking the Treasury Market through TRACE 0 0 0 8 0 0 1 36
Unlocking the Treasury Market through TRACE 0 0 0 18 1 1 1 59
What Explains the June Spike in Treasury Settlement Fails? 0 0 0 4 0 0 0 17
What if? A Counterfactual SOMA Portfolio 0 0 1 2 0 0 1 13
What moves the bond market? 0 0 1 1,051 0 1 7 2,736
What's Driving Dealer Balance Sheet Stagnation? 1 1 1 19 1 1 2 39
What’s behind the March Spike in Treasury Fails? 0 0 0 3 1 1 2 20
Which Dealers Borrowed from the Fed’s Lender-of-Last-Resort Facilities? 0 0 0 37 0 0 1 74
Total Working Papers 20 41 160 6,932 69 163 734 24,797


Journal Article File Downloads Abstract Views
Last month 3 months 12 months Total Last month 3 months 12 months Total
ANOMALOUS BIDDING IN SHORT‐TERM TREASURY BILL AUCTIONS* 0 0 0 7 0 0 1 49
All-to-All Trading in the U.S. Treasury Market 0 0 0 0 2 4 4 4
Are Larger Treasury Issues More Liquid? Evidence from Bill Reopenings 0 0 0 0 0 0 1 300
Are larger Treasury issues more liquid? Evidence from bill reopenings 0 0 0 1 0 0 2 194
Dealer behavior in the specials market for US Treasury securities 0 1 7 225 3 5 28 590
Dealer financial conditions and lender-of-last-resort facilities 0 0 1 31 4 4 13 169
Explaining settlement fails 0 0 1 102 1 1 3 315
Federal Reserve Liquidity Provision during the Financial Crisis of 2007–2009 0 0 0 21 1 1 3 125
How Workers Use 401(K) Plans: The Participation, Contribution, and Withdrawal Decisions 0 1 1 4 0 1 4 59
How do Treasury dealers manage their positions? 0 0 4 4 0 1 15 15
Income effects of Federal Reserve liquidity facilities 0 0 0 59 0 0 1 200
Intraday market making with overnight inventory costs 0 0 1 6 2 3 5 44
Liquidity and volatility in the U.S. Treasury market 0 0 1 31 3 4 9 111
Market Liquidity After the Financial Crisis 0 0 2 12 1 1 7 86
Measuring treasury market liquidity 0 0 4 491 1 3 15 1,583
Price Formation and Liquidity in the U.S. Treasury Market: The Response to Public Information 1 2 8 236 3 7 19 626
Price and Size Discovery in Financial Markets: Evidence from the U.S. Treasury Securities Market 0 0 0 6 0 0 1 34
Repo Market Effects of the Term Securities Lending Facility 0 0 2 68 0 0 4 242
Repurchase agreements with negative interest rates 0 0 0 234 0 0 0 771
The Federal Reserve's foreign exchange swap lines 0 0 0 79 0 0 2 282
The Federal Reserve’s Market Functioning Purchases 0 0 2 3 0 2 8 27
The Term Securities Lending Facility: origin, design, and effects 0 0 4 89 0 0 7 364
The benchmark U.S. Treasury market: recent performance and possible alternatives 0 0 0 182 0 0 2 850
The failure resolution of Lehman Brothers 0 0 0 43 0 2 8 161
The microstructure of a U.S. Treasury ECN: The BrokerTec platform 0 0 0 7 0 0 3 58
The microstructure of the TIPS market 0 0 1 17 0 0 4 112
The round-the-clock market for U.S. Treasury securities 0 0 0 138 1 1 1 697
Tick Size, Competition for Liquidity Provision, and Price Discovery: Evidence from the U.S. Treasury Market 0 0 2 3 0 0 4 11
Trading activity and price transparency in the inflation swap market 0 0 0 20 1 1 3 86
What financing data reveal about dealer leverage 0 0 2 115 0 0 4 348
What moves the bond market? 0 0 3 323 0 1 14 1,049
When the back office moved to the front burner: settlement fails in the treasury market after 9/11 0 0 1 204 0 0 3 875
Who buys Treasury securities at auction? 0 0 0 90 0 0 0 363
Total Journal Articles 1 4 47 2,851 23 42 198 10,800


Chapter File Downloads Abstract Views
Last month 3 months 12 months Total Last month 3 months 12 months Total
Liquidity in U.S. Treasury Spot and Futures Markets 0 0 3 62 0 0 5 279
Total Chapters 0 0 3 62 0 0 5 279


Statistics updated 2025-06-06