Stephen J. Ong

This paper studies and connects market organization and activity in the US collateralized interbank market using an assumption-neutral approach.

This paper provides a general-purpose evaluation framework for assessing the information value of measures of systemic conditions.

We elucidate the tradeoffs between transparency and confidentiality in the context of financial regulation.

How can a systemic risk early warning system (EWS) facilitate the financial stability work of policymakers?

This paper develops a new financial stress measure (Cleveland Financial Stress Index, CFSI) that considers the supervisory objective of identifying risks to the stability of the financial system.

This paper develops a financial stress index for the United States, the CFSI, which provides a continuous signal of financial stress and broad coverage of the areas that could indicate it.

This paper builds on existing microprudential and macroprudential early warning systems to develop a new class of models for systemic risk.

To promote stability in a dynamic financial system, supervisors must monitor the system for risks at all times.

A review of economic history and a thoughtful look at Federal Reserve policies over the past century.