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2 posts on "Zhaogang Song"
March 24, 2021

Did Dealers Fail to Make Markets during the Pandemic?

Jiakai Chen, Haoyang Liu, David Rubio, Asani Sarkar, and Zhaogang Song

Sarkar and coauthors liquidity provision by dealers in several important financial markets during the COVID-19 pandemic: how much was provided, possible causes of any shortfalls, and the effects of the Federal Reserve’s actions to support the economy.

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Posted at 7:00 am in Financial Markets, Liquidity, Pandemic, Treasury | Permalink
July 17, 2020

MBS Market Dysfunctions in the Time of COVID‑19

Jiakai Chen, Haoyang Liu, David Rubio, Asani Sarkar, and Zhaogang Song

Haoyang Liu, Asani Sarkar, and coauthors study a particular aspect of MBS market disruptions by showing how a long-standing relationship between cash and forward markets broke down, in spite of dealers increasing the provision of liquidity. The analysis also highlights an innovative response by the Federal Reserve that seemed to have helped to normalize market functioning.

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Posted at 7:00 am in Financial Institutions, Financial Markets, Liquidity, Pandemic | Permalink | Comments (2)

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Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.

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