Michael J. Fleming

Names

Identifer

Contact

Affiliations

• Federal Reserve Bank of New York (weight: 50%)
  • EDIRC entry
  • location:
• Federal Reserve Bank of New York / Research and Statistics Group (weight: 50%)
  • EDIRC entry
  • location:

Research profile

author of:

• Repo Market Effects of the Term Securities Lending Facility
  American Economic Review, American Economic Association (2010)
  by Michael J. Fleming & Warren B. Hrung & Frank M. Keane
  (ReDIF-article, aea:aecrev:v:100:y:2010:i:2:p:591-96)
• Federal Reserve Liquidity Provision during the Financial Crisis of 2007–2009
  Annual Review of Financial Economics, Annual Reviews (2012)
  by Michael J. Fleming
  (ReDIF-article, anr:refeco:v:4:y:2012:p:161-177)
• Market Liquidity After the Financial Crisis
  Annual Review of Financial Economics, Annual Reviews (2017)
  by Erik Vogt & Michael Fleming & Or Shachar & Tobias Adrian
  (ReDIF-article, anr:refeco:v:9:y:2017:p:43-83)
• Liquidity in U.S. Treasury Spot and Futures Markets
  CGFS Papers chapters, Bank for International Settlements (1999)
  by Michael Fleming & Asani Sarkar
  (ReDIF-chapter, bis:biscgc:11-11)
• Dealer capacity and US Treasury market functionality
  BIS Working Papers, Bank for International Settlements (2023)
  by Darrell Duffie & Michael Fleming & Frank Keane & Claire Nelson & Or Shachar & Peter Van Tassel
  (ReDIF-paper, bis:biswps:1138)
• The term structure of announcement effects
  BIS Working Papers, Bank for International Settlements (1999)
  by Michael J. Fleming & Eli M Remolona
  (ReDIF-paper, bis:biswps:71)
• Price Formation and Liquidity in the U.S. Treasury Market: The Response to Public Information
  Journal of Finance, American Finance Association (1999)
  by Michael J. Fleming & Eli M. Remolona
  (ReDIF-article, bla:jfinan:v:54:y:1999:i:5:p:1901-1915)
• Anomalous Bidding In Short‐Term Treasury Bill Auctions
  Journal of Financial Research, Southern Finance Association;Southwestern Finance Association (2005)
  by Michael J. Fleming & Kenneth D. Garbade & Frank Keane
  (ReDIF-article, bla:jfnres:v:28:y:2005:i:2:p:165-176)
• ECB Monetary Operations and the Interbank Repo Market
  Research Technical Papers, Central Bank of Ireland (2014)
  by Dunne, Peter G. & Fleming, Michael J. & Zholos, Andrey
  (ReDIF-paper, cbi:wpaper:09/rt/14)
• Repo Market Microstructure in Unusual Monetary Policy Conditions
  Research Technical Papers, Central Bank of Ireland (2011)
  by Dunne, Peter & Fleming, Michael J. & Zholos, Andrey
  (ReDIF-paper, cbi:wpaper:8/rt/11)
• Market Liquidity after the Financial Crisis
  CEPR Discussion Papers, C.E.P.R. Discussion Papers (2017)
  by Adrian, Tobias & Fleming, Michael J. & Shachar, Or & Vogt, Erik
  (ReDIF-paper, cpr:ceprdp:12248)
• Liquidity and volatility in the U.S. Treasury market
  Journal of Econometrics, Elsevier (2020)
  by Nguyen, Giang & Engle, Robert & Fleming, Michael & Ghysels, Eric
  (ReDIF-article, eee:econom:v:217:y:2020:i:2:p:207-229)
• The microstructure of a U.S. Treasury ECN: The BrokerTec platform
  Journal of Financial Markets, Elsevier (2018)
  by Fleming, Michael J. & Mizrach, Bruce & Nguyen, Giang
  (ReDIF-article, eee:finmar:v:40:y:2018:i:c:p:2-22)
• Intraday market making with overnight inventory costs
  Journal of Financial Markets, Elsevier (2020)
  by Adrian, Tobias & Capponi, Agostino & Fleming, Michael & Vogt, Erik & Zhang, Hongzhong
  (ReDIF-article, eee:finmar:v:50:y:2020:i:c:s1386418120300331)
• Dealer financial conditions and lender-of-last-resort facilities
  Journal of Financial Economics, Elsevier (2017)
  by Acharya, Viral V. & Fleming, Michael J. & Hrung, Warren B. & Sarkar, Asani
  (ReDIF-article, eee:jfinec:v:123:y:2017:i:1:p:81-107)
• How do Treasury dealers manage their positions?
  Journal of Financial Economics, Elsevier (2024)
  by Fleming, Michael & Nguyen, Giang & Rosenberg, Joshua
  (ReDIF-article, eee:jfinec:v:158:y:2024:i:c:s0304405x24001089)
• Dealer behavior in the specials market for US Treasury securities
  Journal of Financial Intermediation, Elsevier (2007)
  by Fleming, Michael J. & Garbade, Kenneth D.
  (ReDIF-article, eee:jfinin:v:16:y:2007:i:2:p:204-228)
• Are larger Treasury issues more liquid? Evidence from bill reopenings
  Proceedings, Federal Reserve Bank of Cleveland (2002)
  by Michael J. Fleming
  (ReDIF-article, fip:fedcpr:y:2002:p:707-739)
• Heat waves, meteor showers, and trading volume: an analysis of volatility spillovers in the U.S. Treasury market
  Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco (1999)
  by Michael J. Fleming & Jose A. Lopez
  (ReDIF-paper, fip:fedfap:99-09)
• Dealer Balance Sheet Capacity and Market Liquidity during the 2013 Selloff in Fixed Income Markets
  FEDS Notes, Board of Governors of the Federal Reserve System (U.S.) (2013)
  by Tobias Adrian & Michael J. Fleming & Jonathan Goldberg & Morgan Lewis & Fabio M. Natalucci & Jason J. Wu
  (ReDIF-paper, fip:fedgfn:2013-10-16)
• Unlocking the Treasury Market through TRACE
  FEDS Notes, Board of Governors of the Federal Reserve System (U.S.) (2018)
  by 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
  (ReDIF-paper, fip:fedgfn:2018-09-28-1)
• Breaking Down TRACE Volumes Further
  FEDS Notes, Board of Governors of the Federal Reserve System (U.S.) (2018)
  by Doug Brain & Michiel De Pooter & Dobrislav Dobrev & Michael J. Fleming & Peter Johansson & Frank M. Keane & Michael Puglia & Tony Rodrigues & Or Shachar
  (ReDIF-paper, fip:fedgfn:2018-11-29)
• Repurchase agreements with negative interest rates
  Current Issues in Economics and Finance, Federal Reserve Bank of New York (2004)
  by Michael J. Fleming & Kenneth D. Garbade
  (ReDIF-article, fip:fednci:y:2004:i:apr:n:v.10no.5)
• What financing data reveal about dealer leverage
  Current Issues in Economics and Finance, Federal Reserve Bank of New York (2005)
  by Tobias Adrian & Michael J. Fleming
  (ReDIF-article, fip:fednci:y:2005:i:mar:n:v.11no.3)
• Explaining settlement fails
  Current Issues in Economics and Finance, Federal Reserve Bank of New York (2005)
  by Michael J. Fleming & Kenneth D. Garbade
  (ReDIF-article, fip:fednci:y:2005:i:sep:n:v.11no.9)
• Who buys Treasury securities at auction?
  Current Issues in Economics and Finance, Federal Reserve Bank of New York (2007)
  by Michael J. Fleming
  (ReDIF-article, fip:fednci:y:2007:i:jan:n:v.13no.1)
• The Term Securities Lending Facility: origin, design, and effects
  Current Issues in Economics and Finance, Federal Reserve Bank of New York (2009)
  by Michael J. Fleming & Warren B. Hrung & Frank M. Keane
  (ReDIF-article, fip:fednci:y:2009:i:feb:n:v.15no.2)
• The Federal Reserve's foreign exchange swap lines
  Current Issues in Economics and Finance, Federal Reserve Bank of New York (2010)
  by Michael J. Fleming & Nicholas Klagge
  (ReDIF-article, fip:fednci:y:2010:i:apr:n:v.16no.4)
• Income effects of Federal Reserve liquidity facilities
  Current Issues in Economics and Finance, Federal Reserve Bank of New York (2011)
  by Michael J. Fleming & Nicholas Klagge
  (ReDIF-article, fip:fednci:y:2011:i:feb:n:v.17no.1)
• The failure resolution of Lehman Brothers
  Economic Policy Review, Federal Reserve Bank of New York (2013)
  by Michael J. Fleming & Asani Sarkar
  (ReDIF-article, fip:fednep:00016)
• The Federal Reserve’s Market Functioning Purchases
  Economic Policy Review, Federal Reserve Bank of New York (2022)
  by Michael J. Fleming & Haoyang Liu & Rich Podjasek & Jake Schurmeier
  (ReDIF-article, fip:fednep:94440)
• All-to-All Trading in the U.S. Treasury Market
  Economic Policy Review, Federal Reserve Bank of New York (2025)
  by 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
  (ReDIF-article, fip:fednep:99623)
• What moves the bond market?
  Economic Policy Review, Federal Reserve Bank of New York (1997)
  by Michael J. Fleming & Eli M. Remolona
  (ReDIF-article, fip:fednep:y:1997:i:dec:p:31-50:n:v.3no.4)
• The round-the-clock market for U.S. Treasury securities
  Economic Policy Review, Federal Reserve Bank of New York (1997)
  by Michael J. Fleming
  (ReDIF-article, fip:fednep:y:1997:i:jul:p:9-32:n:v.3no.2)
• The benchmark U.S. Treasury market: recent performance and possible alternatives
  Economic Policy Review, Federal Reserve Bank of New York (2000)
  by Michael J. Fleming
  (ReDIF-article, fip:fednep:y:2000:i:apr:p:129-145:n:v.6no.1)
• 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 (2002)
  by Michael J. Fleming & Kenneth D. Garbade
  (ReDIF-article, fip:fednep:y:2002:i:nov:p:35-57:n:v.8no.2)
• Measuring treasury market liquidity
  Economic Policy Review, Federal Reserve Bank of New York (2003)
  by Michael J. Fleming
  (ReDIF-article, fip:fednep:y:2003:i:sep:p:83-108:n:v.9no.3)
• The microstructure of the TIPS market
  Economic Policy Review, Federal Reserve Bank of New York (2012)
  by Michael J. Fleming & Neel Krishnan
  (ReDIF-article, fip:fednep:y:2012:i:mar:p:27-45:n:v.18no.1)
• Trading activity and price transparency in the inflation swap market
  Economic Policy Review, Federal Reserve Bank of New York (2013)
  by Michael J. Fleming & John Sporn
  (ReDIF-article, fip:fednep:y:2013:i:may:p:45-57:n:v.19no.1)
• How Might Increased Transparency Affect the CDS Market?
  Liberty Street Economics, Federal Reserve Bank of New York (2011)
  by Kathryn Chen & Michael J. Fleming & John Jackson & Ada Li & Asani Sarkar
  (ReDIF-paper, fip:fednls:86777)
• Failure Is No Longer a (Free) Option for Agency Debt and Mortgage-Backed Securities
  Liberty Street Economics, Federal Reserve Bank of New York (2012)
  by Michael J. Fleming
  (ReDIF-paper, fip:fednls:86794)
• The Impact of Trade Reporting on the Interest Rate Derivatives Market
  Liberty Street Economics, Federal Reserve Bank of New York (2012)
  by Michael J. Fleming & John Jackson & Ada Li & Asani Sarkar & Patricia Zobel
  (ReDIF-paper, fip:fednls:86801)
• Primary Dealers’ Waning Role in Treasury Auctions
  Liberty Street Economics, Federal Reserve Bank of New York (2013)
  by Michael J. Fleming & Sean Myers
  (ReDIF-paper, fip:fednls:86857)
• How Liquid Is the Inflation Swap Market?
  Liberty Street Economics, Federal Reserve Bank of New York (2013)
  by Michael J. Fleming & John Sporn
  (ReDIF-paper, fip:fednls:86864)
• The Recent Bond Market Selloff in Historical Perspective
  Liberty Street Economics, Federal Reserve Bank of New York (2013)
  by Tobias Adrian & Michael J. Fleming
  (ReDIF-paper, fip:fednls:86881)
• The SOMA Portfolio through Time
  Liberty Street Economics, Federal Reserve Bank of New York (2013)
  by Meryam Bukhari & Alyssa Cambron & Michael J. Fleming & Jonathan McCarthy & Julie Remache
  (ReDIF-paper, fip:fednls:86883)
• What if? A Counterfactual SOMA Portfolio
  Liberty Street Economics, Federal Reserve Bank of New York (2013)
  by Michael J. Fleming & Deborah Leonard & Grant Long & Julie Remache
  (ReDIF-paper, fip:fednls:86886)
• Transparency and Sources of Information on the Federal Reserve’s Operations, Income, and Balance Sheet
  Liberty Street Economics, Federal Reserve Bank of New York (2013)
  by Michael J. Fleming & Deborah Leonard
  (ReDIF-paper, fip:fednls:86888)
• Information on Dealer Activity in Specific Treasury Issues Now Available
  Liberty Street Economics, Federal Reserve Bank of New York (2013)
  by Michael J. Fleming
  (ReDIF-paper, fip:fednls:86891)
• Dealer Balance Sheet Capacity and Market Liquidity during the 2013 Selloff in Fixed-Income Markets
  Liberty Street Economics, Federal Reserve Bank of New York (2013)
  by Tobias Adrian & Michael J. Fleming & Jonathan Goldberg & Morgan Lewis & Fabio M. Natalucci & Jason J. Wu
  (ReDIF-paper, fip:fednls:86899)
• The Failure Resolution of Lehman Brothers
  Liberty Street Economics, Federal Reserve Bank of New York (2014)
  by Michael J. Fleming & Asani Sarkar
  (ReDIF-paper, fip:fednls:86934)
• At the N.Y. Fed: Workshop on the Risks of Wholesale Funding
  Liberty Street Economics, Federal Reserve Bank of New York (2014)
  by Dong Beom Choi & Patrick de Fontnouvelle & Thomas M. Eisenbach & Michael J. Fleming
  (ReDIF-paper, fip:fednls:86972)
• What Explains the June Spike in Treasury Settlement Fails?
  Liberty Street Economics, Federal Reserve Bank of New York (2014)
  by Michael J. Fleming & Frank M. Keane & Antoine Martin & Michael McMorrow
  (ReDIF-paper, fip:fednls:86973)
• Measuring Settlement Fails
  Liberty Street Economics, Federal Reserve Bank of New York (2014)
  by Michael J. Fleming & Frank M. Keane & Antoine Martin & Michael McMorrow
  (ReDIF-paper, fip:fednls:86974)
• Introduction to a Series on Market Liquidity
  Liberty Street Economics, Federal Reserve Bank of New York (2015)
  by Tobias Adrian & Michael J. Fleming & Ernst Schaumburg
  (ReDIF-paper, fip:fednls:87054)
• Has U.S. Treasury Market Liquidity Deteriorated?
  Liberty Street Economics, Federal Reserve Bank of New York (2015)
  by Tobias Adrian & Michael J. Fleming & Daniel Stackman & Erik Vogt
  (ReDIF-paper, fip:fednls:87055)
• The Evolution of Workups in the U.S. Treasury Securities Market
  Liberty Street Economics, Federal Reserve Bank of New York (2015)
  by Michael J. Fleming & Ernst Schaumburg & Ron Yang
  (ReDIF-paper, fip:fednls:87056)
• What's Driving Dealer Balance Sheet Stagnation?
  Liberty Street Economics, Federal Reserve Bank of New York (2015)
  by Tobias Adrian & Michael J. Fleming & Daniel Stackman & Erik Vogt
  (ReDIF-paper, fip:fednls:87057)
• Introduction to a Series on Market Liquidity: Part 2
  Liberty Street Economics, Federal Reserve Bank of New York (2015)
  by Tobias Adrian & Michael J. Fleming & Ernst Schaumburg
  (ReDIF-paper, fip:fednls:87066)
• Has Liquidity Risk in the Treasury and Equity Markets Increased?
  Liberty Street Economics, Federal Reserve Bank of New York (2015)
  by Tobias Adrian & Michael J. Fleming & Daniel Stackman & Erik Vogt
  (ReDIF-paper, fip:fednls:87067)
• Has Liquidity Risk in the Corporate Bond Market Increased?
  Liberty Street Economics, Federal Reserve Bank of New York (2015)
  by Tobias Adrian & Michael J. Fleming & Or Shachar & Daniel Stackman & Erik Vogt
  (ReDIF-paper, fip:fednls:87068)
• Changes in the Returns to Market Making
  Liberty Street Economics, Federal Reserve Bank of New York (2015)
  by Tobias Adrian & Michael J. Fleming & Or Shachar & Daniel Stackman & Erik Vogt
  (ReDIF-paper, fip:fednls:87069)
• Redemption Risk of Bond Mutual Funds and Dealer Positioning
  Liberty Street Economics, Federal Reserve Bank of New York (2015)
  by Tobias Adrian & Michael J. Fleming & Or Shachar & Erik Vogt
  (ReDIF-paper, fip:fednls:87070)
• Dealers’ Positions and the Auction Cycle
  Liberty Street Economics, Federal Reserve Bank of New York (2015)
  by Michael J. Fleming & Collin Jones
  (ReDIF-paper, fip:fednls:87071)
• Characterizing the Rising Settlement Fails in Seasoned Treasury Securities
  Liberty Street Economics, Federal Reserve Bank of New York (2016)
  by Michael J. Fleming & Frank M. Keane
  (ReDIF-paper, fip:fednls:87086)
• Has MBS Market Liquidity Deteriorated?
  Liberty Street Economics, Federal Reserve Bank of New York (2016)
  by Michael J. Fleming & Andreas Fuster & Linsey Molloy & Rich Podjasek
  (ReDIF-paper, fip:fednls:87096)
• Continuing the Conversation on Liquidity
  Liberty Street Economics, Federal Reserve Bank of New York (2016)
  by Tobias Adrian & Michael J. Fleming & Ernst Schaumburg
  (ReDIF-paper, fip:fednls:87097)
• Corporate Bond Market Liquidity Redux: More Price-Based Evidence
  Liberty Street Economics, Federal Reserve Bank of New York (2016)
  by Tobias Adrian & Michael J. Fleming & Erik Vogt & Zachary Wojtowicz
  (ReDIF-paper, fip:fednls:87098)
• Is Treasury Market Liquidity Becoming More Concentrated
  Liberty Street Economics, Federal Reserve Bank of New York (2016)
  by Michael J. Fleming
  (ReDIF-paper, fip:fednls:87099)
• Primary Dealer Participation in the Secondary U.S. Treasury Market
  Liberty Street Economics, Federal Reserve Bank of New York (2016)
  by Michael J. Fleming & Frank M. Keane & Ernst Schaumburg
  (ReDIF-paper, fip:fednls:87100)
• Did Third Avenue's Liquidation Reduce Corporate Bond Market Liquidity?
  Liberty Street Economics, Federal Reserve Bank of New York (2016)
  by Tobias Adrian & Michael J. Fleming & Erik Vogt & Zachary Wojtowicz
  (ReDIF-paper, fip:fednls:87102)
• What’s behind the March Spike in Treasury Fails?
  Liberty Street Economics, Federal Reserve Bank of New York (2016)
  by Michael J. Fleming & Frank M. Keane
  (ReDIF-paper, fip:fednls:87121)
• A Closer Look at the Federal Reserve’s Securities Lending Program
  Liberty Street Economics, Federal Reserve Bank of New York (2016)
  by Michael J. Fleming & Frank M. Keane & Jake Schurmeier & Emma Weiss
  (ReDIF-paper, fip:fednls:87149)
• Advent of Trade Reporting for U.S. Treasury Securities
  Liberty Street Economics, Federal Reserve Bank of New York (2017)
  by Michael J. Fleming
  (ReDIF-paper, fip:fednls:87170)
• Which Dealers Borrowed from the Fed’s Lender-of-Last-Resort Facilities?
  Liberty Street Economics, Federal Reserve Bank of New York (2017)
  by Viral V. Acharya & Michael J. Fleming & Warren B. Hrung & Asani Sarkar
  (ReDIF-paper, fip:fednls:87193)
• Market Liquidity after the Financial Crisis
  Liberty Street Economics, Federal Reserve Bank of New York (2017)
  by Tobias Adrian & Michael J. Fleming & Or Shachar
  (ReDIF-paper, fip:fednls:87200)
• Options of Last Resort
  Liberty Street Economics, Federal Reserve Bank of New York (2018)
  by Erin Denison & Michael J. Fleming & Warren B. Hrung & Asani Sarkar
  (ReDIF-paper, fip:fednls:87244)
• Dealer Trading and Positioning in Floating Rate Notes
  Liberty Street Economics, Federal Reserve Bank of New York (2018)
  by Michael J. Fleming & Amanda Wahlers
  (ReDIF-paper, fip:fednls:87247)
• Do You Know How Your Treasury Trades Are Cleared and Settled?
  Liberty Street Economics, Federal Reserve Bank of New York (2018)
  by Adam Copeland & Michael J. Fleming & Frank M. Keane & Radhika Mithal
  (ReDIF-paper, fip:fednls:87275)
• Unlocking the Treasury Market through TRACE
  Liberty Street Economics, Federal Reserve Bank of New York (2018)
  by 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
  (ReDIF-paper, fip:fednls:87277)
• U.S. Treasury Market Action on Election Night 2016
  Liberty Street Economics, Federal Reserve Bank of New York (2018)
  by Michael J. Fleming
  (ReDIF-paper, fip:fednls:87292)
• Breaking Down TRACE Volumes Further
  Liberty Street Economics, Federal Reserve Bank of New York (2018)
  by Doug Brain & Michiel De Pooter & Dobrislav Dobrev & Michael J. Fleming & Peter Johansson & Frank M. Keane & Michael Puglia & Anthony P. Rodrigues & Or Shachar
  (ReDIF-paper, fip:fednls:87297)
• Price Impact of Trades and Orders in the U.S. Treasury Securities Market
  Liberty Street Economics, Federal Reserve Bank of New York (2018)
  by Michael J. Fleming & Bruce Mizrach & Giang Nguyen
  (ReDIF-paper, fip:fednls:87299)
• Creditor Recovery in Lehman’s Bankruptcy
  Liberty Street Economics, Federal Reserve Bank of New York (2019)
  by Erin Denison & Michael J. Fleming & Asani Sarkar
  (ReDIF-paper, fip:fednls:87303)
• How Much Value Was Destroyed by the Lehman Bankruptcy?
  Liberty Street Economics, Federal Reserve Bank of New York (2019)
  by Erin Denison & Michael J. Fleming & Asani Sarkar
  (ReDIF-paper, fip:fednls:87304)
• Lehman's Bankruptcy Expenses
  Liberty Street Economics, Federal Reserve Bank of New York (2019)
  by Erin Denison & Michael J. Fleming & Asani Sarkar
  (ReDIF-paper, fip:fednls:87305)
• Customer and Employee Losses in Lehman’s Bankruptcy
  Liberty Street Economics, Federal Reserve Bank of New York (2019)
  by Erin Denison & Michael J. Fleming & Asani Sarkar
  (ReDIF-paper, fip:fednls:87306)
• The Indirect Costs of Lehman’s Bankruptcy
  Liberty Street Economics, Federal Reserve Bank of New York (2019)
  by Erin Denison & Michael J. Fleming & Asani Sarkar
  (ReDIF-paper, fip:fednls:87307)
• Dealer Participation in the TSLF Options Program
  Liberty Street Economics, Federal Reserve Bank of New York (2019)
  by Erin Denison & Michael J. Fleming & Warren B. Hrung & Asani Sarkar
  (ReDIF-paper, fip:fednls:87318)
• Assessing the Price Impact of Treasury Market Workups
  Liberty Street Economics, Federal Reserve Bank of New York (2019)
  by Michael J. Fleming & Giang Nguyen
  (ReDIF-paper, fip:fednls:87319)
• How Does Tick Size Affect Treasury Market Quality?
  Liberty Street Economics, Federal Reserve Bank of New York (2020)
  by Michael J. Fleming & Giang Nguyen & Francisco Ruela
  (ReDIF-paper, fip:fednls:87389)
• The COVID-19 Pandemic and the Fed’s Response
  Liberty Street Economics, Federal Reserve Bank of New York (2020)
  by Michael J. Fleming & Asani Sarkar & Peter Van Tassel
  (ReDIF-paper, fip:fednls:87801)
• Treasury Market Liquidity during the COVID-19 Crisis
  Liberty Street Economics, Federal Reserve Bank of New York (2020)
  by Michael J. Fleming & Francisco Ruela
  (ReDIF-paper, fip:fednls:87829)
• Treasury Market Liquidity and the Federal Reserve during the COVID-19 Pandemic
  Liberty Street Economics, Federal Reserve Bank of New York (2020)
  by Michael J. Fleming
  (ReDIF-paper, fip:fednls:88081)
• How Liquid Is the New 20-Year Treasury Bond?
  Liberty Street Economics, Federal Reserve Bank of New York (2020)
  by Michael J. Fleming & Francisco Ruela
  (ReDIF-paper, fip:fednls:88271)
• How Does the Liquidity of New Treasury Securities Evolve?
  Liberty Street Economics, Federal Reserve Bank of New York (2020)
  by Michael J. Fleming
  (ReDIF-paper, fip:fednls:88629)
• Treasury Market When-Issued Trading Activity
  Liberty Street Economics, Federal Reserve Bank of New York (2020)
  by Michael J. Fleming & Or Shachar & Peter Van Tassel
  (ReDIF-paper, fip:fednls:89094)
• The Bond Market Selloff in Historical Perspective
  Liberty Street Economics, Federal Reserve Bank of New York (2022)
  by Tobias Adrian & Michael J. Fleming
  (ReDIF-paper, fip:fednls:94472)
• How Liquid Has the Treasury Market Been in 2022?
  Liberty Street Economics, Federal Reserve Bank of New York (2022)
  by Michael J. Fleming & Claire Nelson
  (ReDIF-paper, fip:fednls:95101)
• The 2022 Spike in Corporate Security Settlement Fails
  Liberty Street Economics, Federal Reserve Bank of New York (2023)
  by Michael J. Fleming & Or Shachar & Peter Van Tassel
  (ReDIF-paper, fip:fednls:95946)
• How Has Treasury Market Liquidity Evolved in 2023?
  Liberty Street Economics, Federal Reserve Bank of New York (2023)
  by Michael J. Fleming
  (ReDIF-paper, fip:fednls:97163)
• Measuring Treasury Market Depth
  Liberty Street Economics, Federal Reserve Bank of New York (2024)
  by Michael J. Fleming & Isabel Krogh & Claire Nelson
  (ReDIF-paper, fip:fednls:97743)
• Has Treasury Market Liquidity Improved in 2024?
  Liberty Street Economics, Federal Reserve Bank of New York (2024)
  by Michael J. Fleming
  (ReDIF-paper, fip:fednls:98808)
• End‑of‑Month Liquidity in the Treasury Market
  Liberty Street Economics, Federal Reserve Bank of New York (2024)
  by Henry Dyer & Michael J. Fleming & Or Shachar
  (ReDIF-paper, fip:fednls:98822)
• New evidence on the effectiveness of the proxy mechanism
  Research Paper, Federal Reserve Bank of New York (1995)
  by Michael J. Fleming
  (ReDIF-paper, fip:fednrp:9503)
• Price formation and liquidity in the U.S. treasuries market: evidence from intraday patterns around announcements
  Research Paper, Federal Reserve Bank of New York (1996)
  by Michael J. Fleming & Eli M. Remolona
  (ReDIF-paper, fip:fednrp:9633)
• What moves the bond market?
  Research Paper, Federal Reserve Bank of New York (1997)
  by Michael J. Fleming & Eli M. Remolona
  (ReDIF-paper, fip:fednrp:9706)
• Financial market implications of the federal debt paydown
  Staff Reports, Federal Reserve Bank of New York (2001)
  by Michael J. Fleming
  (ReDIF-paper, fip:fednsr:120)
• Measuring treasury market liquidity
  Staff Reports, Federal Reserve Bank of New York (2001)
  by Michael J. Fleming
  (ReDIF-paper, fip:fednsr:133)
• Are larger Treasury issues more liquid? Evidence from bill reopenings
  Staff Reports, Federal Reserve Bank of New York (2002)
  by Michael J. Fleming
  (ReDIF-paper, fip:fednsr:145)
• Anomalous bidding in short-term Treasury bill auctions
  Staff Reports, Federal Reserve Bank of New York (2004)
  by Michael J. Fleming & Kenneth D. Garbade & Frank M. Keane
  (ReDIF-paper, fip:fednsr:184)
• Price formation and liquidity in the U.S. Treasury market: evidence from intraday patterns around announcements
  Staff Reports, Federal Reserve Bank of New York (1997)
  by Michael J. Fleming & Eli M. Remolona
  (ReDIF-paper, fip:fednsr:27)
• How do treasury dealers manage their positions?
  Staff Reports, Federal Reserve Bank of New York (2007)
  by Michael J. Fleming & Giang Nguyen & Joshua V. Rosenberg
  (ReDIF-paper, fip:fednsr:299)
• How workers use 401(k) plans: the participation, contribution, and withdrawal decisions
  Staff Reports, Federal Reserve Bank of New York (1998)
  by William F. Bassett & Michael J. Fleming & Anthony P. Rodrigues
  (ReDIF-paper, fip:fednsr:38)
• The microstructure of a U.S. Treasury ECN: the BrokerTec platform
  Staff Reports, Federal Reserve Bank of New York (2009)
  by Michael J. Fleming & Bruce Mizrach & Giang Nguyen
  (ReDIF-paper, fip:fednsr:381)
• The microstructure of the TIPS market
  Staff Reports, Federal Reserve Bank of New York (2009)
  by Michael J. Fleming & Neel Krishnan
  (ReDIF-paper, fip:fednsr:414)
• Repo market effects of the Term Securities Lending Facility
  Staff Reports, Federal Reserve Bank of New York (2010)
  by Michael J. Fleming & Warren B. Hrung & Frank M. Keane
  (ReDIF-paper, fip:fednsr:426)
• An analysis of CDS transactions: implications for public reporting
  Staff Reports, Federal Reserve Bank of New York (2011)
  by Kathryn Chen & Michael J. Fleming & John Jackson & Ada Li & Asani Sarkar
  (ReDIF-paper, fip:fednsr:517)
• An analysis of OTC interest rate derivatives transactions: implications for public reporting
  Staff Reports, Federal Reserve Bank of New York (2012)
  by Michael J. Fleming & John Jackson & Ada Li & Asani Sarkar & Patricia Zobel
  (ReDIF-paper, fip:fednsr:557)
• Federal Reserve liquidity provision during the financial crisis of 2007-2009
  Staff Reports, Federal Reserve Bank of New York (2012)
  by Michael J. Fleming
  (ReDIF-paper, fip:fednsr:563)
• Liquidity and volatility in the U.S. treasury market
  Staff Reports, Federal Reserve Bank of New York (2012)
  by Robert Engle & Michael J. Fleming & Eric Ghysels & Giang Nguyen
  (ReDIF-paper, fip:fednsr:590)
• The Microstructure of China's Government Bond Market
  Staff Reports, Federal Reserve Bank of New York (2013)
  by Jennie Bai & Michael J. Fleming & Casidhe Horan
  (ReDIF-paper, fip:fednsr:622)
• Price and size discovery in financial markets: evidence from the U.S. Treasury securities market
  Staff Reports, Federal Reserve Bank of New York (2013)
  by Michael J. Fleming & Giang Nguyen
  (ReDIF-paper, fip:fednsr:624)
• ECB monetary operations and the interbank repo market
  Staff Reports, Federal Reserve Bank of New York (2013)
  by Peter G. Dunne & Michael J. Fleming & Andrey Zholos
  (ReDIF-paper, fip:fednsr:654)
• Dealer financial conditions and lender-of-last resort facilities
  Staff Reports, Federal Reserve Bank of New York (2014)
  by Viral V. Acharya & Michael J. Fleming & Warren B. Hrung & Asani Sarkar
  (ReDIF-paper, fip:fednsr:673)
• The term structure of announcement effects
  Staff Reports, Federal Reserve Bank of New York (1999)
  by Michael J. Fleming & Eli M. Remolona
  (ReDIF-paper, fip:fednsr:76)
• Trading activity in the Indian government bond market
  Staff Reports, Federal Reserve Bank of New York (2016)
  by Michael J. Fleming & Seema Saggar & Samita Sareen
  (ReDIF-paper, fip:fednsr:785)
• Market liquidity after the financial crisis
  Staff Reports, Federal Reserve Bank of New York (2016)
  by Tobias Adrian & Michael J. Fleming & Or Shachar & Erik Vogt
  (ReDIF-paper, fip:fednsr:796)
• Intraday market making with overnight inventory costs
  Staff Reports, Federal Reserve Bank of New York (2016)
  by Tobias Adrian & Agostino Capponi & Michael J. Fleming & Erik Vogt & Hongzhong Zhang
  (ReDIF-paper, fip:fednsr:799)
• Preserving firm value through exit: the case of voluntary liquidations
  Staff Reports, Federal Reserve Bank of New York (1995)
  by Michael J. Fleming & John J. Moon
  (ReDIF-paper, fip:fednsr:8)
• Heat waves, meteor showers, and trading volume: an analysis of volatility spillovers in the U.S. Treasury market
  Staff Reports, Federal Reserve Bank of New York (1999)
  by Michael J. Fleming & Jose A. Lopez
  (ReDIF-paper, fip:fednsr:82)
• The Evolution of Treasury Market Liquidity: Evidence from 30 Years of Limit Order Book Data
  Staff Reports, Federal Reserve Bank of New York (2017)
  by Tobias Adrian & Michael J. Fleming & Erik Vogt
  (ReDIF-paper, fip:fednsr:827)
• Tick Size, Competition for Liquidity Provision, and Price Discovery: Evidence from the U.S. Treasury Market
  Staff Reports, Federal Reserve Bank of New York (2019)
  by Michael J. Fleming & Giang Nguyen & Francisco Ruela
  (ReDIF-paper, fip:fednsr:886)
• The Netting Efficiencies of Marketwide Central Clearing
  Staff Reports, Federal Reserve Bank of New York (2021)
  by Michael J. Fleming & Frank M. Keane
  (ReDIF-paper, fip:fednsr:90934)
• The Federal Reserve’s Market Functioning Purchases
  Staff Reports, Federal Reserve Bank of New York (2021)
  by Michael J. Fleming & Haoyang Liu & Rich Podjasek & Jake Schurmeier
  (ReDIF-paper, fip:fednsr:93540)
• All-to-All Trading in the U.S. Treasury Market
  Staff Reports, Federal Reserve Bank of New York (2022)
  by 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
  (ReDIF-paper, fip:fednsr:94959)
• Dealer Capacity and U.S. Treasury Market Functionality
  Staff Reports, Federal Reserve Bank of New York (2023)
  by Darrell Duffie & Michael J. Fleming & Frank M. Keane & Claire Nelson & Or Shachar & Peter Van Tassel
  (ReDIF-paper, fip:fednsr:96553)
• U.S. Treasury Market Functioning from the GFC to the Pandemic
  Staff Reports, Federal Reserve Bank of New York (2025)
  by Tobias Adrian & Michael J. Fleming & Kleopatra Nikolaou
  (ReDIF-paper, fip:fednsr:99757)
• Tick Size, Competition for Liquidity Provision, and Price Discovery: Evidence from the U.S. Treasury Market
  Management Science, INFORMS (2024)
  by Michael Fleming & Giang Nguyen & Francisco Ruela
  (ReDIF-article, inm:ormnsc:v:70:y:2024:i:1:p:332-354)
• Are Larger Treasury Issues More Liquid? Evidence from Bill Reopenings
  Journal of Money, Credit and Banking, Blackwell Publishing (2002)
  by Fleming, Michael J
  (ReDIF-article, mcb:jmoncb:v:34:y:2002:i:3:p:707-35)
• How Workers Use 401(K) Plans: The Participation, Contribution, and Withdrawal Decisions
  National Tax Journal, National Tax Association;National Tax Journal (1998)
  by Bassett, William F. & Fleming, Michael J. & Rodrigues, Anthony P.
  (ReDIF-article, ntj:journl:v:51:y:1998:i:2:p:263-89)
• 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 (2019)
  by Michael J Fleming & Giang Nguyen
  (ReDIF-article, oup:rasset:v:9:y:2019:i:2:p:256-295.)
• The Microstructure of a U.S. Treasury ECN: The Brokertec Platform
  Departmental Working Papers, Rutgers University, Department of Economics (2008)
  by Michael Fleming & Bruce Mizrach
  (ReDIF-paper, rut:rutres:200803)