New York Fed's Economic Policy Review, May 2006

The Federal Reserve Bank of New York has published the May 2006 edition of its Economic Policy Review. The latest edition includes the article "Trading risk, market liquidity, and convergence trading in the interest rate swap spread".

While trading activity is generally thought to play a central role in the self-stabilizing behavior of markets, the risks in trading on occasion can affect market liquidity and heighten asset price volatility. This article examines empirical evidence on the

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