Working Papers & Work in Progress
Off-the-Run Treasury Market Liquidity (2025)

Alain Chaboud, Ellen Correia Golay, Michael Fleming, Patrick Norton, Krista Schwarz, and Or Shachar


Predictable End-of-Month Treasury Returns (2022)

Jonathan Hartley and Krista Schwarz


Publications

All-to-All Trading in the U.S. Treasury Market (2025)

Alain Chaboud, Ellen Correia Golay, Caren Cox, Michael Fleming, Yesol Huh, Frank Keane, Kyle Lee, Krista Schwarz, Clara Vega, and Carolyn Windover
Economic Policy Review, 31(2): 1-27.
FRBNY Staff Reports , 1036: 1-34. working paper version (2024)



Using Stocks or Portfolios in Tests of Factor Models (2020)

Andrew Ang, Jun Liu, and Krista Schwarz
Journal of Financial and Quantitative Analysis, 55(3): 709-750.
* Outstanding Paper Research Prize, Jacobs Levys Center, 2017.



Mind the Gap: Disentangling Credit and Liquidity in Risk Spreads (2019)

Krista Schwarz
Review of Finance, 23(3): 557-597.
* Nasdaq OMX Research Foundation Fellow
Web Appendix



Notes on Bonds: Illiquidity Feedback During the Financial Crisis (2018)

David Musto, Greg Nini, and Krista Schwarz
Review of Financial Studies, 31(8): 2983-3018.
Web Appendix



Are Speculators Informed? (2012)

Krista Schwarz
Journal of Futures Markets, 32(1): 1-23.
* Lead Journal Article
Web Appendix



Intra-day Trading in the Overnight Federal Funds Market (2005)

Leonardo Bartolini, Svenja Gudell, Spence Hilton, and Krista Schwarz
Current Issues in Economics and Finance 11(11): 1-7.



The Information Content of Forward and Futures Prices: Market Expectations and the Price of Risk (2004)

Sergey Chernenko, Krista Schwarz, and Jonathan Wright
International Finance Discussion Papers, 808: 1-23.



Cool Brittania: Monetary Policy Lessons from the Bank of England, (Feburary 2001)

James Harrigan and Krista Schwarz
International Perspectives 15.



Treasury and Federal Reserve Foreign Exchange Operations (2001)

Krista Schwarz
Federal Reserve Bulletin, 6: 394-399 and 9: 576-581