Federal Reserve Bank of Chicago
David Marshall is associate director of research, director of the financial markets group and a senior vice president in the economic research department of the Federal Reserve Bank of Chicago. In that position, Marshall served as the team leader for the department’s macroeconomics group. His research focuses on linkages between financial markets, financial institutions and macroeconomic performance.
Before coming to the Federal Reserve System, Marshall was on the faculty of the Kellogg Graduate School of Management at Northwestern University. He has also served as adjunct professor of finance at the University of Chicago and is currently an associate editor for Macroeconomic Dynamics.
Marshall received a B.A. from Yale University and M.S. and Ph.D. degrees in economics from Carnegie-Mellon University.
This paper examines the impact of market structure and payment assumptions on the fragility of various networks.
In this paper, the authors address one aspect of CCP risk management: initial margining practices. The paper provides a historical review of margining at selected CCPs as well as an overview of their current margin policies.