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We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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Working Papers

November 2011, No. 11-07

Contingent Capital: The Trigger Problem

Price triggers in contingent capital bonds are analyzed. Pervasiveness of multiple equilibria and nonexistence of equilibrium in theoretical models is illustrated. Evidence of these problems from market experiments is summarized. Possible solutions are evaluated.

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Katrina Mullen (804) 697-8145

Working Papers

Contingent Capital: The Trigger Problem

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