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About Us
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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We conduct research to support policymaking and thought leadership on issues important to the Federal Reserve and the Fifth District. We also inform the public through our data and economic analysis, publications, presentations and educational resources.

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We help ensure our financial system is operating safely and effectively, and we help support secure and efficient methods to transfer your funds through our financial system.
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We work with community partners to identify and address economic challenges and opportunities in low- and moderate-income communities in the Fifth District.

Working Papers

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November 2011, No. 11-07

Contingent Capital: The Trigger Problem

Edward S. Prescott

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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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Lisa Kenney (804) 697-8179

Working Papers

November 2011, No. 11-07

Contingent Capital: The Trigger Problem

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