Search Results
Speech
The Federal Reserve System and Community Development: The Why, The How, and The What 2017 Policy Summit on Housing, Human Capital, and Inequality, Cleveland, OH
Over the past 14 years, the Policy Summit has brought together community development practitioners, researchers, funders, policymakers, and others interested in strengthening our communities so that all people have the opportunity to productively engage in our economy and to share in its benefits. As is clear from the many conversations we?ve had over the past two days ? and over the past 14 years of this summit ? there are no easy answers. But there are some answers. I will touch on ?the why, the how, and the what? of this work: why we at the Fed see our community development efforts as ...
Speech
Financial Stability and Monetary Policy in a Low-Interest-Rate Environment
I thank Kasper Roszbach and the Norges Bank for inviting me to present at this workshop on low-interest-rate and unconventional monetary policy. I applaud the Norges Bank for spurring research on this topic. In a period of less than two decades, the world has experienced two historically deep negative shocks to the global economy and financial system. While their causes were different, the global financial crisis of 2008 and the COVID-19 pandemic crisis each necessitated the intervention of central banks in ways not contemplated in earlier decades. Lessons from the actions taken during the ...
Speech
Community Development and the Federal Reserve; 11.29.18 Opening Remarks at the Collaboration for Inclusive Economic Development: A Forum for Philanthropies, Policymakers, and Practitioners, Federal Reserve Bank of Boston, Boston, MA
Fed governance is arcane and I?m not planning to talk about it today except to say that I chair the committee across the Reserve Banks that focuses on the Fed?s community development work. I have been asked to present some opening remarks on these efforts, why they are important to our mission of fostering a healthy economy, and what the Fed is doing to encourage more inclusive growth. My remarks will reflect my own views and not necessarily those of the Federal Reserve System or my colleagues on the Federal Open Market Committee.
Speech
Recent Inflation Developments and Challenges for Research and Monetary Policymaking : The 47th Konstanz Seminar on Monetary Theory and Monetary Policy, Insel Reichenau, Germany 5-12-2016
It seems clear to me that if there is one topic that would benefit from better understanding the interplay of theory and policy, it is inflation. For a monetary policymaker, price stability is the Holy Grail ? price stability is the one thing that monetary policy can ensure over the longer run, and monetary policy is the only tool that can ensure price stability over the longer run. The benefits of price stability for the economy are clear.2 Stable prices mean businesses and households don?t have to spend time trying to protect the purchasing power of their money; they can make long-term ...
Speech
Toward a More Inclusive Economy
It is clear that the adverse effects of the pandemic have not been evenly distributed. They have been borne by the most vulnerable in our economy: lower-income and minority workers and communities; those who do not have the opportunity to work from home; those who do not live in areas with reliable telecommunications and internet services or access to adequate healthcare; and the smaller of small businesses. Indeed, the results from a recent Fed survey show that between March and July, a larger percentage of low-income workers, less educated workers, and Black and Hispanic workers were laid ...
Speech
The Economic Outlook and Some Longer-Run Issues 05-18-2017 Economic Club of Minnesota, Minneapolis, MN
Today, I will discuss my current outlook for the economy and my views on monetary policy. I will also talk about some longer-run issues facing the economy. Of course, these are my own views and not necessarily those of the Federal Reserve System or my colleagues on the Federal Open Market Committee. The economic expansion will celebrate its eighth birthday next month ? that?s 56 in dog years ? which is long by historical standards. Of course, expansions don?t die from old age and there is no reason to think that this one cannot continue. In fact, one of my focuses as a monetary policymaker is ...
Working Paper
Potential competitive effects on U.S. bank credit card lending from the proposed bifurcated application of Basel II
This paper analyzes the potential competitive effects of the proposed bifurcated application of Basel II capital regulations in the United States on bank credit card lending activities. For this purpose, the authors consider the Basel II regulations as stated in the June 2004 Basel Committee Framework Agreement. ; Also issued as Payment Cards Center Discussion Paper No. 05-21 ; Superseded by Working Paper 07-09
Periodic Essay
Reflections: Education
Today, I would like to share some reflections on education and the central role it plays in expanding economic inclusion and opportunity.
Speech
Guiding Principles for Financial Regulation; Panel Remarks at \"The Future of Global Finance: Populism, Technology, and Regulation\" Conference, Columbia University, New York, NY
At times, the regulatory framework that has arisen since the global financial crisis can seem like the game of fizzbin (appeared in the original Star Trek TV Show) ? very complicated, seemingly without rationale, and constantly changing. In such an environment, sometimes it helps to take a step back and focus on some underlying principles that should serve as a foundation for any financial regulatory framework, and that can help guide any potential changes to strengthen the framework and promote cross-country harmonization.