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Journal Article
Beginnings
Journal Article
The Aldrich plan
Working Paper
Federal Reserve policies and financial market conditions during the crisis
During the recent financial crisis, the Federal Reserve implemented a series of extraordinary and unconventional policies to alleviate the impact of the crisis on financial markets and the economy. In this paper, we examine the effects of these policies on broad financial market conditions, explicitly taking into account that policy was endogenously determined in response to prevailing financial market and economic conditions. We find that the Fed was more likely to initiate or expand new programs when financial market conditions were tighter than usual and economic conditions deteriorating. ...
Journal Article
A conversation with Carter Glass
Speech
Some observations and lessons from the crisis
Remarks at the Third Annual Connecticut Bank and Trust Company Economic Outlook Breakfast, Hartford, Connecticut.
Speech
Financial stability: the role of the Federal Reserve System
Remarks at the Future of Banking Regulation and Supervision in the EU Conference, Frankfurt, Germany.
Journal Article
The formative years
Working Paper
The scope of monetary policy actions authorized under the Federal Reserve Act
The Federal Reserve Act authorizes the Federal Reserve to undertake various types of discount window loans and open market operations. While the Federal Reserve generally has not found it necessary to use all types of such authority, there could be circumstances in which the Federal Reserve might need to consider utilizing its statutory authority more broadly than it has in the past. We examine the limits imposed by the Federal Reserve Act along two dimensions: those types of counterparties and financial instruments with which the Federal Reserve may conduct monetary policy. In doing so, we ...
Journal Article
Final rule amending the rules regarding delegation of authority