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Speech
Testimony on housing finance reform: essential elements of a government guarantee for mortgage-backed securities
Tracy, Joseph (2013)
Testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs, Washington, D.C.
Speech , Paper 122

Working Paper
Central bank preparedness for market-functioning asset purchases as a consideration for long-run balance sheet composition
Edge, Rochelle M.; Li, Dan (2025-09-05)
This paper proposes an approach to enhance the Federal Reserve's readiness to undertake market-functioning asset purchases during Treasury market disruptions. It notes that by tilting the SOMA Treasury portfolio toward bills rather than maintaining a maturity structure proportionate to that of outstanding Treasury debt—often viewed as the most neutral portfolio—the Fed can create a larger volume of reinvestments each month that can serve as a “war chest” for undertaking market-functioning asset purchases. This structure of the SOMA Treasury portfolio enables market-functioning asset ...
Finance and Economics Discussion Series , Paper 2025-077

Speech
Ending too big to fail
Dudley, William (2013)
Remarks at the Global Economic Policy Forum, New York City.
Speech , Paper 123

Speech
Introductory remarks at the Museum of American Finance \"The Fed at 100\" exhibit
Dudley, William (2013)
Remarks at the Museum of American Finance, New York City.
Speech , Paper 116

Speech
A new era of bank supervision
Dahlgren, Sarah J. (2011)
Remarks at the New York Bankers Association Financial Services Forum, New York City.
Speech , Paper 65

Working Paper
Stress tests and information disclosure
Goldstein, Itay; Leitner, Yaron (2013)
Superseded by Working Paper 15-10. We study an optimal disclosure policy of a regulator who has information about banks? ability to overcome future liquidity shocks. We focus on the following trade-off: Disclosing some information may be necessary to prevent a market breakdown, but disclosing too much information destroys risk-sharing opportunities (Hirshleifer effect). We find that during normal times, no disclosure is optimal, but during bad times, partial disclosure is optimal. We characterize the optimal form of this partial disclosure. We also relate our results to the debate on the ...
Working Papers , Paper 13-26

Working Paper
Financial Stability Considerations for Monetary Policy: Theoretical Mechanisms
Ajello, Andrea; Boyarchenko, Nina; Gourio, François; Tambalotti, Andrea (2022-02-15)
This paper reviews the theoretical literature at the intersection of macroeconomics and finance to draw lessons on the connection between vulnerabilities in the financial system and the macroeconomy, and on how monetary policy affects that connection. This literature finds that financial vulnerabilities are inherent to financial systems and tend to be procyclical. Moreover, financial vulnerabilities amplify the effects of adverse shocks to the economy, so that even a small shock to fundamentals or a small revision of beliefs can create a self-reinforcing feedback loop that impairs credit ...
Finance and Economics Discussion Series , Paper 2022-005

Working Paper
Financial Stability Implications of Generative AI: Taming the Animal Spirits
Lundgaard Hansen, Anne; Lee, Seung Jung (2025-09-26)
This paper investigates the impact of the adoption of generative AI on financial stability. We conduct laboratory-style experiments using large language models to replicate classic studies on herd behavior in investment decisions. Our results show that AI agents make more rational decisions than humans, relying predominantly on private information over market trends. Increased reliance on AI-powered investment advice could therefore potentially lead to fewer asset price bubbles arising from animal spirits that trade by following the herd. However, exploring variations in the experimental ...
Finance and Economics Discussion Series , Paper 2025-090

Journal Article
Measuring monetary policy’s effect on house prices
Williams, John C. (2015)
Central banks debate whether using monetary policy to foster financial stability through house prices is advisable. Although a rise in interest rates tends to lower house prices, it may come at a significant cost through reduced economic output and inflation. This implies a very costly tradeoff when macroeconomic and financial stability goals are in conflict. The following is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco to the Bank Indonesia?BIS Conference in Jakarta on August 20.
FRBSF Economic Letter

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