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Keywords:balance sheets OR Balance sheets 

Speech
Remarks at the 42nd Annual Central Banking Seminar, Federal Reserve Bank of New York, New York City

Remarks at the 42nd Annual Central Banking Seminar, Federal Reserve Bank of New York, New York City.
Speech , Paper 293

Discussion Paper
The Fed’s Balance Sheet Runoff and the ON RRP Facility

A 2017 Liberty Street Economics post described the balance sheet effects of the Federal Open Market Committee’s decision to cease reinvestments of maturing securities—that is, the mechanics of the Federal Reserve’s balance sheet “runoff.” At the time, the overnight reverse repo (ON RRP) facility was fairly small (less than $200 billion for most of July 2017) and was not mentioned in the post for the sake of simplicity. Today, by contrast, take-up at the ON RRP facility is much larger (over $1.5 trillion for most of 2022). In this post, we update the earlier analysis and describe how ...
Liberty Street Economics , Paper 20220411

Speech
'Normal' monetary policy in words and deeds: remarks at Columbia University, School of International and Public Affairs, New York City

Remarks at Columbia University, School of International and Public Affairs, New York City.
Speech , Paper 292

Speech
Confidence in the implementation of U.S. monetary policy normalization: remarks at the 23rd EMEAP (Executives’ Meeting of East Asia-Pacific Central Banks) Governors’ Meeting, Manila, Philippines

Remarks at the 23rd EMEAP (Executives? Meeting of East Asia-Pacific Central Banks) Governors? Meeting, Manila, Philippines.
Speech , Paper 291

Working Paper
Balance-Sheet Households and Fiscal Stimulus: Lessons from the Payroll Tax Cut and Its Expiration

Balance-sheet repair drove the response of a significant fraction of households to fiscal stimulus following the Great Recession. By combining survey, behavioral, and time-series evidence on the 2011 payroll tax cut and its expiration in 2013, this papers identifies and analyzes households who smooth debt repayment. These "balance-sheet households" are as prevalent as "permanent-income households," who smooth consumption in response to the temporary tax cut, and outnumber "constrained households," who temporarily boost spending. The asymmetric spending response of balance-sheet ...
Finance and Economics Discussion Series , Paper 2015-37

Speech
Complexity in banking: stock-taking and the way forward: presentation at the Central Bank of Ireland’s Global Financial Linkages Conference

Keynote for Central Bank of Ireland/ Banque de France Conference on Global Financial Linkages.
Speech , Paper 272

Speech
The past and future of supervisory stress testing design: remarks at the 2018 Federal Reserve Stress Testing Research Conference, Federal Reserve Bank of Boston

Remarks at the 2018 Federal Reserve Stress Testing Research Conference, Federal Reserve Bank of Boston, Boston.
Speech , Paper 295

Speech
Implementing monetary policy with the balance sheet: keynote remarks for ECB Workshop: Money Markets, Monetary Policy Implementation, and Central Bank Balance Sheets, Frankfurt am Main, Germany

Keynote Remarks for ECB Workshop: Money Markets, Monetary Policy Implementation, and Central Bank Balance Sheets, Frankfurt am Main, Germany.
Speech , Paper 259

Speech
A Return to Operating with Abundant Reserves

Remarks before the Money Marketeers of New York University (delivered via videoconference).
Speech

Speech
The economic outlook and implications for monetary policy

Remarks before the New York Association for Business Economics, New York City.
Speech , Paper 136

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