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Conference Paper
Designing Resilient Monetary Policy Frameworks for the Future : Economic Policy Symposium, Jackson Hole, Wyoming, August 25-27, 2016
Kansas City, Federal Reserve Bank (2016)
Proceedings - Economic Policy Symposium - Jackson Hole

Speech
Modern Central Banking: Monetary Policy Implementation and Communication
Daly, Mary C. (2025-11-13)
Speech to the Institute of International and European Affairs (IIEA), Dublin, Ireland, November 13, 2025, 1:00 p.m. GMT (5:00 a.m. PT), by Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco.
Speech

Briefing
Motives Matter: Examining Potential Tension in Central Bank Digital Currency Designs
Maniff, Jesse Leigh (2020-07-01)
As a new central bank liability, central bank digital currency (CBDC) has the potential to address various issues within current payments and financial systems. The motivation behind a CBDC will determine how it is designed; a CBDC designed to achieve one goal, such as broader financial inclusion, may have difficulty achieving other objectives.
Payments System Research Briefing

Working Paper
Employment Effects of Unconventional Monetary Policy : Evidence from QE
Zimmermann, Thomas; Luck, Stephan (2018-10-24)
This paper investigates the effect of the Federal Reserve's unconventional monetary policy on employment via a bank lending channel. We find that banks with higher mortgage-backed securities holdings issued relatively more loans after the first and third rounds of quantitative easing (QE1 and QE3). While additional volume is concentrated in refinanced mortgages after QE1, increases are driven by newly originated home purchase mortgages and additional commercial and industrial lending after QE3. Using spatial variation, we show that regions with a high share of affected banks experienced ...
Finance and Economics Discussion Series , Paper 2018-071

Speech
The New Stone Soup
Daly, Mary C. (2020-02-10)
Remarks at the Iveagh House Lecture, Dublin, Ireland, by Mary C. Daly, President and CEO, Federal Reserve Bank of San Francisco, February 10, 2020.
Speech

Journal Article
The political origins of Section 13(3) of the Federal Reserve Act
Sastry, Parinitha (2018-24-01)
At the height of the financial crisis of 2007-09, the Federal Reserve conducted emergency lending under authority granted to it in the third paragraph of Section 13 of the Federal Reserve Act. This article explores the political and legislative origins of the section, focusing on why Congress chose to endow the central bank with such an authority. The author describes how in the initial passage of the act in 1913, Congress demonstrated its steadfast commitment to the ?real bills? doctrine in two interrelated ways: 1) by limiting what assets the Fed could purchase, discount, and use as ...
Economic Policy Review , Issue 24-1 , Pages 1-33

Journal Article
Evaluating Monetary Policy with Inflation Bands and Horizons
Davig, Troy A.; Foerster, Andrew (2023-02-21)
Inflation targeting has become the dominant way countries approach setting monetary policy goals. However, central banks differ in how they conduct that policy and how they evaluate their success in meeting a stated inflation goal. A new assessment method combines a percentage range around a target, known as an inflation tolerance band, with central banks stating how long it will take for high or low inflation to return to that range, known as a time horizon. Comparing previously projected horizons with realized horizons can be used to evaluate policy success.
FRBSF Economic Letter , Volume 2023 , Issue 05 , Pages 6

Working Paper
Retail CBDC and U.S. Monetary Policy Implementation: A Stylized Balance Sheet Analysis
Malloy, Matthew; Martinez, Francis; Styczynski, Mary-Frances; Thorp, Alex (2022-05-31)
This paper discusses how a Federal Reserve issued retail central bank digital currency (CBDC) could affect U.S. monetary policy implementation. Using a stylized balance sheet analysis, we analyze the effect a retail CBDC could have on the balance sheets of the Federal Reserve, commercial banks, and U.S. households. Then we consider how these balance sheet changes could affect monetary policy implementation for the Federal Reserve. We illustrate that the potential effects on monetary policy implementation from a retail CBDC are highly dependent on the initial conditions of the Federal ...
Finance and Economics Discussion Series , Paper 2022-032

Journal Article
The New Stone Soup
Daly, Mary C. (2020-02-18)
Countries around the globe face slow growth, low real interest rates, and persistently low inflation. This makes economies less resilient and less able to offset everyday shocks with traditional tools. Policymakers must actively look for outside perspectives and be courageous enough to take action in times of uncertainty. The following is adapted from a speech by the president and CEO of the Federal Reserve Bank of San Francisco delivered as part of the Iveagh House Lectures at the Irish Department of Foreign Affairs and Trade in Dublin on February 10.
FRBSF Economic Letter , Volume 2020 , Issue 04 , Pages 07

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