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Working Paper
A Macroeconomic Model of Central Bank Digital Currency
Paul, Pascal; Ulate, Mauricio; Wu, Jing Cynthia (2025-06-25)
We develop a quantitative New Keynesian DSGE model with monopolistic banks to study the macroeconomic effects of introducing a central bank digital currency (CBDC). Households benefit from an expansion of liquidity services and higher deposit rates as bank deposit market power is curtailed, while bank profitability and lending decline. We assess this trade-off for a wide range of economies that differ in their level of interest rates. We find substantial welfare gains from introducing a CBDC with an optimal rate that can be approximated by a simple rule of thumb: the maximum between 0% and ...
Working Paper Series , Paper 2024-11

Speech
Considerations on the Road Ahead for Monetary Policy Implementation
Logan, Lorie (2022-06-02)
Remarks at the New York Fed and Columbia SIPA Monetary Policy Implementation Workshop, New York City.
Speech

Working Paper
Monetary Policy and The Medium-Run Natural Rate
Curdia, Vasco (2025-10-16)
The natural rate of interest is an elusive concept in theory and practice. However, it is essential for central banks’ calibration of the policy rate. Model consistent measures are often too extreme to be used in practice. On the other hand, empirical measures lack the full backing of theory to make them proper benchmarks. This paper proposes a medium-run measure of the natural rate that averages out some excessive fluctuations, while retaining enough connection to economic theory to make it optimal under certain circumstances. The discussion also provides a framework on how to evaluate and ...
Working Paper Series , Paper 2025-24

Working Paper
FOMC Responses to Calls for Transparency
Acosta, Miguel (2015-07-10)
I apply latent semantic analysis to Federal Open Market Committee (FOMC) transcripts and minutes from 1976 to 2008 in order to analyze the Fed's responses to calls for transparency. Using a newly constructed measure of the transparency of deliberations, I study two events that define markedly different periods of transparency over this 32-year period. First, the 1978 Humphrey-Hawkins Act increased the degree to which the FOMC used meeting minutes to convey the content of its meetings. Historical evidence suggests that this increased transparency reflected a response to the Act's requirement ...
Finance and Economics Discussion Series , Paper 2015-60

Speech
Prepare for the Unexpected
Williams, John C. (2025-10-03)
Remarks at the Klaas Knot Farewell Symposium, De Nederlandsche Bank (DNB), Amsterdam, Netherlands.
Speech

Briefing
Does the Fed Have a Financial Stability Mandate?
Haltom, Renee Courtois; Weinberg, John A. (2017-06)
Governments around the world have devoted increasing attention to maintaining overall financial system stability. Central banks play strong roles in domestic financial stability policy, but the full scopes of their financial stability mandates are ambiguous. The Federal Reserve appeared to embrace a stronger role in financial system stability starting in the late 1960s and accelerating with its unprecedented actions during the 2007?08 financial crisis. Questions remain, however, about the proper scope and design of a central bank?s financial stability mandate.
Richmond Fed Economic Brief , Issue June

Central bank swaps offer dollar crisis lifeline to non-U.S. banks
Davis, J. Scott; Bacchetta, Philippe; Van Wincoop, Eric (2025-09-30)
Starting in late 2007, the Federal Reserve, in partnership with a few major foreign central banks, began offering central bank dollar liquidity swap lines as an important liquidity backstop.
Dallas Fed Economics

Working Paper
Allan Meltzer: How He Underestimated His Own Contribution to the Modern Concept of a Central Bank
Hetzel, Robert L. (2018-01-09)
In his great work A History of the Federal Reserve System, vol. 1, Allan Meltzer contended that monetary policymakers in the Depression simply ignored the quantity theoretic prescriptions that would have prevented contractionary monetary policy. Practically, he was arguing that the Fed should have accepted the responsibilities for economic stabilization now taken for granted with the modern concept of a central bank. In reality, decades of monetarist criticism had to pass before the Fed accepted both responsibility for the behavior of the price level and economic stabilization. In effect, ...
Working Paper , Paper 18-2

Journal Article
Technological Change and Central Banking
Andolfatto, David (2024-01-05)
The decentralized autonomous organization (DAO) represents a radically new way to manage databases. Since money and payments are all about managing databases and since banks play a central role in money and payments, DAO-based money and payments systems are potentially a disruptive force in the banking system—which includes central banks. One would normally expect regulatory frameworks to evolve with a changing technological landscape. However, the decentralized governance structure characteristic of DAOs renders it near impossible to regulate these entities directly—a property that makes ...
Review , Volume 106 , Issue 1 , Pages 1-9

Speech
On the Optimal Supply of Reserves
Williams, John C. (2025-05-22)
Remarks at the New York Fed – Columbia SIPA Monetary Policy Implementation Workshop, Federal Reserve Bank of New York, New York City.
Speech

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