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Speech
The U.S. economic outlook and the implications for monetary policy
Remarks at Bank Indonesia–Federal Reserve Bank of New York Joint International Seminar, Bali Indonesia.
Speech
Exploring Economic Conditions and the Implications for Monetary Policy
Eric Rosengren’s comments were delivered at the Boston Fed’s Annual Regional & Community Bankers Conference, and were a based on a speech he delivered on October 11, 2019.
Speech
No Man Is an Island
Remarks at 2019 Asia Economic Policy Conference, Federal Reserve Bank of San Francisco, San Francisco, California.
Speech
Financial Stability and Regulatory Policy in a Low Interest Rate Environment
I would suggest that the potential costs of the excessive leverage that arise in a low interest rate environment deserve more research and, I suspect, more focused and proactive policy actions.
Newsletter
Shifting Ground: The Changing Landscape in Financial Markets and Technology
The Chicago Fed?s Supervision and Regulation Department and DePaul University?s Center for Financial Services held their ninth annual risk conference on March 29?30, 2016. The conference brought together financial industry professionals, academics, and regulators to discuss the challenges and opportunities posed by the uncertain outlooks for financial markets and geopolitical landscapes across the globe, as well as by the array of innovations from financial technology, or ?fintech,? firms.
Speech
Exploring Economic Conditions and the Implications for Monetary Policy
I would note that after two recent rate easings of 25 basis points each, monetary policy is already accommodative. Sustaining growth at potential depends on the U.S. consumer continuing to offset the weakness we are seeing in exports and business fixed investment. To me, it seems appropriate to continue to closely monitor incoming data to determine if the forecast of growth around potential is likely to be achieved, or if the risks I have outlined are indeed materializing.While the risks to the global and U.S. economies remain, there are also risks to easing too aggressively, as I’ve ...
Speech
On Balance: All Things Considered on the Road to Normal
Philadelphia Fed President Patrick Harker discussed the U.S. and global economies and the Fed?s monetary policy outlook at the Official Monetary and Financial Institutions Ninth Economists? Meeting in Frankfurt, Germany. Regarding unwinding the balance sheet, Harker said a "slow and steady approach" that leads to a gradual decrease in average reserves is ?not only the safer option, it has the additional advantage of reducing uncertainty. ..."
The COVID-19 Recession in Historical Perspective
How severe is the COVID-19 recession across the globe? An analysis compares GDP growth forecasts for 2020 with historical growth rates for 155 countries.
Working Paper
Risk Sharing and Amplification in the Global Banking Network
We develop a structural model of the global banking network and analyze its role in facilitating risk sharing and amplifying shocks across countries and over time. Using bilateral international lending data, we uncover significant heterogeneity in the willingness and capacity of banks to provide cross‐border interbank and corporate loans. This heterogeneity explains variation in risk sharing and amplification across countries. Moreover, we show that cross‐border loan supply has become less elastic overtime, resulting in a decline in risk sharing. While shock amplification has also ...