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Working Paper
Monetary Policy, Uncertainty, and Communications
Garga, Vaishali; Herbst, Edward P.; McKay, Alisdair; Nicolo, Giovanni; Paustian, Matthias (2025-09-01)
We review the design and communication of monetary policy strategies that take into account risks and uncertainty. A key element in a robust monetary strategy is the concept of risk management, which is the weighing of key risks when setting policy. When risks to the outlook are balanced, the baseline outlook may be sufficient to guide policy decisions. However, risk-management considerations become important when risks are asymmetric. We discuss how robust simple interest rate rules and optimal control policy can incorporate risk-management considerations into the design of a monetary ...
Working Papers , Paper 25-11

Speech
Risk management in an interconnected economy
Schulhofer-Wohl, Sam (2025-10-16)
Opening remarks delivered by Sam Schulhofer-Wohl at the Third-party Service Provider Risks in the Economy and Financial System workshop.
Speeches and Essays

Journal Article
Introduction and appendix to Behavioral Risk Management in the Financial Services Industry: The Role of Culture, Governance, and Financial Reporting
Mehran, Hamid (2016-08)
This volume, four years in the making, includes nine research papers that aim to identify and understand the key factors affecting governance and culture in the banking industry. The volume is divided into two complementary parts. Part I introduces the concept of culture and its importance to risk management and financial stability. The articles present a framework for diagnosing and changing culture, describe how corporate culture is shaped, explore the importance of effective risk management, and examine the roles of deferred cash compensation and bank cash holdings in promoting financial ...
Economic Policy Review , Issue Aug , Pages 1-2

Working Paper
Bank Risk-Taking and Monetary Policy Transmission: Evidence from China
Xu, Zhiwei; Li, Xiaoming; Peng, Yuchao; Liu, Zheng (2020-08-03)
We present evidence that monetary policy easing reduces bank risk-taking but exacerbates capital misallocation in China after implementing the Basel III capital regulationsin2013. Thenewregulationstightenedbankcapitalrequirementsandintroduced a new risk-weighting approach to calculating the capital adequacy ratio (CAR). To meet tightened capital requirements, a bank can boost its eﬀective CAR by raising capital or by increasing the share of lending to low-risk borrowers. Using conﬁdential loan-level data from a large Chinese commercial bank, merged with ﬁrm-level data on a large set of ...
Working Paper Series , Paper 2020-27

Journal Article
Bank corporate governance: a proposal for the post-crisis world
Macey, Jonathan R.; O'Hara, Maureen (2016-08)
The corporate governance problems of banks are qualitatively and quantitatively different from those of other firms. The authors argue that a key factor contributing to this difference is the growing opacity and complexity of bank activities, a trend that has increased the difficulty of managing risk in financial firms. They also cite the governance challenges posed by the holding company organization of banks, in which two boards of directors?the bank?s own board and the board of the holding company that owns the bank?monitor the bank. This paradigm results in significant confusion about the ...
Economic Policy Review , Issue Aug , Pages 85-105

Journal Article
A Risk Management Approach to Monetary Policy
Bullard, James B. (2021-11-30)
St. Louis Fed President Jim Bullard discusses a risk management approach to monetary policy that accounts for different inflation scenarios in 2022.
The Regional Economist

Speech
Risk Management in a Complex and Interconnected World
Nistor, Mihaela (2024-06-11)
Keynote Remarks at the XLoD Global – New York Conference, New York City.
Speech

Working Paper
Efficient Monte Carlo Counterparty Credit Risk Pricing and Measurement
Ghamami, Samim; Zhang, Bo (2014-12-17)
Counterparty credit risk (CCR), a key driver of the 2007-08 credit crisis, has become one of the main focuses of the major global and U.S. regulatory standards. Financial institutions invest large amounts of resources employing Monte Carlo simulation to measure and price their counterparty credit risk. We develop efficient Monte Carlo CCR estimation frameworks by focusing on the most widely used and regulatory-driven CCR measures: expected positive exposure (EPE), credit value adjustment (CVA), and effective expected positive exposure (EEPE). Our numerical examples illustrate that our ...
Finance and Economics Discussion Series , Paper 2014-114

Speech
The Economic Outlook
Williams, John C. (2020-03-05)
Remarks at Foreign Policy Association, New York City.
Speech

Journal Article
Risk management, governance, culture, and risk taking in banks
Stulz, Rene M. (2016-08)
This article examines how governance, culture, and risk management affect risk taking in banks. It distinguishes between good risks, which are risks that have an ex ante private reward for the bank on a standalone basis, and bad risks, which do not have such a reward. A well-governed bank takes the amount of risk that maximizes shareholder wealth, subject to constraints imposed by laws and regulators. In general, this involves eliminating or mitigating all bad risks to the extent that it is cost effective to do so. The role of risk management in such a bank is not to reduce the bank?s total ...
Economic Policy Review , Issue Aug , Pages 43-60

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