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Speech
Climate Change and Risk Management in Bank Supervision
Remarks at Risks, Opportunities, and Investment in the Era of Climate Change, Harvard Business School, Boston, Massachusetts.
Speech
Inflation Targeting: Securing the Anchor
Remarks at The Future of Inflation Targeting, Bank of England, London, U.K.
Speech
Reducing the size of the Federal Reserve’s balance sheet: the benefits of moving gradually and predictably: remarks to the National Association of Securities Professionals, New York City
Remarks to the National Association of Securities Professionals, New York City.
Working Paper
FOMC Responses to Calls for Transparency
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 ...
Speech
This Time Is Different…Because We Are
Presentation to the Los Angeles World Affairs Council & Town Hall, Los Angeles, CA, February 23, 2022, by Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco.
Speech
The Dual Transformation of R&S and Monetary Policy
Remarks at Research and Statistics at 100: A Look at the Past, Present, and Future, Board of Governors of the Federal Reserve System, Washington, DC.
Speech
Elementary, Dear Data
Remarks at 2023 U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York City.
Speech
Opening remarks at the Economic Press Briefing on the U.S. Economy in a Snapshot, Federal Reserve Bank of New York, New York City, May 2016.
Remarks at the Economic Press Briefing on the U.S. Economy in a Snapshot, Federal Reserve Bank of New York, New York City.
Discussion Paper
Is There Stigma to Discount Window Borrowing?
The Federal Reserve employs the discount window (DW) to provide funding to fundamentally solvent but illiquid banks (see the March 30 post “Why Do Central Banks Have Discount Windows?”). Historically, however, there has been a low level of DW use by banks, even when they are faced with severe liquidity shortages, raising the possibility of a stigma attached to DW borrowing. If DW stigma exists, it is likely to inhibit the Fed’s ability to act as lender of last resort and prod banks to turn to more expensive sources of financing when they can least afford it. In this post, we provide ...
Speech
Opening Remarks
Remarks at 2023 U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York City.