Search Results
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.
Journal Article
The global battle over central bank independence
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.
Working Paper
Screening and adverse selection in frictional markets
We incorporate a search-theoretic model of imperfect competition into an otherwise standard model of asymmetric information with unrestricted contracts. We develop a methodology that allows for a sharp analytical characterization of the unique equilibrium and then use this characterization to explore the interaction between adverse selection, screening, and imperfect competition. On the positive side, we show how the structure of equilibrium contracts?and, hence, the relationship between an agent?s type, the quantity he trades, and the corresponding price?is jointly determined by the severity ...
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.