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Speech
Should the Fed regularly evaluate its monetary policy framework?: remarks at the Fall 2018 Conference, Brookings Papers on Economic Activity, Brookings Institution, Washington D.C., September 14, 2018
Rosengren, Eric S.; Fuhrer, Jeffrey C.; Olivei, Giovanni P.; Tootell, Geoffrey M. B. (2018-09-14)
These slides represent the combined perspectives of President Rosengren and his co-authors, Jeffrey C. Fuhrer, Giovanni P. Olivei, and Geoffrey M. B. Tootell.
Speech

Speech
Central bank balance sheets: misconceptions and realities: remarks at the Credit Suisse Asian Investment Conference, Hong Kong, China, March 26, 2019
Rosengren, Eric S. (2019-03-26)
Federal Reserve Bank of Boston President Eric Rosengren explored misconceptions about the Fed?s balance sheet ? the assets the central bank holds, and the liabilities and capital used to finance those assets ? in a speech in Hong Kong.
Speech , Paper 142

Speech
Exploring current economic conditions and the implications for monetary policy: remarks at 1Berkshire Economic Outlook Luncheon, Dalton, Massachusetts, October 26, 2018
Rosengren, Eric S. (2018-10-26)
Topics covered include: recent monetary policy actions; outlook -- continued robust growth; clear risks to the forecast; how should policy respond to strong base forecast but rising risks?; inflation for goods and services; exports are important and uncertain.
Speech , Paper 139

Report
Macroprudential policy: case study from a tabletop exercise
Adrian, Tobias; de Fontnouvelle, Patrick; Yang, Emily; Zlate, Andrei (2015-09-01)
Since the global financial crisis of 2007-09, policymakers and academics around the world have advocated the use of prudential tools for macroprudential purposes. This paper presents a macroprudential tabletop exercise that aimed at confronting Federal Reserve Bank presidents with a plausible, albeit hypothetical, macro-financial scenario that would lend itself to macroprudential considerations. In the tabletop exercise, the primary macroprudential objective was to reduce the likelihood and severity of possible future financial disruptions associated with the hypothetical overheating ...
Staff Reports , Paper 742

Discussion Paper
A Peek behind the Curtain of Bank Supervision
Hirtle, Beverly; Goldsmith-Pinkham, Paul; Lucca, David O. (2016-04-14)
Since the financial crisis, bank regulatory and supervisory policies have changed dramatically both in the United States (Dodd-Frank Wall Street Reform and Consumer Protection Act) and abroad (Third Basel Accord). While these shifts have occasioned much debate, the discussion surrounding supervision remains limited because most supervisory activity? both the amount of supervisory attention and the demands for corrective action by supervisors?is confidential. Drawing on our recent staff report ?Parsing the Content of Bank Supervision,? this post provides a peek behind the scenes of bank ...
Liberty Street Economics , Paper 20160414

Working Paper
Choosing Stress Scenarios for Systemic Risk Through Dimension Reduction
Pritsker, Matthew (2017-09-05)
Regulatory stress-testing is an important tool for ensuring banking system health in many countries around the world. Current methodologies ensure banks are well capitalized against the scenarios in the test, but it is unclear how resilient banks will be to other plausible scenarios. This paper proposes a new methodology for choosing scenarios that uses a measure of systemic risk with Correlation Pursuit variable selection, and Sliced Inverse Regression factor analysis, to select variables and create factors based on their ability to explain variation in the systemic risk measure. The main ...
Supervisory Research and Analysis Working Papers , Paper RPA 17-4

Speech
Financial Stability and Regulatory Policy in a Low Interest Rate Environment
Rosengren, Eric S. (2019-11-11)
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.
Speech

Journal Article
GSE guarantees, financial stability, and home equity accumulation
Passmore, Wayne; von Hafften, Alexander H. (2018)
Before 2008, the government?s ?implicit guarantee? of the securities issued by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac led to practices by these institutions that threatened financial stability. In 2008, the Federal Housing Finance Agency placed these GSEs into conservatorship. Conservatorship was intended to be temporary but has now reached its tenth year, and policymakers continue to weigh options for reform. In this article, the authors assess both implicit and explicit government guarantees for the GSEs. They argue that adopting a legislatively defined ...
Economic Policy Review , Issue 24-3 , Pages 11-27

Journal Article
Macroprudential policy: a case study from a tabletop exercise
Adrian, Tobias; Yang, Emily; de Fontnouvelle, Patrick; Zlate, Andrei (2017)
Since the global financial crisis of 2007-09, policymakers and academics have advocated the use of prudential policy tools to reduce the risks that could inhibit the financial sector?s ability to intermediate credit. The use of such tools in the service of financial stability is often called macroprudential policy. This article describes a ?tabletop? exercise in which Federal Reserve Bank presidents were presented with a hypothetical scenario of overheating markets and asked to consider the effectiveness of macroprudential policy approaches in averting or moderating the financial disruptions ...
Economic Policy Review , Issue 23-1 , Pages 1-30

Working Paper
The Shift from Active to Passive Investing: Potential Risks to Financial Stability?
McCabe, Patrick E.; Shin, Chae Hee; Osambela, Emilio; Anadu, Kenechukwu E.; Kruttli, Mathias S. (2018-08-27)
The past couple of decades have seen a significant shift in assets from active to passive investment strategies. We examine the potential effects of this shift on financial stability through four different channels: (1) effects on investment funds? liquidity transformation and redemption risks; (2) passive strategies that amplify market volatility; (3) increases in asset-management industry concentration; and (4) the effects on valuations, volatility, and comovement of assets that are included in indexes. Overall, the shift from active to passive investment strategies appears to be increasing ...
Supervisory Research and Analysis Working Papers , Paper RPA 18-4

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