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The Gold Beneath Our Feet
Remarks at the GARP Global Risk Forum, Federal Reserve Bank of New York, New York City.
Financial Stability Framework; Panel Remarks for the International Banking, Economics, and Finance Association and American Economic Association Session, \\"Integrating Financial Stability with Monetary Policy\\", Allied Social Science Associations Annual Meeting, 01-06-2018; Philadelphia, PA
I will discuss four topics: the relationship between financial stability and monetary policy, the Federal Reserve?s current framework for assessing and monitoring financial stability risks, an exercise aimed to assess possible policy responses to such risk, and some of the governance issues we face in addressing these risks.
The Economic Outlook – and Two Risks to the Forecast that are Worth Watching
Private forecasters and FOMC participants anticipate a good outcome for the economy in 2020 and beyond, with low inflation and strong labor markets. However, as with any forecast, there are risk scenarios that are not captured in the most likely outcome for the economy. I have highlighted two potential risks that I will be monitoring this year – inflation picking up more than currently expected; and asset prices, particularly real estate prices, showing evidence of more acute financial stability risks. To be fair, there are also downside risks to the economic outlook, as well – primarily ...