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Bank:Federal Reserve Bank of Richmond  Series:Annual Report 

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Living Wills: A Tool for Curbing 'Too Big to Fail'

Economist Arantxa Jarque and senior editor David A. Price explore an innovation of the Dodd-Frank Act of 2010, which requires the largest and most complex financial institutions to create resolution plans to follow if the institutions fall into severe financial distress. In these plans, or "living wills," the institutions must give regulators a roadmap for resolving them via the bankruptcy process ? without disrupting the financial system or resorting to public bailouts. Jarque and Price argue that living wills are a tool that regulators can use to curb the "too big to fail" problem ...
Annual Report

Report
Sustaining price stability. 2003 annual report of the Federal Reserve Bank of Richmond

Annual Report

Report
The financial crisis : toward an explanation and policy response. 2008 annual report of the Federal Reserve Bank of Richmond

This year's article was co-authored by Aaron Steelman, director of publications, and John A. Weinberg, senior vice president and director of research. The authors discuss the key events of the financial crisis, examine which factors contributed to it, and consider how policymakers might most effectively respond. At the core of their discussion is the role that explicit and implicit government guarantees played in encouraging unwise risk-taking by financial institutions.
Annual Report

Report
A \\"New Normal\\"? The Prospects for Long-Term Growth in the United States

Aaron Steelman, director of publications, and John A. Weinberg, senior vice president and special advisor to the president, examine the claim that the U.S. economy has reached a "new normal" of roughly 2 percent annual growth. This has been the average growth rate since the end of the Great Recession, considerably lower than the post-World War II average. Proponents of the new normal hypothesis argue, among other things, that innovation has slowed and is unlikely to improve. They also believe that demographic trends pose serious problems for U.S. fiscal policy and will exert a drag on the ...
Annual Report

Report
Systemic risk and the pursuit of efficiency

In this essay, senior economist Kartik Athreya identifies systemic risk with the presence of linkages between market participants, where problems for one directly create problems for others. He argues that such situations can arise from the use of contractual arrangements, especially debt that requires frequent refinancing and liquidation in the event of an inability to repay. The presence of spillover effects can, in turn, lead to outcomes in the wake of shocks that can be improved via policy intervention. Nonetheless, he cautions against taking this as a license to intervene after the fact, ...
Annual Report

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