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  • Monetary Policy in an Era of Crises

    The enormous and prolonged economic fallout from the global financial crisis and the subsequent deleveraging have convincingly demonstrated the need to mitigate the risk of crisis. We should have known this from the work of Carmen Reinhart and Ken Rogoff (2009), but the lesson has finally stuck. My topic this afternoon centers on the role […]

  • The Rediscovery of Financial Market Imperfections

    Presentation to Columbia Business School
    New York, New York

  • Linkages between Monetary and Regulatory Policy: Lessons from the Crisis1

    Thank you. It is a great privilege to be here among such a distinguished group. I want to thank the Institute of Regulation & Risk for inviting me to speak tonight and express my particular gratitude to Ms. Au King-chi of the Hong Kong Government and Mr. Norman Chan of the Hong Kong Monetary Authority. […]

  • Longview: The Economic Outlook

    Despite the very real struggles that some parts of the country, including Alaska, are facing, the broader national economy is in good shape: We’re at full employment, and inflation is well within sight of, and on track to reach, our target. Under these conditions, it makes sense for the Fed to gradually move interest rates toward more normal levels. The following is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco to the Anchorage Economic Development Corporation in Anchorage, Alaska, on August 18.

  • The U.S. Economic Situation and the Challenges for Monetary Policy

    This Economic Letter is adapted from speeches delivered by Janet L. Yellen, president and CEO of the Federal Reserve Bank of San Francisco, on September 4 and 5, 2008, to a group of community leaders in Salt Lake City, Utah, and to the Rotary Club of Los Angeles, respectively.

  • The U.S. Economic Situation and the Challenges for Monetary Policy1

    Good afternoon, everyone, and thank you for coming. It’s always a pleasure to visit Los Angeles, where our Reserve Bank has a major branch, and I’m honored by the invitation to speak to you today. My remarks today will focus on conditions in the U.S. economy. There is a lot to cover, but I plan […]

  • Longview: The Economic Outlook

    Presentation to the Anchorage Economic Development Corporation
    Anchorage, Alaska

  • Monetary Policy and the Recovery

    Presentation to Boise Business and Community Leaders’ Luncheon
    Boise, Idaho

  • Monetary Policy in Uncertain Times

    The Federal Reserve has taken bold steps this past year, both in the approaches to stimulate the economy and the way it talks about policy. The Fed’s initiatives are working, and represent the best course to move toward maximum employment and price stability. The following is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco to the Semiconductor Materials and Equipment International (SEMI) 2013 Industry Strategy Symposium, in Half Moon Bay, California, on January 14, 2013.

  • Macroprudential Policy in a Microprudential World

    Events of the past decade have refocused attention on the potential contributions of monetary policy and macroprudential approaches to fostering financial stability. However, monetary policy is poorly suited for dealing with financial stability concerns. Instead, given the scarcity of explicit macroprudential tools in the United States, microprudential regulations and supervision are used to achieve macroprudential goals. The following is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco to the Symposium on Asian Banking and Finance in Singapore May 28.