Remarks at United States Military Academy at West Point, West Point, New York.

Remarks at the National Association for Business Economics Policy Conference, Arlington, Virginia

Remarks at the IIF Annual Meeting of Latin America Chief Executives, Santiago, Chile.

Remarks at the Annual Meeting with Primary Dealers, New York City.

Remarks at the Forecasters Club of New York, New York City.

Remarks by Brian P. Sack before the Money Marketeers of New York University, New York City.

The macro risk premium measures the threshold return for real activity that receives funding from savers. We base our argument in this paper on the relationship between the macro risk premium and the growth of financial intermediaries' balance sheets. The spare capacity of their balance sheets...

We reconsider the role of financial intermediaries in monetary economics. We explore the hypothesis that financial intermediaries drive the business cycle by way of their role in determining the price of risk. In this framework, balance sheet quantities emerge as a key indicator of risk appetite...

Although the effects of economic news announcements on asset prices are well established, these relationships are unlikely to be stable. This paper documents the time variation in the responses of yield curves and exchange rates using high-frequency data from January 2000 through August 2011....