In the conduct of monetary policy, there exists a risk-return trade-off between financial conditions and financial stability, which complements monetary policy’s traditional trade-off between inflation and real activity. The trade-off exists even if monetary policy does not target financial...

There is a longstanding debate about whether banking panics and other financial crises always have fundamental causes or are sometimes the result of self-fulfilling beliefs. Disagreement on this point would seem to present a serious obstacle to designing policies that promote financial...

Remarks at the New York Bankers Association Financial Services Forum, New York City.

Introductory Remarks for the Panel Discussion Sponsored by the Heller-Hurwicz Economics Institute and the Economic Club of Minnesota at the University of Minnesota, Minneapolis.

Remarks at the Future of Banking Regulation and Supervision in the EU Conference, Frankfurt, Germany.

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

Remarks at the Third Annual Connecticut Bank and Trust Company Economic Outlook Breakfast, Hartford, Connecticut.

Joint written testimony before the Congressional Oversight Panel, Washington, D.C.

Remarks hosted by the Institute of Regulation & Risk North Asia, Hong Kong