Uncertainty is a ubiquitous concern emphasized by policymakers. We study how uncertainty affects decision-making by the …-managed uncertainty introduces a wedge between the standard Taylor-type policy rule and the optimal decision. Using private Fed …

-of-second-to-last-resort". Using daily supervisory bank balance sheet information, we find that U.S. GSIBs modestly increase their dollar liquidity … broker-dealer subsidiaries within the same bank holding company are crucial to this type of "reserve-draining" intermediation …

Bank balance sheet lending is commonly viewed as the predominant form of lending. We document and study two margins of … document the limits of the shadow bank substitution margin: shadow banks substitute for traditional--deposit-taking--banks in … quantitative consequences of several policies on lending volume and pricing, bank stability, and the distribution of consumer …

and central bank conservatism on economic performance. Several striking conclusions emerge. In relatively centralized … of central bank conservatism. A radical-populist central banker who cares not at all about inflation (alternatively, who …

decision theoretic approach. Robust control techniques are used to construct robust monetary policies. In most (but not all …

Central bank balance sheet expansion is financed by commercial banks. It involves not just a substitution of liquid … central bank reserves for other assets held by commercial banks, but also a counterpart alteration in commercial bank … reserves, which are also claims on liquidity. In ordinary times, when these claims are not called on, central bank balance …

. Perhaps the most interesting finding is that the Bank of Japan appears to react to inflation over longer forecast horizons as …