This paper presents a tabletop exercise designed to analyze macroprudential policy. Several senior Federal Reserve officials were presented with a hypothetical economy as of 2020:Q2 in which commercial real estate and nonfinancial debt valuations were very high. After analyzing the economy and...

We document the effects of the recent financial crisis on the size distribution of U.S. commercial banks. There was a 14 percent drop in the number of banks from 2007 to 2013. Proportionally, the largest declines were to the smallest banks, those with less than $100 million in assets. This drop...

This paper examines potential interactions between financial stability and the monetary policy strategies and tools considered in the Federal Reserve’s review of monetary policy strategy, tools, and communication practices. Achieving the Federal Reserve’s goals of full employment and price...