We present evidence of a risk-taking channel of monetary policy for the U.S. banking system. We use confidential data on the internal ratings of U.S. banks on l

The Inaugural Camdessus Central Banking Lecture

We analyze how bank profitability impacts financial stability from both theoretical and empirical perspectives. We first develop a theoretical model of the rela

In a recently released New York Fed staff report, we present a forward-looking monitoring program to identify and track time-varying sources of systemic risk.

The Global Financial Stability Report examines current risks facing the global financial system and policy actions that may mitigate these. It analyzes the key