Board of Governors of the Federal Reserve System

comparing their features to those that contribute to vulnerabilities in...best suited for study of potential vulnerabilities arising from store-of-value

component—the stars—and a component that responds to cyclical shocks. ...key feature of these models is a modified Phillips curve, which can be

best supported by the data. Bayesian approaches to grouped heterogeneity...best of our knowledge, this paper is the first to cast coefficient heterogeneity

For providing valuable comments, we would like to thank, without implication...for example, 60 percent equity funds, 40 percent bond funds). Equity prices

and, since 2023, have had the honor of serving as chair. After four years...The Importance of the Nonbank Financial Sector,” speech delivered at the

The views expressed in this paper are solely those of the authors and ...key challenge is that states potentially selected OZs partly based on

3For example, Adrian and Shin (2014). 1 Figure 1: The VIX v. Corporate...one-for-one, the dollar appreciates, the currency risk premium widens,

key functions to promote the effective operation of the U.S. economy and...for, the Federal reserve’s views on this topic. Financial stability supports

The weary traveler who arrives at the railway station late at night, and...non-price margins. We further show that liquid- ity buffers over regulatory

the “Cleveland FRB”) responses to the additional information requests ...the “BHC Act”), and the Board’s Regulation Y promulgated thereunder (the