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Working Paper
The Role of Inflation Perceptions in Consumer Inflation Expectations: Evidence from the Euro Area
Bussière, Matthieu; Gilbert, Johanna; Grishchenko, Olesya V. (2026-06-03)
Using data on euro-area household inflation forecasts from the European Commission Consumer Survey, we show that households' perceptions of recent price changes play a key role in the formation of their inflation expectations. Such a relationship remains robust when we account for specific inflation components, household characteristics, and macroeconomic conditions, even though the perceptions-expectations relationship is heterogeneous across countries. These results highlight the importance of perceptions about inflation for the conduct of monetary policy.
Finance and Economics Discussion Series , Paper 2026-038

Briefing
Does the Fed Have a Financial Stability Mandate?
Haltom, Renee Courtois; Weinberg, John A. (2017-06)
Governments around the world have devoted increasing attention to maintaining overall financial system stability. Central banks play strong roles in domestic financial stability policy, but the full scopes of their financial stability mandates are ambiguous. The Federal Reserve appeared to embrace a stronger role in financial system stability starting in the late 1960s and accelerating with its unprecedented actions during the 2007?08 financial crisis. Questions remain, however, about the proper scope and design of a central bank?s financial stability mandate.
Richmond Fed Economic Brief , Issue June

Speech
A Steady Anchor in a Stormy Sea
Williams, John C. (2022-10-09)
Remarks at SNB-FRB-BIS High-Level Conference on Global Risk, Uncertainty, and Volatility, Zurich, Switzerland.
Speech

Speech
Recent Global Developments and Central Bank Responsibilities in a Changing Risk Landscape
http://fedora:8080/fcrepo/rest/objects/authors/ (2020-08-05)
Remarks at the Official Sector Service Providers (OSSP)-Bank Negara Malaysia (BNM)-South East Asian Central Banks (SEACEN) Research and Training Centre Forum on Central Bank Foreign Currency Operations.
Speech

Working Paper
FOMC Responses to Calls for Transparency
Acosta, Miguel (2015-07-10)
I apply latent semantic analysis to Federal Open Market Committee (FOMC) transcripts and minutes from 1976 to 2008 in order to analyze the Fed's responses to calls for transparency. Using a newly constructed measure of the transparency of deliberations, I study two events that define markedly different periods of transparency over this 32-year period. First, the 1978 Humphrey-Hawkins Act increased the degree to which the FOMC used meeting minutes to convey the content of its meetings. Historical evidence suggests that this increased transparency reflected a response to the Act's requirement ...
Finance and Economics Discussion Series , Paper 2015-60

Working Paper
Monetary Policy and The Medium-Run Natural Rate
Curdia, Vasco (2025-10-16)
The natural rate of interest is an elusive concept in theory and practice. However, it is essential for central banks’ calibration of the policy rate. Model consistent measures are often too extreme to be used in practice. On the other hand, empirical measures lack the full backing of theory to make them proper benchmarks. This paper proposes a medium-run measure of the natural rate that averages out some excessive fluctuations, while retaining enough connection to economic theory to make it optimal under certain circumstances. The discussion also provides a framework on how to evaluate and ...
Working Paper Series , Paper 2025-24

Speech
A Solution to Every Puzzle
Williams, John C. (2020-09-29)
Remarks at the 2020 U.S. Treasury Market Conference (delivered via videoconference).
Speech

Working Paper
Why Do We Need Both Liquidity Regulations and a Lender of Last Resort? A Perspective from Federal Reserve Lending during the 2007-09 U.S. Financial Crisis
Carlson, Mark A.; Duygan-Bump, Burcu; Nelson, William R. (2015-02-10)
During the 2007-09 financial crisis, there were severe reductions in the liquidity of financial markets, runs on the shadow banking system, and destabilizing defaults and near-defaults of major financial institutions. In response, the Federal Reserve, in its role as lender of last resort (LOLR), injected extraordinary amounts of liquidity. In the aftermath, lawmakers and regulators have taken steps to reduce the likelihood that such lending would be required in the future, including the introduction of liquidity regulations. These changes were motivated in part by the argument that central ...
Finance and Economics Discussion Series , Paper 2015-11

Working Paper
Early Public Banks
Velde, Francois R.; Roberds, William (2014-08-03)
Publicly owned or commissioned banks were common in Europe from the 15th century. This survey argues that while the early public banks were characterized by great experimentation in their design, a common goal was to create a liquid and reliable monetary asset in environments where such assets were rare or unavailable. The success of these banks was, however, never guaranteed, and even well-run banks could become unstable over time as their success made them susceptible to fiscal exploitation. The popularization of bearer notes in the 18th century broadened the user base for the public banks' ...
FRB Atlanta Working Paper , Paper 2014-9

Journal Article
Responses of International Central Banks to the COVID-19 Crisis
Haas, Jacob; Neely, Christopher J.; Emmons, William R. (2020-10-22)
This article reviews and explains the recent policy reactions of the Federal Reserve, the European Central Bank, the Bank of England, and the Bank of Japan to the financial and macroeconomic turmoil caused by the COVID-19 pandemic. The financial and monetary policy actions of major central banks in the most recent crisis have, by some metrics, surpassed their responses to the Global Financial Crisis of 2007-09 in both swiftness and scope.
Review , Volume 102 , Issue 4 , Pages 338-384

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