December 2015 Issue
Nobel laureate on the importance of uncertainty, “systemic risk” as a catch phrase, and links between asset prices and the macroeconomy
Ninth District Notes
Economic Policy Paper
Should We Worry About Excess Reserves?
Through fractional banking and high excess reserves, banks can create sudden spikes in financial liquidity, and possibly inflation as well [PDF]
Temporary markdowns barely respond to changes in costs and economic conditions, suggesting that monetary policy generates only muted change in aggregate pricing [PDF]