The purpose of the Center for Financial Innovation and Stability is to improve knowledge of financial innovation and financial stability as well as the connection between the two, especially as it pertains to Federal Reserve policymaking.
Notes from the Vault
Gerald P. Dwyer
February 2010
Many people thought the FDIC Improvement Act of 1991 had reduced the likelihood of banks being too big to fail. But events of the 2008 financial crisis have proved that too big to fail is back, at least in financial crises.
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The authors present evidence that the effect of mortgage lending on housing prices increased in 2001 in Spain. They suggest this change may be related to securitization of mortgage loans.
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Fostering empirical research in economics and policy forecasting models
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