Notes from the Vault

The Center for Financial Innovation and Stability's series, Notes from the Vault

China's Two-Pillar Policy for the Renminbi
Urban Jermann, Bin Wei, and Vivian Yue
September 2018

This post documents that between December 2015 and May 2017, the People's Bank of China followed a two-pillar exchange rate policy designed to achieve both stability and flexibility.

Blockchain Challenges and Governance
Larry D. Wall
July 2018

Some analysts are promoting blockchains as replacements for banks and other trusted third parties. In the second of a two-part series, this post discusses the governance of blockchains.

Some Blockchain Challenges
Larry D. Wall
June 2018

Blockchain technology, the technology underlying bitcoin, is being widely promoted. In the first of two posts on blockchains, this one briefly reviews blockchain technology and discusses challenges with the way it is currently implemented.

Machines Learning Finance
Larry D. Wall
May 2018

This post discusses the Atlanta Fed's recent Financial Markets Conference on machine learning. The conference highlighted some of the strengths and weaknesses of machine learning in the financial system.

The Initial Coin Offerings Market (Part 2)
Larry D. Wall
April 2018

Initial coin offerings (ICOs) compete with various other methods of raising funds to support new technology ventures. This second of a two-part post compares ICOs with those alternatives.

The Initial Coin Offerings Market
Larry D. Wall
March 2018

Initial coin offerings (ICOs) have become a popular way for new tech firms to raise funds. This post, the first of a two-part series, discusses various economic aspects of the ICO market.

Good Models, Bad Models
Nikolay Gospodinov
January 2018

This post discusses the incompleteness of economic models used to inform decision makers. It contends that aggregating information from multiple models would better reflect this specification uncertainty.

Notes from the Vault was on hiatus after the March/April 2012 post; it restarted in March 2013.

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