A FINANCIAL STABILITY OVER THE C - PIIE · 12/7/2018 · of five financial variables (the federal funds rate, the 10-year Treasury yield, the corporate BBB Treasury yields spread,

Page 1 <img data-url='document/a-financial-stability-over-the-c-piie-1272018-of-five-financial-variables.html?page=1' data-page='1' class='cut-thumb lazyload' alt='Page 1: A FINANCIAL STABILITY OVER THE C - PIIE · 12/7/2018 · of five financial variables (the federal funds rate, the 10-year Treasury yield, the corporate BBB Treasury yields spread,' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader034.cupdf.com/reader034/viewer/2022052012/602944ce2e6cad67981189b7/html5/thumbnails/1.jpg' width='140' height='200' /> ASSESSING FINANCIAL STABILITY OVER THE CYCLE

LAEL BRAINARDFEDERAL RESERVE BOARD

DECEMBER 7, 2018

Presentation at the Peterson Institute for International Economics

Page 2 <img data-url='document/a-financial-stability-over-the-c-piie-1272018-of-five-financial-variables.html?page=2' data-page='2' class='cut-thumb lazyload' alt='Page 2: A FINANCIAL STABILITY OVER THE C - PIIE · 12/7/2018 · of five financial variables (the federal funds rate, the 10-year Treasury yield, the corporate BBB Treasury yields spread,' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader034.cupdf.com/reader034/viewer/2022052012/602944ce2e6cad67981189b7/html5/thumbnails/2.jpg' width='140' height='200' /> Page 3 <img data-url='document/a-financial-stability-over-the-c-piie-1272018-of-five-financial-variables.html?page=3' data-page='3' class='cut-thumb lazyload' alt='Page 3: A FINANCIAL STABILITY OVER THE C - PIIE · 12/7/2018 · of five financial variables (the federal funds rate, the 10-year Treasury yield, the corporate BBB Treasury yields spread,' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader034.cupdf.com/reader034/viewer/2022052012/602944ce2e6cad67981189b7/html5/thumbnails/3.jpg' width='140' height='200' /> Page 4 <img data-url='document/a-financial-stability-over-the-c-piie-1272018-of-five-financial-variables.html?page=4' data-page='4' class='cut-thumb lazyload' alt='Page 4: A FINANCIAL STABILITY OVER THE C - PIIE · 12/7/2018 · of five financial variables (the federal funds rate, the 10-year Treasury yield, the corporate BBB Treasury yields spread,' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader034.cupdf.com/reader034/viewer/2022052012/602944ce2e6cad67981189b7/html5/thumbnails/4.jpg' width='140' height='200' /> Page 5 <img data-url='document/a-financial-stability-over-the-c-piie-1272018-of-five-financial-variables.html?page=5' data-page='5' class='cut-thumb lazyload' alt='Page 5: A FINANCIAL STABILITY OVER THE C - PIIE · 12/7/2018 · of five financial variables (the federal funds rate, the 10-year Treasury yield, the corporate BBB Treasury yields spread,' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader034.cupdf.com/reader034/viewer/2022052012/602944ce2e6cad67981189b7/html5/thumbnails/5.jpg' width='140' height='200' /> Page 6 <img data-url='document/a-financial-stability-over-the-c-piie-1272018-of-five-financial-variables.html?page=6' data-page='6' class='cut-thumb lazyload' alt='Page 6: A FINANCIAL STABILITY OVER THE C - PIIE · 12/7/2018 · of five financial variables (the federal funds rate, the 10-year Treasury yield, the corporate BBB Treasury yields spread,' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader034.cupdf.com/reader034/viewer/2022052012/602944ce2e6cad67981189b7/html5/thumbnails/6.jpg' width='140' height='200' /> Page 7 <img data-url='document/a-financial-stability-over-the-c-piie-1272018-of-five-financial-variables.html?page=7' data-page='7' class='cut-thumb lazyload' alt='Page 7: A FINANCIAL STABILITY OVER THE C - PIIE · 12/7/2018 · of five financial variables (the federal funds rate, the 10-year Treasury yield, the corporate BBB Treasury yields spread,' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader034.cupdf.com/reader034/viewer/2022052012/602944ce2e6cad67981189b7/html5/thumbnails/7.jpg' width='140' height='200' /> Page 8 <img data-url='document/a-financial-stability-over-the-c-piie-1272018-of-five-financial-variables.html?page=8' data-page='8' class='cut-thumb lazyload' alt='Page 8: A FINANCIAL STABILITY OVER THE C - PIIE · 12/7/2018 · of five financial variables (the federal funds rate, the 10-year Treasury yield, the corporate BBB Treasury yields spread,' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader034.cupdf.com/reader034/viewer/2022052012/602944ce2e6cad67981189b7/html5/thumbnails/8.jpg' width='140' height='200' /> Page 9 <img data-url='document/a-financial-stability-over-the-c-piie-1272018-of-five-financial-variables.html?page=9' data-page='9' class='cut-thumb lazyload' alt='Page 9: A FINANCIAL STABILITY OVER THE C - PIIE · 12/7/2018 · of five financial variables (the federal funds rate, the 10-year Treasury yield, the corporate BBB Treasury yields spread,' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader034.cupdf.com/reader034/viewer/2022052012/602944ce2e6cad67981189b7/html5/thumbnails/9.jpg' width='140' height='200' /> Page 10 <img data-url='document/a-financial-stability-over-the-c-piie-1272018-of-five-financial-variables.html?page=10' data-page='10' class='cut-thumb lazyload' alt='Page 10: A FINANCIAL STABILITY OVER THE C - PIIE · 12/7/2018 · of five financial variables (the federal funds rate, the 10-year Treasury yield, the corporate BBB Treasury yields spread,' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader034.cupdf.com/reader034/viewer/2022052012/602944ce2e6cad67981189b7/html5/thumbnails/10.jpg' width='140' height='200' /> Page 11 <img data-url='document/a-financial-stability-over-the-c-piie-1272018-of-five-financial-variables.html?page=11' data-page='11' class='cut-thumb lazyload' alt='Page 11: A FINANCIAL STABILITY OVER THE C - PIIE · 12/7/2018 · of five financial variables (the federal funds rate, the 10-year Treasury yield, the corporate BBB Treasury yields spread,' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader034.cupdf.com/reader034/viewer/2022052012/602944ce2e6cad67981189b7/html5/thumbnails/11.jpg' width='140' height='200' />

A FINANCIAL STABILITY OVER THE C - PIIE · 12/7/2018 · of five financial variables (the federal funds rate, the 10-year Treasury yield, the corporate BBB Treasury yields spread,

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