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effectively achieved. But in the absence of a complete solution of that kind, it is
difficult to defend the view that financial stability can be ignored in monetary policy
decisions; and the development of practical real-time indicators of risks to financial
stability is accordingly an important challenge of the present moment.
■ I would like to thank Tobias Adrian, Bill Brainard, Vasco Cúrdia, Jamie McAndrews,
Benoit Mojon, Tommaso Monacelli, Julio Rotemberg, and Argia Sbordone for helpful
discussions, Luminita Stevens for research assistance, and the editors of this journal, David
Autor, Chad Jones, and Timothy Taylor, for many useful comments on earlier drafts. I would
also like to thank the National Science Foundation for research support under grant number
Adrian, Tobias, Karin Kimbrough, and Dina
Marchioni. 2010. “The Federal Reserve’s Commercial Paper Funding Facility.” Federal Reserve Bank
of New York Staff Report 423.
Adrian, Tobias, Emanuel...
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