About

The Yale Program on Financial Stability’s mission  is to create, disseminate, and preserve knowledge about financial crises. We currently have four major projects: Systemic Risk Institute, New Bagehot, Global Financial Crisis, and the Financial Crises Archives. The diagram below represents how each project correlates with the YPFS:

The Systemic Risk Institute

The Systemic Risk Institute consists of three interrelated events, held annually since 2014 during the summer months:

  • Research Conference: One-day conference with academic papers, with selected papers published in a special issue of The Journal of Financial Stability.

The New Bagehot Crisis-Response Project

The New Bagehot project is named in honor of Walter Bagehot, the author of Lombard Street (1873), still considered the seminal text on crisis fighting.  Bagehot’s advice for central bankers in a crisis can be summarized as “lend freely at a penalty rate to solvent institutions presenting good collateral”.  This advice is still considered near-gospel by many central bankers, but its practicality to our financial system almost 150 years later is insufficient to guide complex policy actions.  The New Bagehot project aims to expand the crisis-fighting playbook through detailed case studies of specific interventions, synthesizing these case studies into best practices, and then presenting this synthesis across a variety of media.   

The Global Financial Crisis Project

The Global Financial Crisis project has an educational mission: to make the major financial crisis of our century intelligible to as many people as possible.  To this end, the project incorporates on-campus programs at Yale, online instruction through the Coursera platform, and an in-development collection of electronic teaching resources.

The Financial Crises Archives Project

The Archives Project is designed to be a resource for scholars of financial crises.  It includes an expanding set of crisis-related resources maintained on the YPFS website, including an (in-development) annotated bibliography of academic papers on financial crises.