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YPFS At A Glance

New Bagehot

The New Bagehot Project is the central banker’s policy tool for the 21st century: an online platform where financial crisis fighters can explore the key design decisions their predecessors made in interventions around the world and throughout history. The New Bagehot Project was named in honor of Walter Bagehot, author Lombard Street (1873), still considered the seminal text on crisis fighting. Our goal is to expand policymakers’ toolkits, to inform decision makers, and to help construct sound future policy action.


Master's Degree in Systemic Risk

MMS SR Class of 2024

A first-of-its-kind, specialized master’s degree for early- and mid-career employees of central banks and other major regulatory agencies with a mandate to manage systemic risk. The year-long program focuses in macroprudential policy, financial crisis management, global financial regulation, monetary economics, capital markets, and central banking.

Journal of Financial Crises


The Journal of Financial Crises (JFC) is an online publication of the Yale Program on Financial Stability (YPFS), the mission of which is to create, preserve, and disseminate knowledge about financial crises. The Journal primarily serves as a vehicle for distributing the case studies and surveys of crisis interventions produced by the YPFS staff. We will also publish other work related to systemic risks and financial crises.

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