Skip to main content

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

MMSR Class of 2022

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.

Center News

The Systemic Risk Blog

March 27, 2023

Lessons from Applying the Liquidity Coverage Ratio to Silicon Valley Bank

The failure of Silicon Valley Bank (SVB) after a run by uninsured depositors has focused attention on bank liquidity regulation in dramatic fashion.

Connect with us