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
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
News in Systemic Risk: Friday, January 31, 2025 (9:45 a.m. ET)
Emergency Liquidity Assistance and Monetary Financing in the European Union: A Case Study in Fiscal Cooperation?
Central banks are often faced with a cruel irony: they are (almost always) mandated not to lend to insolvent firms and, by nature of being the lender of last resort (LOLR), face a pool of potential borrowers that are uniquely likely to be insolvent. The question of solvency is therefore one of considerable importance to central bankers and illustrates the important role of bank examiners and supervisory authorities.
News in Systemic Risk: Wednesday, January 29, 2025 (9:45 a.m. ET)
Yale SOM centers and initiatives
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