This working paper shows that the increased presence of minority directors on the twelve regional Federal Reserve Banks — the quasi-governmental entities responsible for evaluating many commercial banks’ lending to underserved communities — is associated with greater lending to these...

In the last generation, the Federal Reserve launched a “quiet revolution” in how it approaches communication. Most of the tools that the Fed uses to communicate, however, have remained relatively static and indifferent to rapid technological change: speeches, congressional testimony, press...

The independence of the Federal Reserve is considered a cornerstone of its identity, crucial for keeping monetary policy decisions free of electoral politics. But do we really understand what is meant by "Federal Reserve independence"? Using scores of examples from the Fed's rich history, The...

Abstract: The financial crisis of 2008 left elite university endowments with 30% less value, leading these universities to respond with dramatic budgetary restructuring. While endowments had received probing national and Congressional attention in the months prior to the crisis, that attention...

Government bailouts undermine the core principles of capitalism. They are also expensive, unjust, unpopular, and usually represent dramatic deviations from the rule of law. However, they are also, in some cases, necessary. The “problem of bailouts,” then, is that they are almost always...