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Central Banking, Policy Implementation, and Balance Sheets

Since the Global Financial Crisis, central banks have made significant changes to their monetary policy operating frameworks. Notably, the Federal Reserve and other central banks have expanded their balance sheets, altered their reserves regimes, and adopted new tools to set their policy rates. President and CEO of the Federal Reserve Bank of San Francisco, Mary C. Daly, discusses the costs and benefits of conducting policy under different regimes. About the Speaker: As President of the San Francisco Fed, Ms. Daly serves the Twelfth Federal Reserve District in setting monetary policy. Prior to her current role, she was the executive vice president and director of research at the San Francisco Fed, which she joined in 1996. Ms. Daly has served as an advisor to the Congressional Budget Office, the Social Security Administration, the Institute of Medicine and the Library of Congress. She has also been a visiting professor at Cornell University and the University of California, Davis. Ms. Daly holds a Ph.D. in economics from Syracuse University, an M.S. degree from the University of Illinois at Urbana-Champaign, and a B.A. from the University of Missouri-Kansas City. Recorded on the 13th of November 2025