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Dan Tarullo

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  1. Goldman Sachs31 min

    All about bank(panic)s and the implications for policy

    Daniel Tarullo, Thomas Hoenig, Gary Gorton, Allison Nathan, Dan Tarullo, Tom Honig

    Former Federal Reserve officials and economists Dan Tarullo, Tom Honig, and Gary Gorton analyze the Silicon Valley Bank collapse as a result of management failures, rapid interest rate hikes, and regulatory gaps created by the 2018 S-2155 rollback. These experts diverge on primary causes but converge on solutions requiring mandatory multi-scenario stress tests, higher leverage ratios, and expanded deposit insurance to address the systemic fragility of uninsured short-term debt. Their assessment warns that without these structural reforms, the mid-sized banking sector remains vulnerable to future crises driven by digital runs and the inability to absorb unexpected economic shocks.

  2. Milken Institute1h 1m

    Monetary Policy: Forward Guidance on the World's Central Banks

    Dave, Brian Sack, Janet Yellen, Mike, Athanasios, Cliff Noreen, Jeremy Stein, Dan Tarullo, Mario Draghi

    Chair Janet Yellen and FOMC panelists addressed critical shifts in central bank communication, debating the efficacy of dot forecasts versus probability distributions while navigating the transition from a zero-rate regime to imminent tightening. Discussions on economic slack highlighted a pivot toward viewing labor force participation gaps as largely structural, sparking debate over secular stagnation theories and the risks of anchoring policy to negative equilibrium rates. Amidst record corporate debt levels and a historic divergence between the Fed's normalization efforts and the ECB's accommodative stance, experts forecast a gradual rate hike trajectory for 2016 despite persistent uncertainty regarding future inflation dynamics.