I am indebted to members of the Board staff – Celso Brunetti, Cecilia Caglio, Sean Campbell, Erik Heitfield, and John Maggs – who contributed to the preparation of these remarks. 2  The level of the Dow Jones industrial average dropped 43.8 percent between November 15, 1906 (94.25), and November 15, 1907 (53.00). See Dow Jones & Company (2012).
3  See Federal Reserve Act, ch. 6, 38 Stat. 251 (1913). BIS central bankers’ speeches  1  Figure 1, between 2000 and 2007, the notional value of collateralized debt obligations outstanding increased from less than $ billion to more than $ trillion.