“Nonbank Financial Intermediation, Financial Stability, and the Road Forward,” speech delivered at “Central Banking in the Shadows: Monetary Policy and Financial Stability Postcrisis,” 20th Annual Financial Markets Conference sponsored by the Federal Reserve Bank of Atlanta, Stone Mountain, Ga., March 30. Frost, Joshua, Lorie Logan, Antoine Martin, Patrick McCabe, Fabio Natalucci, and Julie Remache (2015).
The federal budget deficit, which averaged about 9 percent of GDP during the past three fiscal years, is likely to narrow in coming years as the economic recovery leads to higher tax revenues and lower income support payments.