It is a pleasure to have the opportunity to participate in the Federal Reserve Bank of Atlanta’s 21st Annual Financial Markets Conference. This year’s topic, focusing on the connection between liquidity and financial stability, is an excellent one. As the first speaker, I thought it would be useful to lay out what I see as some of the key issues. I may raise more questions than provide answers, but, hopefully, my remarks will help to stimulate our discussion and debate over the next two days. As I see it, in the context of our financial system there are two distinct types of liquidity. The first is what is typically ... (full story)