With Scott Brave.
Published in Economic Perspectives 35(2), 2011: 22-43. https://www.chicagofed.org/publications/economic-perspectives/2011/1q-brave-buttersÂ
Abstract: Monitoring financial stability requires an understanding of both how traditional and evolving financial markets relate to each other and how they relate to economic conditions. This article describes two new indexes of financial conditions that aim to quantify these relationships.
The published article is available as a pdf. (22 pages, 2.2 MB)
The NFCI and ANFCI measures can be downloaded as a .csv sheet from here.