Black Swans and Financial Stability: A Framework for Building Resilience
Black Swans and Financial Stability: A Framework for Building Resilience, Daniel Barth and Stacey Schreft, June 2025. Federal Reserve Board. This article refines the concept of black swans, typically described as highly unlikely and catastrophic events, by clearly distinguishing between knowable and unknowable events. By emphasizing that black swans are “unknown unknowns,” the article highlights …