Yale School of Management

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News in Systemic Risk: Friday, May 1 2020 (10 a.m. ET)

May 1, 2020

ECB announces new pandemic emergency longer-term refinancing operations (European Central Bank)

Banks more restrictive on lending to new borrowers (Norges Bank)

Covid-19 and Economic Analysis: A Review of the Debate (G. Caracciolo, F. Cingano, V. Ercolani, G. Ferrero, F. Hasan, A. Papetti, P. Tommasino; Bank of Italy)

A Fiscal Capacity for the Euro Area: Lessons from Existing Fiscal-Federal Systems (Pablo Burriel, Panagiotis Chronis, Maximillian Frier, Sebastian Hauptmeier, Lukas Reiss, Dan Stegarescu, Stefan Van Parys; Bank of Spain)

The Missing Link: Monetary Policy and Labor Share (Cristiano Cantore, Filippo Ferroni, Miguel León-Ledesma; Bank of England)

Teachable Moments from the Pandemic (Stephen S. Poloz; Bank of Canada)

Alternative scenarios for the impact of the COVID-19 pandemic on economic activity in the euro area (Niccolò Battistini, Grigor Stoevsky; European Central Bank)

Economic policy incentives in the fight against pandemics (Roberto Chang, Andres Velasco; VoxEU)

The economic risk from COVID-19 is not where COVID-19 is (Ilan Noy, Nguyen Doan, Benno Ferrarini, Donghyun Park; VoxEU)

Continue reading “News in Systemic Risk: Friday, May 1 2020 (10 a.m. ET)”

Federal Reserve Announces Changes to Main Street Lending Program

May 1, 2020

On April 30, the Federal Reserve Board announced updates to the Main Street Lending Program, after receiving more than 2,200 comments from individuals, businesses, and nonprofits on the initial terms of the program announced on April 9. Major changes include creating a third facility that accepts riskier borrowers, lowering the minimum loan size, lowering the interest rate, and expanding the pool of eligible borrowers.

Continue reading “Federal Reserve Announces Changes to Main Street Lending Program”

First-Year Students Look Back at their Favorite On-Campus Events of the Year

May 1, 2020

While the current pandemic has meant that many of these events convened virtually this spring, the spirit of community persists for SOM students. And it was in that spirit that first-year student life chair Stephanie Wayne ’21 reached out to us recently, wanting to share her and her classmates’ reflections on their favorite events with admitted and prospective students. 

Continue reading “First-Year Students Look Back at their Favorite On-Campus Events of the Year”

Conventional Monetary Policy and the Zero-Lower-Bound

April 30, 2020

Central banks across the world have eased monetary policy to facilitate smooth market functioning during the Covid-19 crisis. Interest rate cuts are their primary policy tool. Global interest rates are now at historic lows, with 14 of the 38 central banks in a Bank for International Settlements (BIS) database setting their nominal key policy rates at or below 0.25 percent; three are below 0.

Continue reading “Conventional Monetary Policy and the Zero-Lower-Bound”

Financial History Repeats Itself. The South Sea Bubble: 22 April 1720

By: Electra Ferriello April 30, 2020
22 April

This year, the ICF is looking back at the South Sea Bubble of 1720 which was the first global financial bubble that occurred 300 years ago in Paris, London and the Netherlands. On our South Sea Bubble 1720 project website, we share newspaper clippings from the Leydse Courant, a Dutch newspaper...

Continue reading “Financial History Repeats Itself. The South Sea Bubble: 22 April 1720”

News in Systemic Risk: Friday, May 1 2020 (10 a.m. ET)

May 1, 2020

ECB announces new pandemic emergency longer-term refinancing operations (European Central Bank)

Banks more restrictive on lending to new borrowers (Norges Bank)

Covid-19 and Economic Analysis: A Review of the Debate (G. Caracciolo, F. Cingano, V. Ercolani, G. Ferrero, F. Hasan, A. Papetti, P. Tommasino; Bank of Italy)

A Fiscal Capacity for the Euro Area: Lessons from Existing Fiscal-Federal Systems (Pablo Burriel, Panagiotis Chronis, Maximillian Frier, Sebastian Hauptmeier, Lukas Reiss, Dan Stegarescu, Stefan Van Parys; Bank of Spain)

The Missing Link: Monetary Policy and Labor Share (Cristiano Cantore, Filippo Ferroni, Miguel León-Ledesma; Bank of England)

Teachable Moments from the Pandemic (Stephen S. Poloz; Bank of Canada)

Alternative scenarios for the impact of the COVID-19 pandemic on economic activity in the euro area (Niccolò Battistini, Grigor Stoevsky; European Central Bank)

Economic policy incentives in the fight against pandemics (Roberto Chang, Andres Velasco; VoxEU)

The economic risk from COVID-19 is not where COVID-19 is (Ilan Noy, Nguyen Doan, Benno Ferrarini, Donghyun Park; VoxEU)

Continue reading “News in Systemic Risk: Friday, May 1 2020 (10 a.m. ET)”

Federal Reserve Announces Changes to Main Street Lending Program

May 1, 2020

On April 30, the Federal Reserve Board announced updates to the Main Street Lending Program, after receiving more than 2,200 comments from individuals, businesses, and nonprofits on the initial terms of the program announced on April 9. Major changes include creating a third facility that accepts riskier borrowers, lowering the minimum loan size, lowering the interest rate, and expanding the pool of eligible borrowers.

Continue reading “Federal Reserve Announces Changes to Main Street Lending Program”

First-Year Students Look Back at their Favorite On-Campus Events of the Year

May 1, 2020

While the current pandemic has meant that many of these events convened virtually this spring, the spirit of community persists for SOM students. And it was in that spirit that first-year student life chair Stephanie Wayne ’21 reached out to us recently, wanting to share her and her classmates’ reflections on their favorite events with admitted and prospective students. 

Continue reading “First-Year Students Look Back at their Favorite On-Campus Events of the Year”

Conventional Monetary Policy and the Zero-Lower-Bound

April 30, 2020

Central banks across the world have eased monetary policy to facilitate smooth market functioning during the Covid-19 crisis. Interest rate cuts are their primary policy tool. Global interest rates are now at historic lows, with 14 of the 38 central banks in a Bank for International Settlements (BIS) database setting their nominal key policy rates at or below 0.25 percent; three are below 0.

Continue reading “Conventional Monetary Policy and the Zero-Lower-Bound”

Financial History Repeats Itself. The South Sea Bubble: 22 April 1720

By: Electra Ferriello April 30, 2020
22 April

This year, the ICF is looking back at the South Sea Bubble of 1720 which was the first global financial bubble that occurred 300 years ago in Paris, London and the Netherlands. On our South Sea Bubble 1720 project website, we share newspaper clippings from the Leydse Courant, a Dutch newspaper...

Continue reading “Financial History Repeats Itself. The South Sea Bubble: 22 April 1720”