Yale School of Management

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Governments Provide SMEs with Relief for Non-Wage Fixed Costs

June 8, 2020
As countries adopt measures to respond to the ongoing COVID-19 crisis, many are providing support to businesses for fixed costs. Fixed costs are those that do not change with the amount of product or services a firm provides. Though a small business may be able to decrease variable costs in response to diminished demand or a government-mandated suspension of operations, small and medium-sized enterprises (SMEs) still face the ongoing burden of fixed costs. Continue reading “Governments Provide SMEs with Relief for Non-Wage Fixed Costs”

News in Systemic Risk Blog, June 8, 2020 (10 a.m. ET)

June 8, 2020
Central banks’ response to Covid-19 in advanced economies (Paolo Cavallino, Fiorella de Fiore; Bank for International Settlements) Unconventional fiscal policy to exit the COVID-19 crisis (Francesco D'Acunto, Michael Weber; VoxEU) Coping with Disasters: Two Centuries of International Official Lending (Sebastian Horn, Carmen M. Reinhart, Christoph Trebesch; National Bureau of Economic Research) Guardians of the World Economy Stagger From Rescue to Recovery (Enda Curran; Bloomberg) Continue reading “News in Systemic Risk Blog, June 8, 2020 (10 a.m. ET)”

Update on ECB's Pandemic Emergency Purchase Programme

June 5, 2020
On March 18, the ECB unveiled a temporary program to purchase up to €750 billion in public and private-sector securities until the “crisis phase” of the COVID-19 crisis is over, but at least until the end of 2020. The Pandemic Emergency Purchase Programme (PEPP) is an expansion of the ECB’s Asset Purchase Programme (APP), a package of asset-purchase measures that the ECB initiated in 2014 to support monetary policy. The PEPP, like the earlier APP, includes programs to buy sovereign debt, covered bonds, asset-backed securities , corporate bonds, and commercial paper. As with the APP, the ECB will make available for lending any securities that it purchases under the PEPP. Continue reading “Update on ECB's Pandemic Emergency Purchase Programme”

News in Systemic Risk Blog, Friday, June 5, 2020 (10 a.m. ET)

June 5, 2020
ECB and National Bank of Romania set up repo line to provide euro liquidity (European Central Bank) Deadly Debt Crises: COVID-19 in Emerging Markets (Cristina Arellano, Yan Bai, Gabriel P. Mihalache; National Bureau of Economic Research) Central Bank Swap Lines During the Covid-19 Pandemic (Ricardo Reis; VoxEU) Employment Situation Summary (Bureau of Labor Statistics) Japan probes the limits of economic policy (The Economist) Continue reading “News in Systemic Risk Blog, Friday, June 5, 2020 (10 a.m. ET)”

News in Systemic Risk: Thursday, June 4, 2020 (10 a.m. ET)

June 4, 2020
Introductory statement to the press conference (Christine Lagarde, Luis de Guindos; European Central Bank) Illinois taps Federal Reserve for $1.2bn emergency funding (Eric Platt, James Politi; Financial Times) How should U.S. bank regulators respond to the COVID-19 crisis? (Michael Blank, Samuel Hanson, Jeremy Stein, Adi Sunderam; Brookings Institution) Seven Moments in Spring: Covid-19, financial markets and the Bank of England’s balance sheet operations (Andrew Hauser; Bank of England) Inside the Mind of a Stock Market Crash (Stefano Giglio, Matteo Maggiori, Johannes Stroebel, Stephen Utkus; National Bureau of Economic Research) Continue reading “News in Systemic Risk: Thursday, June 4, 2020 (10 a.m. ET)”

From the Assistant Dean for Admissions: Answering Some FAQs about the Upcoming Application Season

By: Bruce DelMonico June 4, 2020

Although we are still a few months away from the start of the fall semester, I know that many of you are already beginning to think about the upcoming application season. Given these very uncertain times, many of you have expressed concern about what the season will look like, so I thought I...

Continue reading “From the Assistant Dean for Admissions: Answering Some FAQs about the Upcoming Application Season”

Usage of the Defense Production Act throughout history and to combat COVID-19

June 3, 2020
As the Federal Reserve and the Treasury launch programs to provide relief to individuals and businesses affected by the COVID-19 crisis, President Donald Trump has been using a tool that gives him considerable discretionary authority over private corporations: the Defense Production Act (DPA). Continue reading “Usage of the Defense Production Act throughout history and to combat COVID-19”

Governments Provide SMEs with Relief for Non-Wage Fixed Costs

June 8, 2020
As countries adopt measures to respond to the ongoing COVID-19 crisis, many are providing support to businesses for fixed costs. Fixed costs are those that do not change with the amount of product or services a firm provides. Though a small business may be able to decrease variable costs in response to diminished demand or a government-mandated suspension of operations, small and medium-sized enterprises (SMEs) still face the ongoing burden of fixed costs. Continue reading “Governments Provide SMEs with Relief for Non-Wage Fixed Costs”

News in Systemic Risk Blog, June 8, 2020 (10 a.m. ET)

June 8, 2020
Central banks’ response to Covid-19 in advanced economies (Paolo Cavallino, Fiorella de Fiore; Bank for International Settlements) Unconventional fiscal policy to exit the COVID-19 crisis (Francesco D'Acunto, Michael Weber; VoxEU) Coping with Disasters: Two Centuries of International Official Lending (Sebastian Horn, Carmen M. Reinhart, Christoph Trebesch; National Bureau of Economic Research) Guardians of the World Economy Stagger From Rescue to Recovery (Enda Curran; Bloomberg) Continue reading “News in Systemic Risk Blog, June 8, 2020 (10 a.m. ET)”

Update on ECB's Pandemic Emergency Purchase Programme

June 5, 2020
On March 18, the ECB unveiled a temporary program to purchase up to €750 billion in public and private-sector securities until the “crisis phase” of the COVID-19 crisis is over, but at least until the end of 2020. The Pandemic Emergency Purchase Programme (PEPP) is an expansion of the ECB’s Asset Purchase Programme (APP), a package of asset-purchase measures that the ECB initiated in 2014 to support monetary policy. The PEPP, like the earlier APP, includes programs to buy sovereign debt, covered bonds, asset-backed securities , corporate bonds, and commercial paper. As with the APP, the ECB will make available for lending any securities that it purchases under the PEPP. Continue reading “Update on ECB's Pandemic Emergency Purchase Programme”

News in Systemic Risk Blog, Friday, June 5, 2020 (10 a.m. ET)

June 5, 2020
ECB and National Bank of Romania set up repo line to provide euro liquidity (European Central Bank) Deadly Debt Crises: COVID-19 in Emerging Markets (Cristina Arellano, Yan Bai, Gabriel P. Mihalache; National Bureau of Economic Research) Central Bank Swap Lines During the Covid-19 Pandemic (Ricardo Reis; VoxEU) Employment Situation Summary (Bureau of Labor Statistics) Japan probes the limits of economic policy (The Economist) Continue reading “News in Systemic Risk Blog, Friday, June 5, 2020 (10 a.m. ET)”

News in Systemic Risk: Thursday, June 4, 2020 (10 a.m. ET)

June 4, 2020
Introductory statement to the press conference (Christine Lagarde, Luis de Guindos; European Central Bank) Illinois taps Federal Reserve for $1.2bn emergency funding (Eric Platt, James Politi; Financial Times) How should U.S. bank regulators respond to the COVID-19 crisis? (Michael Blank, Samuel Hanson, Jeremy Stein, Adi Sunderam; Brookings Institution) Seven Moments in Spring: Covid-19, financial markets and the Bank of England’s balance sheet operations (Andrew Hauser; Bank of England) Inside the Mind of a Stock Market Crash (Stefano Giglio, Matteo Maggiori, Johannes Stroebel, Stephen Utkus; National Bureau of Economic Research) Continue reading “News in Systemic Risk: Thursday, June 4, 2020 (10 a.m. ET)”

From the Assistant Dean for Admissions: Answering Some FAQs about the Upcoming Application Season

By: Bruce DelMonico June 4, 2020

Although we are still a few months away from the start of the fall semester, I know that many of you are already beginning to think about the upcoming application season. Given these very uncertain times, many of you have expressed concern about what the season will look like, so I thought I...

Continue reading “From the Assistant Dean for Admissions: Answering Some FAQs about the Upcoming Application Season”

Usage of the Defense Production Act throughout history and to combat COVID-19

June 3, 2020
As the Federal Reserve and the Treasury launch programs to provide relief to individuals and businesses affected by the COVID-19 crisis, President Donald Trump has been using a tool that gives him considerable discretionary authority over private corporations: the Defense Production Act (DPA). Continue reading “Usage of the Defense Production Act throughout history and to combat COVID-19”