Yale School of Management

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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”

News in Systemic Risk: Wednesday, June 3, 2020

June 3, 2020
The People’s Bank of China’s response to the coronavirus pandemic–A quantitative assessment (Michael Funke, Andrew Tsang; Bank of Finland) With Virus Crisis Receding, Poor-Nation Debt Relief Stalls (Marton Eder; Bloomberg) Coronavirus credit support: Don’t let liquidity lifelines become a golden noose (Çağatay Bircan, Ralph De Haas, Helena Schweiger, Alexander Stepanov; VoxEU) Banks as Lenders of First Resort: Evidence from the COVID-19 Crisis (Lei Li, Philip E. Strahan, Song Zhang; National Bureau of Economic Research) The Governor's Concluding Remarks (Ignazio Visco; Bank of Italy) Continue reading “News in Systemic Risk: Wednesday, June 3, 2020”

HEROES Act would provide $3 trillion in additional benefits but unlikely to progress

June 2, 2020
The $3 trillion Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act , which the House of Representatives passed on May 15, is the fourth and largest legislative rescue package proposed by the US Congress in response to the COVID-19 pandemic. It would help to mitigate the economic impact of continued shelter-in-place orders and soaring unemployment rates. Continue reading “HEROES Act would provide $3 trillion in additional benefits but unlikely to progress”

Poland’s Financial Shield Provides Support to Businesses

June 2, 2020
In response to the COVID-19 pandemic, on March 31, the Polish government announced its “Anti-Crisis Shield,” which includes the “Financial Shield” to support microenterprises, small and medium-sized enterprises, and large companies. The Financial Shield has PLN 100 billion (USD 24.8 billion or approximately 4.5% of 2019 GDP) in total funding. The Polish Development Fund (PFR), a state-owned financial group, is responsible for the administration of the Financial Shield. Continue reading “Poland’s Financial Shield Provides Support to Businesses”

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”

News in Systemic Risk: Wednesday, June 3, 2020

June 3, 2020
The People’s Bank of China’s response to the coronavirus pandemic–A quantitative assessment (Michael Funke, Andrew Tsang; Bank of Finland) With Virus Crisis Receding, Poor-Nation Debt Relief Stalls (Marton Eder; Bloomberg) Coronavirus credit support: Don’t let liquidity lifelines become a golden noose (Çağatay Bircan, Ralph De Haas, Helena Schweiger, Alexander Stepanov; VoxEU) Banks as Lenders of First Resort: Evidence from the COVID-19 Crisis (Lei Li, Philip E. Strahan, Song Zhang; National Bureau of Economic Research) The Governor's Concluding Remarks (Ignazio Visco; Bank of Italy) Continue reading “News in Systemic Risk: Wednesday, June 3, 2020”

HEROES Act would provide $3 trillion in additional benefits but unlikely to progress

June 2, 2020
The $3 trillion Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act , which the House of Representatives passed on May 15, is the fourth and largest legislative rescue package proposed by the US Congress in response to the COVID-19 pandemic. It would help to mitigate the economic impact of continued shelter-in-place orders and soaring unemployment rates. Continue reading “HEROES Act would provide $3 trillion in additional benefits but unlikely to progress”

Poland’s Financial Shield Provides Support to Businesses

June 2, 2020
In response to the COVID-19 pandemic, on March 31, the Polish government announced its “Anti-Crisis Shield,” which includes the “Financial Shield” to support microenterprises, small and medium-sized enterprises, and large companies. The Financial Shield has PLN 100 billion (USD 24.8 billion or approximately 4.5% of 2019 GDP) in total funding. The Polish Development Fund (PFR), a state-owned financial group, is responsible for the administration of the Financial Shield. Continue reading “Poland’s Financial Shield Provides Support to Businesses”