Yale School of Management

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Use of Federal Reserve Programs

May 7, 2020
The Federal Reserve recently announced a number of lending facilities, based on programs first implemented during the Global Financial Crisis of 2007-09. This post provides an update on the use of Fed lending programs since April 16. It also introduces the Fed’s newest lending facility, the Paycheck Protection Program Liquidity Facility (PPPLF); discusses international use of the Fed’s liquidity swap lines; and provides an overview of similar lending programs in Europe and the United Kingdom. Our previous post on the early use of Fed programs is available here Continue reading “Use of Federal Reserve Programs”

News in Systemic Risk: Thursday, May 7 2020 (10 a.m. ET)

May 7, 2020
Banks' dividends in Covid-19 times (Jean-Philippe Svoronos, Rastko Vrbaski; Bank for International Settlements) Where Have the Paycheck Protection Loans Gone So Far? (Haoyang Liu, Desi Volker; Federal Reserve Bank of New York) Releasing bank buffers to cushion the crisis - a quantitative assessment (Ulf Lewrick, Christian Schmieder, Jhuvesh Sobrun, Előd Takáts; Bank of International Settlements) An Aggregate View of Bank Lending Standards and Demand (David Glancy, Robert Kurtzman, Rebecca Zarutskie; Federal Reserve Board of Governors) Heterogeneity in corporate debt structures and the transmission of monetary policy (Fédéric Holm-Hadulla, Claire Thürwächter; European Central Bank) A regulatory and financial stability perspective on global stablecoins (Mitsutoshi Adachi, Matteo Cominetta, Christoph Kaufmann and Anton van der Kraaij; European Central Bank) Regulation has strengthened the financial system’s resilience (Marja Nykänen; Bank of Finland) Translating Weekly Jobless Claims into Monthly Net Job Losses (Jason Bram, Fatih Karahan; Federal Reserve Bank of New York) Transcript: Chicago Fed President Charles Evans Speaks With Reporters (Wall Street Journal) Continue reading “News in Systemic Risk: Thursday, May 7 2020 (10 a.m. ET)”

Multinational Organizations’ Efforts to Assist Countries through COVID-19 crisis

May 6, 2020
The International Monetary Fund (IMF), World Bank, and other multinational organizations have announced plans to make hundreds of billions of dollars available to emerging markets in response to the COVID-19 crisis. But their own experts have said these funds will probably be insufficient, and they have collectively released only a small fraction of that amount so far. Continue reading “Multinational Organizations’ Efforts to Assist Countries through COVID-19 crisis”

News in Systemic Risk: Wednesday, May 6 2020 (10 a.m. ET)

May 6, 2020
The Cost of Bank Regulatory Capital (Matthew Plosser, Joao Santos; Hong Kong Institute for Monetary and Financial Research) Bridge to Recovery: The Bank’s COVID-19 Pandemic Response (Carolyn A. Wilkins; Bank of Canada) Creditor's Protection and Bank Loans: market power and bankruptcy reform's effects (Leonardo S. Alencar, Rodrigo Augusto Silva de Andrade e Klenio de Souza Barbosa; Bank of Brazil) Quantitative easing and the price-liquidity trade-off (Marien Ferdinandusse, Maximilian Freier, Annukka Ristiniemi; European Central Bank) Reviving the potency of monetary policy with recession insurance bonds (Julia Coronado, Simon Potter; Peterson Institute for International Economics) U.S. Consumer Debt Payments and Credit Buffers on the Eve of COVID-19 (Andrew Haughwout, Donghoon Lee, Joelle Scally, Wilbert van der Klaauw; Federal Reserve Bank of New York) The Fed's Response to Economic News Explains the "Fed Information Effect" (Michael D. Bauer, Eric T. Swanson; NBER) Fed Embraces Libor Again and Risks Undermining Push to Kill It (William Shaw, Alex Harris; Bloomberg) Continue reading “News in Systemic Risk: Wednesday, May 6 2020 (10 a.m. ET)”

“Dawn Blossoms Plucked at Dusk” (朝花夕拾)—My Life at Yale

By: Gen Li May 5, 2020
Gen Li

It seems like only yesterday that I came to the university I have grown to love deeply, Yale University. In the twinkling of an eye, I am reluctant but have to say goodbye to her. Two years ago, my parents were shocked and a bit displeased by my decision to give up the Ph.D. offer I had received...

Continue reading ““Dawn Blossoms Plucked at Dusk” (朝花夕拾)—My Life at Yale”

News in Systemic Risk: Tuesday, May 5 2020 (10 a.m. ET)

May 5, 2020
On Central Bank Independence (Paul Tucker; Finance & Development) Financial stability assessment: Coronavirus pandemic demonstrates the necessity of risk buffers (Marja Nykänen; Bank of Finland) How did COVID-19 disrupt the market for U.S. Treasury debt? (Jeffrey Cheng, David Wessel, Joshua Younger; Brookings Institution) How Are Small Businesses Adjusting to COVID-19? Early Evidence From a Survey (Alexander Bartik, Marianne Bertrand, Zoë B. Cullen, Edward L. Glaeser, Michael Luca, Christopher Stanton; Harvard Business School) The Path to Full Recovery (Tom Barkin; Federal Reserve Bank of Richmond) Regulation, Technology and the Banking Sector (Amit Seru; Monetary Authority of Singapore) Interbank risk assessment –A simulation approach (Maximilian Jager, Thomas Siemsen, Johannes Vilsmeier; Deutsche Bundesbank) Connectedness of the Dutch Economy Leads to Lower GDP Growth Forecast (Alfredo Cuevas; International Monetary Fund) Dealers' insurance, market structure, and liquidity (Francesca Carapella, Cyril Monnet; Bank for International Settlements) Branching Networks and Geographic Contagion of Commodity Price Shocks (Teng Wang; Federal Reserve Board of Governors) Information Management in Times of Crisis (Haelim Anderson, Adam Copeland; Federal Deposit Insurance Corporation) ECB Faces Renewed Legal Pressure Over Bond Purchases (Tom Fairless; Wall Street Journal) Continue reading “News in Systemic Risk: Tuesday, May 5 2020 (10 a.m. ET)”

ICF Executive Fellow, Andrea Levere, Shares Ideas for Building Equity by Investing Equity

By: Electra Ferriello May 5, 2020
Andrea Levere

Andrea Levere ’83, is President Emerita of Prosperity Now, a private nonprofit organization with the mission of ensuring that everyone can gain financial stability, build wealth and achieve prosperity. She is also an ICF Advisory Board member and current ICF Executive Fellow. Andrea...

Continue reading “ICF Executive Fellow, Andrea Levere, Shares Ideas for Building Equity by Investing Equity”

Federal Reserve Expands Eligibility for Municipal Liquidity Facility

May 4, 2020
On April 27, the Federal Reserve announced an expansion in scope and duration of the Municipal Liquidity Facility (MLF), a new facility established on April 9 to alleviate the funding needs of cities, counties, and states as municipalities fight the ongoing threat of COVID-19 across the United States and bond markets stall. Continue reading “Federal Reserve Expands Eligibility for Municipal Liquidity Facility”

Use of Federal Reserve Programs

May 7, 2020
The Federal Reserve recently announced a number of lending facilities, based on programs first implemented during the Global Financial Crisis of 2007-09. This post provides an update on the use of Fed lending programs since April 16. It also introduces the Fed’s newest lending facility, the Paycheck Protection Program Liquidity Facility (PPPLF); discusses international use of the Fed’s liquidity swap lines; and provides an overview of similar lending programs in Europe and the United Kingdom. Our previous post on the early use of Fed programs is available here Continue reading “Use of Federal Reserve Programs”

News in Systemic Risk: Thursday, May 7 2020 (10 a.m. ET)

May 7, 2020
Banks' dividends in Covid-19 times (Jean-Philippe Svoronos, Rastko Vrbaski; Bank for International Settlements) Where Have the Paycheck Protection Loans Gone So Far? (Haoyang Liu, Desi Volker; Federal Reserve Bank of New York) Releasing bank buffers to cushion the crisis - a quantitative assessment (Ulf Lewrick, Christian Schmieder, Jhuvesh Sobrun, Előd Takáts; Bank of International Settlements) An Aggregate View of Bank Lending Standards and Demand (David Glancy, Robert Kurtzman, Rebecca Zarutskie; Federal Reserve Board of Governors) Heterogeneity in corporate debt structures and the transmission of monetary policy (Fédéric Holm-Hadulla, Claire Thürwächter; European Central Bank) A regulatory and financial stability perspective on global stablecoins (Mitsutoshi Adachi, Matteo Cominetta, Christoph Kaufmann and Anton van der Kraaij; European Central Bank) Regulation has strengthened the financial system’s resilience (Marja Nykänen; Bank of Finland) Translating Weekly Jobless Claims into Monthly Net Job Losses (Jason Bram, Fatih Karahan; Federal Reserve Bank of New York) Transcript: Chicago Fed President Charles Evans Speaks With Reporters (Wall Street Journal) Continue reading “News in Systemic Risk: Thursday, May 7 2020 (10 a.m. ET)”

Multinational Organizations’ Efforts to Assist Countries through COVID-19 crisis

May 6, 2020
The International Monetary Fund (IMF), World Bank, and other multinational organizations have announced plans to make hundreds of billions of dollars available to emerging markets in response to the COVID-19 crisis. But their own experts have said these funds will probably be insufficient, and they have collectively released only a small fraction of that amount so far. Continue reading “Multinational Organizations’ Efforts to Assist Countries through COVID-19 crisis”

News in Systemic Risk: Wednesday, May 6 2020 (10 a.m. ET)

May 6, 2020
The Cost of Bank Regulatory Capital (Matthew Plosser, Joao Santos; Hong Kong Institute for Monetary and Financial Research) Bridge to Recovery: The Bank’s COVID-19 Pandemic Response (Carolyn A. Wilkins; Bank of Canada) Creditor's Protection and Bank Loans: market power and bankruptcy reform's effects (Leonardo S. Alencar, Rodrigo Augusto Silva de Andrade e Klenio de Souza Barbosa; Bank of Brazil) Quantitative easing and the price-liquidity trade-off (Marien Ferdinandusse, Maximilian Freier, Annukka Ristiniemi; European Central Bank) Reviving the potency of monetary policy with recession insurance bonds (Julia Coronado, Simon Potter; Peterson Institute for International Economics) U.S. Consumer Debt Payments and Credit Buffers on the Eve of COVID-19 (Andrew Haughwout, Donghoon Lee, Joelle Scally, Wilbert van der Klaauw; Federal Reserve Bank of New York) The Fed's Response to Economic News Explains the "Fed Information Effect" (Michael D. Bauer, Eric T. Swanson; NBER) Fed Embraces Libor Again and Risks Undermining Push to Kill It (William Shaw, Alex Harris; Bloomberg) Continue reading “News in Systemic Risk: Wednesday, May 6 2020 (10 a.m. ET)”

“Dawn Blossoms Plucked at Dusk” (朝花夕拾)—My Life at Yale

By: Gen Li May 5, 2020
Gen Li

It seems like only yesterday that I came to the university I have grown to love deeply, Yale University. In the twinkling of an eye, I am reluctant but have to say goodbye to her. Two years ago, my parents were shocked and a bit displeased by my decision to give up the Ph.D. offer I had received...

Continue reading ““Dawn Blossoms Plucked at Dusk” (朝花夕拾)—My Life at Yale”

News in Systemic Risk: Tuesday, May 5 2020 (10 a.m. ET)

May 5, 2020
On Central Bank Independence (Paul Tucker; Finance & Development) Financial stability assessment: Coronavirus pandemic demonstrates the necessity of risk buffers (Marja Nykänen; Bank of Finland) How did COVID-19 disrupt the market for U.S. Treasury debt? (Jeffrey Cheng, David Wessel, Joshua Younger; Brookings Institution) How Are Small Businesses Adjusting to COVID-19? Early Evidence From a Survey (Alexander Bartik, Marianne Bertrand, Zoë B. Cullen, Edward L. Glaeser, Michael Luca, Christopher Stanton; Harvard Business School) The Path to Full Recovery (Tom Barkin; Federal Reserve Bank of Richmond) Regulation, Technology and the Banking Sector (Amit Seru; Monetary Authority of Singapore) Interbank risk assessment –A simulation approach (Maximilian Jager, Thomas Siemsen, Johannes Vilsmeier; Deutsche Bundesbank) Connectedness of the Dutch Economy Leads to Lower GDP Growth Forecast (Alfredo Cuevas; International Monetary Fund) Dealers' insurance, market structure, and liquidity (Francesca Carapella, Cyril Monnet; Bank for International Settlements) Branching Networks and Geographic Contagion of Commodity Price Shocks (Teng Wang; Federal Reserve Board of Governors) Information Management in Times of Crisis (Haelim Anderson, Adam Copeland; Federal Deposit Insurance Corporation) ECB Faces Renewed Legal Pressure Over Bond Purchases (Tom Fairless; Wall Street Journal) Continue reading “News in Systemic Risk: Tuesday, May 5 2020 (10 a.m. ET)”

ICF Executive Fellow, Andrea Levere, Shares Ideas for Building Equity by Investing Equity

By: Electra Ferriello May 5, 2020
Andrea Levere

Andrea Levere ’83, is President Emerita of Prosperity Now, a private nonprofit organization with the mission of ensuring that everyone can gain financial stability, build wealth and achieve prosperity. She is also an ICF Advisory Board member and current ICF Executive Fellow. Andrea...

Continue reading “ICF Executive Fellow, Andrea Levere, Shares Ideas for Building Equity by Investing Equity”

Federal Reserve Expands Eligibility for Municipal Liquidity Facility

May 4, 2020
On April 27, the Federal Reserve announced an expansion in scope and duration of the Municipal Liquidity Facility (MLF), a new facility established on April 9 to alleviate the funding needs of cities, counties, and states as municipalities fight the ongoing threat of COVID-19 across the United States and bond markets stall. Continue reading “Federal Reserve Expands Eligibility for Municipal Liquidity Facility”