Yale School of Management

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News in Systemic Risk: Monday, May 11 2020 (10 a.m. ET)

May 11, 2020
Survey on the Access to Finance of Enterprises: Small businesses report challenging outlook for their access to external financing due to COVID-19 (European Central Bank) The CCP-bank nexus in the time of Covid-19 (Wenqian Huang, Előd Takáts; Bank of International Settlements) An ECB digital currency – a flight of fancy? (Yves Mersch; European Central Bank) Global and domestic financial cycles: variations on a theme (Iñaki Aldasoro, Stefan Avdjiev, Claudio Borio, Piti Disyatat; Bank of International Settlements) COVID-19 and the transmission of shocks through domestic supply chains (Fergal McCann, Samantha Myers; Central Bank of Ireland) The Initial Labour Market Impact of COVID-19 (Stephen Byrne, Dermot Coates, Enda Keenan,Tara McIndoe-Calder ; Central Bank of Ireland) The case for permanent stimulus (Paul Krugman; VoxEU) How the Economy Will Look After the Coronavirus Pandemic (Joseph E. Stiglitz, Robert J. Shiller, Gita Gopinath, Carmen M. Reinhart, Adam S. Posen, Eswar Prasad, Adam Tooze, Laura D’andrea Tyson, Kishore Mahbubani; Foreign Policy) Despite Recent Bets, Fed Isn’t Likely to Consider Negative Interest Rates (Nick Timiraos; Wall Street Journal) Fed set to adopt ‘elements’ of price-level targeting (William Towning; Central Banking) Continue reading “News in Systemic Risk: Monday, May 11 2020 (10 a.m. ET)”

FHFA Allows Federal Home Loan Banks to Take PPP Loans as Collateral

May 8, 2020
On April 23, the FHFA announced that Federal Home Loan Banks (FHLBs) could take Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration as collateral for their advances providing some financial institutions two channels through which to finance such loans. Continue reading “FHFA Allows Federal Home Loan Banks to Take PPP Loans as Collateral”

News in Systemic Risk: Friday, May 8 2020 (10 a.m. ET)

May 8, 2020
The Money Market Mutual Fund Liquidity Facility (Marco Cipriani, Gabriele La Spada, Reed Orchinik, and Aaron Plesset; Federal Reserve Bank of New York) The monetary policy response to the pandemic emergency (Phillip R. Lane; European Central Bank) The COVID-19 Crisis and the Monetary Policy Response (Gabriel Makhlouf; Central Bank of Ireland) On the instability of banking and other financial intermediation (Chao Gu, Cyril Monnet, Ed Nosal, Randall Wright; Bank for International Settlements) Effects of Covid-19 on the banking sector: the market's assessment (Iñaki Aldasoro, Ingo Fender, Bryan Hardy, Nikola Tarashev; Bank of International Settlements) Monetary Policy, Self-Fulfilling Expectations and the U.S. Business Cycle (Giovanni Nicolò; Federal Reserve Board of Governors) Oceans Apart? China And Other Systemically Important Economies (Hongyi Chen, Pierre Siklos; Hong Kong Institute for Monetary and Financial Research) Is Central Bank Currency Fundamental to the Monetary System? (Hanna Armelius, Carl Andreas Claussen, Scott Hendry; Bank of Canada) Don’t do it again! The Swedish experience with negative central bank rates in 2015-2019 (Fredrik N G Andersson, Lars Jonung; VoxEU) Fed Officials See Economy Avoiding Worst-Case Outcome Amid Crisis (Michael S. Derby; Wall Street Journal) Continue reading “News in Systemic Risk: Friday, May 8 2020 (10 a.m. ET)”

News in Systemic Risk: Monday, May 11 2020 (10 a.m. ET)

May 11, 2020
Survey on the Access to Finance of Enterprises: Small businesses report challenging outlook for their access to external financing due to COVID-19 (European Central Bank) The CCP-bank nexus in the time of Covid-19 (Wenqian Huang, Előd Takáts; Bank of International Settlements) An ECB digital currency – a flight of fancy? (Yves Mersch; European Central Bank) Global and domestic financial cycles: variations on a theme (Iñaki Aldasoro, Stefan Avdjiev, Claudio Borio, Piti Disyatat; Bank of International Settlements) COVID-19 and the transmission of shocks through domestic supply chains (Fergal McCann, Samantha Myers; Central Bank of Ireland) The Initial Labour Market Impact of COVID-19 (Stephen Byrne, Dermot Coates, Enda Keenan,Tara McIndoe-Calder ; Central Bank of Ireland) The case for permanent stimulus (Paul Krugman; VoxEU) How the Economy Will Look After the Coronavirus Pandemic (Joseph E. Stiglitz, Robert J. Shiller, Gita Gopinath, Carmen M. Reinhart, Adam S. Posen, Eswar Prasad, Adam Tooze, Laura D’andrea Tyson, Kishore Mahbubani; Foreign Policy) Despite Recent Bets, Fed Isn’t Likely to Consider Negative Interest Rates (Nick Timiraos; Wall Street Journal) Fed set to adopt ‘elements’ of price-level targeting (William Towning; Central Banking) Continue reading “News in Systemic Risk: Monday, May 11 2020 (10 a.m. ET)”

FHFA Allows Federal Home Loan Banks to Take PPP Loans as Collateral

May 8, 2020
On April 23, the FHFA announced that Federal Home Loan Banks (FHLBs) could take Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration as collateral for their advances providing some financial institutions two channels through which to finance such loans. Continue reading “FHFA Allows Federal Home Loan Banks to Take PPP Loans as Collateral”

News in Systemic Risk: Friday, May 8 2020 (10 a.m. ET)

May 8, 2020
The Money Market Mutual Fund Liquidity Facility (Marco Cipriani, Gabriele La Spada, Reed Orchinik, and Aaron Plesset; Federal Reserve Bank of New York) The monetary policy response to the pandemic emergency (Phillip R. Lane; European Central Bank) The COVID-19 Crisis and the Monetary Policy Response (Gabriel Makhlouf; Central Bank of Ireland) On the instability of banking and other financial intermediation (Chao Gu, Cyril Monnet, Ed Nosal, Randall Wright; Bank for International Settlements) Effects of Covid-19 on the banking sector: the market's assessment (Iñaki Aldasoro, Ingo Fender, Bryan Hardy, Nikola Tarashev; Bank of International Settlements) Monetary Policy, Self-Fulfilling Expectations and the U.S. Business Cycle (Giovanni Nicolò; Federal Reserve Board of Governors) Oceans Apart? China And Other Systemically Important Economies (Hongyi Chen, Pierre Siklos; Hong Kong Institute for Monetary and Financial Research) Is Central Bank Currency Fundamental to the Monetary System? (Hanna Armelius, Carl Andreas Claussen, Scott Hendry; Bank of Canada) Don’t do it again! The Swedish experience with negative central bank rates in 2015-2019 (Fredrik N G Andersson, Lars Jonung; VoxEU) Fed Officials See Economy Avoiding Worst-Case Outcome Amid Crisis (Michael S. Derby; Wall Street Journal) Continue reading “News in Systemic Risk: Friday, May 8 2020 (10 a.m. ET)”