Yale School of Management

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16th Annual Behavioral Conference Goes Virtual

By: Electra Ferriello May 7, 2020
Student Organizers

Each spring, the Yale ICF hosts the Lynne & Andrew Redleaf Foundation Graduate Student Conference (formerly the Whitebox Advisors Graduate Student Conference). The conference is organized and run by Yale PhD students selected by a committee of Yale faculty members, including Professor Nicholas...

Continue reading “16th Annual Behavioral Conference Goes Virtual”

U.S. Bank Regulators Modify Liquidity Regulation to Support Participation in Fed Programs

May 7, 2020
On May 5, U.S. bank regulators issued an interim final rule modifying the Liquidity Coverage Ratio (LCR) to support banks’ use of the Paycheck Protection Program Liquidity Facility (PPPLF) and Money Market Mutual Fund Liquidity Facility (MMLF).  Continue reading “U.S. Bank Regulators Modify Liquidity Regulation to Support Participation in Fed Programs”

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”

16th Annual Behavioral Conference Goes Virtual

By: Electra Ferriello May 7, 2020
Student Organizers

Each spring, the Yale ICF hosts the Lynne & Andrew Redleaf Foundation Graduate Student Conference (formerly the Whitebox Advisors Graduate Student Conference). The conference is organized and run by Yale PhD students selected by a committee of Yale faculty members, including Professor Nicholas...

Continue reading “16th Annual Behavioral Conference Goes Virtual”

U.S. Bank Regulators Modify Liquidity Regulation to Support Participation in Fed Programs

May 7, 2020
On May 5, U.S. bank regulators issued an interim final rule modifying the Liquidity Coverage Ratio (LCR) to support banks’ use of the Paycheck Protection Program Liquidity Facility (PPPLF) and Money Market Mutual Fund Liquidity Facility (MMLF).  Continue reading “U.S. Bank Regulators Modify Liquidity Regulation to Support Participation in Fed Programs”

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”