Yale School of Management

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News in Systemic Risk: Friday, August 21, 2020 (10 a.m. ET)

August 21, 2020
Survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD) (European Central Bank) US dollar liquidity-providing operations from 1 September 2020 (Bank of England) Hutchins Roundup: Labor share, capital gains taxes, and more (Sophia Campbell, Lorena Hernandez Barcena, Louise Sheiner; Brookings Institution) After polarisation: Stable consensus on European mutual assistance is possible (Roel Beetsma, Brian Burgoon, Francesco Nicoli, Anniek de Ruijter, Frank Vandenbroucke; VoxEU) EU hands CCP members a narrow win on skin in the game (Samuel Wilkes; Central Banking) Continue reading “News in Systemic Risk: Friday, August 21, 2020 (10 a.m. ET)”

From the Associate Director of Admissions: How to Prepare a Successful Application for the 2020-2021 Cycle

By: Emily Whitehouse August 20, 2020

Our team is hard at work putting the finishing touches on the application to the Yale School of Management’s newest program, the Master’s Degree in Asset Management. In anticipation of a late-September application launch, I’d like to offer guidance on how to best approach the admissions...

Continue reading “From the Associate Director of Admissions: How to Prepare a Successful Application for the 2020-2021 Cycle”

News in Systemic Risk: Thursday, August 20, 2020 (10 a.m. ET)

August 20, 2020
COVID-19 in emerging markets: Escaping the monetary policy procyclicality trap (Gaston Gelos, Umang Rawat, Hanqing Ye; VoxEU) Account of the monetary policy meeting of the Governing Council of the European Central Bank (Christine Lagarde; European Central Bank) The provision of euro liquidity through the ECB’s swap and repo operations (Fabio Panetta, Isabel Schnabel; European Central Bank) Supranational Debt and Financing Needs in the European Union (Mar Delgado-Téllez, Iván Kataryniuk, Fernando López-Vicente, Javier J. Pérez; Bank of Spain) Policy rate unchanged at zero percent (Norges Bank) Bank Syndicates and Liquidity Provision (Joao A. C. Santos, S. Vish Viswanathan; National Bureau of Economic Research) EU regulator’s proposed reforms could damage UK fund sector (Chris Flood; Financial Times) Continue reading “News in Systemic Risk: Thursday, August 20, 2020 (10 a.m. ET)”

Professor Christopher Clayton Earns 2020 AQR Top Finance Graduate Award

By: Electra Ferriello August 20, 2020
Christopher Clayton

Six of the top 2020 finance PhD graduates from around the world have been awarded the eighth annual AQR Top Finance Graduate Award. Each year, a selection committee awards this honor to exceptional PhD graduates whose research is considered to make a potential impact in both practice and...

Continue reading “Professor Christopher Clayton Earns 2020 AQR Top Finance Graduate Award”

Federal Reserve Lowers Pricing for Municipal Liquidity Facility

August 19, 2020
The Federal Reserve Board announced August 10 that it would revise pricing for the Municipal Liquidity Facility (MLF). Specifically, the updated term sheet includes a reduction in the interest rate on MLF loans of 50 basis points across all credit rating categories. The Fed also revised the relationship between interest rates for tax-exempt notes and for taxable notes. Continue reading “Federal Reserve Lowers Pricing for Municipal Liquidity Facility”

News in Systemic Risk: Tuesday, August 18, 2020 (10 a.m. ET)

August 18, 2020
Vulnerable growth in the Euro Area: Measuring the financial conditions (Juan Manuel Figueres, Marek Jarociński; European Central Bank) Debt Relief and the CARES Act: Which Borrowers Benefit the Most? (Rajashri Chakrabarti, Andrew Haughwout, Donghoon Lee, William Nober, Joelle Scally, Wilbert van der Klaauw; Federal Reserve Bank of New York) Are Financially Distressed Areas More Affected by COVID-19? (Rajashri Chakrabarti, William Nober, Maxim Pinkovskiy; Federal Reserve Bank of New York) Structuring Mortgages for Macroeconomic Stability (John Y. Campbell, Nuno Clara, João F. Cocco; National Bureau of Economic Research) Fed Close to Making Its New Inflation Strategy Official (Christopher Condon, Vivien Lou Chen; Bloomberg) Continue reading “News in Systemic Risk: Tuesday, August 18, 2020 (10 a.m. ET)”

News in Systemic Risk: Monday, August 17, 2020 (10 a.m. ET)

August 17, 2020
Does quantitative easing boost bank lending to the real economy or cause other bank asset reallocation? The case of the UK (Simone Giansante, Mahmoud Fatouh, Steven Ongena; Bank of England) The countercyclical capital buffer: A cross-country overview of policy frameworks (Elif C. Arbatli-Saxegaard, Mohammad Adnan Muneer; Norges Bank) The International Aspects of Macroprudential Policy (Kristin J. Forbes; National Bureau of Economic Research) IMF Reaches a Staff-Level Agreement with the Islamic Republic of Afghanistan on an Extended Credit Facility Arrangement (International Monetary Fund) Libor Troubles Deepen as Deadline for Benchmark’s Demise Approaches (Julia-Ambra Verlaine; Wall Street Journal) Fitch Follows Moody’s by Downgrading Oman Deeper Into Junk Again (Abeer Abu Omar, Netty Idayu Ismail; Bloomberg) Continue reading “News in Systemic Risk: Monday, August 17, 2020 (10 a.m. ET)”

News in Systemic Risk: Friday, August 21, 2020 (10 a.m. ET)

August 21, 2020
Survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD) (European Central Bank) US dollar liquidity-providing operations from 1 September 2020 (Bank of England) Hutchins Roundup: Labor share, capital gains taxes, and more (Sophia Campbell, Lorena Hernandez Barcena, Louise Sheiner; Brookings Institution) After polarisation: Stable consensus on European mutual assistance is possible (Roel Beetsma, Brian Burgoon, Francesco Nicoli, Anniek de Ruijter, Frank Vandenbroucke; VoxEU) EU hands CCP members a narrow win on skin in the game (Samuel Wilkes; Central Banking) Continue reading “News in Systemic Risk: Friday, August 21, 2020 (10 a.m. ET)”

From the Associate Director of Admissions: How to Prepare a Successful Application for the 2020-2021 Cycle

By: Emily Whitehouse August 20, 2020

Our team is hard at work putting the finishing touches on the application to the Yale School of Management’s newest program, the Master’s Degree in Asset Management. In anticipation of a late-September application launch, I’d like to offer guidance on how to best approach the admissions...

Continue reading “From the Associate Director of Admissions: How to Prepare a Successful Application for the 2020-2021 Cycle”

News in Systemic Risk: Thursday, August 20, 2020 (10 a.m. ET)

August 20, 2020
COVID-19 in emerging markets: Escaping the monetary policy procyclicality trap (Gaston Gelos, Umang Rawat, Hanqing Ye; VoxEU) Account of the monetary policy meeting of the Governing Council of the European Central Bank (Christine Lagarde; European Central Bank) The provision of euro liquidity through the ECB’s swap and repo operations (Fabio Panetta, Isabel Schnabel; European Central Bank) Supranational Debt and Financing Needs in the European Union (Mar Delgado-Téllez, Iván Kataryniuk, Fernando López-Vicente, Javier J. Pérez; Bank of Spain) Policy rate unchanged at zero percent (Norges Bank) Bank Syndicates and Liquidity Provision (Joao A. C. Santos, S. Vish Viswanathan; National Bureau of Economic Research) EU regulator’s proposed reforms could damage UK fund sector (Chris Flood; Financial Times) Continue reading “News in Systemic Risk: Thursday, August 20, 2020 (10 a.m. ET)”

Professor Christopher Clayton Earns 2020 AQR Top Finance Graduate Award

By: Electra Ferriello August 20, 2020
Christopher Clayton

Six of the top 2020 finance PhD graduates from around the world have been awarded the eighth annual AQR Top Finance Graduate Award. Each year, a selection committee awards this honor to exceptional PhD graduates whose research is considered to make a potential impact in both practice and...

Continue reading “Professor Christopher Clayton Earns 2020 AQR Top Finance Graduate Award”

Federal Reserve Lowers Pricing for Municipal Liquidity Facility

August 19, 2020
The Federal Reserve Board announced August 10 that it would revise pricing for the Municipal Liquidity Facility (MLF). Specifically, the updated term sheet includes a reduction in the interest rate on MLF loans of 50 basis points across all credit rating categories. The Fed also revised the relationship between interest rates for tax-exempt notes and for taxable notes. Continue reading “Federal Reserve Lowers Pricing for Municipal Liquidity Facility”

News in Systemic Risk: Tuesday, August 18, 2020 (10 a.m. ET)

August 18, 2020
Vulnerable growth in the Euro Area: Measuring the financial conditions (Juan Manuel Figueres, Marek Jarociński; European Central Bank) Debt Relief and the CARES Act: Which Borrowers Benefit the Most? (Rajashri Chakrabarti, Andrew Haughwout, Donghoon Lee, William Nober, Joelle Scally, Wilbert van der Klaauw; Federal Reserve Bank of New York) Are Financially Distressed Areas More Affected by COVID-19? (Rajashri Chakrabarti, William Nober, Maxim Pinkovskiy; Federal Reserve Bank of New York) Structuring Mortgages for Macroeconomic Stability (John Y. Campbell, Nuno Clara, João F. Cocco; National Bureau of Economic Research) Fed Close to Making Its New Inflation Strategy Official (Christopher Condon, Vivien Lou Chen; Bloomberg) Continue reading “News in Systemic Risk: Tuesday, August 18, 2020 (10 a.m. ET)”

News in Systemic Risk: Monday, August 17, 2020 (10 a.m. ET)

August 17, 2020
Does quantitative easing boost bank lending to the real economy or cause other bank asset reallocation? The case of the UK (Simone Giansante, Mahmoud Fatouh, Steven Ongena; Bank of England) The countercyclical capital buffer: A cross-country overview of policy frameworks (Elif C. Arbatli-Saxegaard, Mohammad Adnan Muneer; Norges Bank) The International Aspects of Macroprudential Policy (Kristin J. Forbes; National Bureau of Economic Research) IMF Reaches a Staff-Level Agreement with the Islamic Republic of Afghanistan on an Extended Credit Facility Arrangement (International Monetary Fund) Libor Troubles Deepen as Deadline for Benchmark’s Demise Approaches (Julia-Ambra Verlaine; Wall Street Journal) Fitch Follows Moody’s by Downgrading Oman Deeper Into Junk Again (Abeer Abu Omar, Netty Idayu Ismail; Bloomberg) Continue reading “News in Systemic Risk: Monday, August 17, 2020 (10 a.m. ET)”