Yale School of Management

Posts by Author

Federal Reserve Expands Support to Corporate Bond Markets Again

June 16, 2020
On June 15, the Federal Reserve (Fed) updated and expanded the Secondary Market Corporate Credit Facility (SMCCF), one of the Fed’s corporate bond-buying programs, to support market liquidity and the availability of credit for large employers. The recent change allows the facility to buy U.S. corporate bond portfolios that track a broad market index. Continue reading “Federal Reserve Expands Support to Corporate Bond Markets Again”

News in Systemic Risk: Tuesday, June 16, 2020 (10 a.m. ET)

June 16, 2020
Treasury Market Liquidity and the Federal Reserve during the COVID-19 Pandemic (Michael Fleming; Federal Reserve Bank of New York)  Kurzarbeit: Germany’s Short-Time Work Benefit (International Monetary Fund)  Can Forecast Errors Predict Financial Crises? Exploring the Properties of a New Multivariate Credit Gap (Elena Afanasyeva; Federal Reserve Board of Governors)  EMEs and COVID-19: Shutting Down in a World of Informal and Tiny Firms (Laura Alfaro, Oscar Becerra, Marcela Eslava; National Bureau of Economic Research)  Governments May Revisit Postwar Playbook as They Tackle Huge Debts (Paul Hannon; Wall Street Journal)  Debt investors bet on emerging markets as ‘QE’ begins to travel (Colby Smith; Financial Times)  Fed Adapts as Congress Urges More Credit Risk On Corporate Loans (Saleha Mohsin, Craig Torres; Bloomberg) Continue reading “News in Systemic Risk: Tuesday, June 16, 2020 (10 a.m. ET)”

COVID-19 and Insurance (1 of 3): Helping Individuals and Businesses

June 15, 2020
Insurance companies face unusual challenges during the COVID-19 crisis. This blog describes efforts by companies and their supervisors to: Reduce financial burdens on insurance customers, for example, by allowing them to defer premium payments.  Resolve the controversy over whether existing insurance coverage extends to businesses that have lost revenue during the crisis. Continue reading “COVID-19 and Insurance (1 of 3): Helping Individuals and Businesses”

News in Systemic Risk: Monday, June 15, 2020 (10 a.m. ET)

June 15, 2020
Monetary Policy Report submitted to the Congress on June 12, 2020, pursuant to section 2B of the Federal Reserve Act (Federal Reserve Board of Governors) Combating COVID-19: How Should Banking Supervisors Respond? (Tobias Adrian,  Ceyla Pazarbasioglu; International Monetary Fund) The Costs of Macroprudential Deleveraging in a Liquidity Trap (Jiaqian Chen, Daria Finocchiaro, Jesper Lindé, Karl Walentin; International Monetary Fund) Why Did Public Banks Lend More During the Global Financial Crisis? (Joshua Bosshardt, Eugenio M Cerutti; International Monetary Fund) Assessing the Resiliency of Non-DFAST Banks to a Financial Shock (Kevin Kiernan, Cindy Vojtech; Federal Reserve Board of Governors) Bank Heterogeneity and Financial Stability (Itay Goldstein, Alexandr Kopytov, Lin Shen, Haotian Xiang; National Bureau of Economic Research) Chile Rolls Out Its Third Multi-Billion Dollar Covid-19 Stimulus (Valentina Fuentes, Philip Sanders; Bloomberg) BOE Gets Negative Rates Advantage by Watching Others Go First (David Goodman, Lucy Meakin; Bloomberg) New York Fed to tighten repo operations (CentralBanking) Continue reading “News in Systemic Risk: Monday, June 15, 2020 (10 a.m. ET)”

From the Associate Director of Admissions: A Timeline for Applying This Year

By: Emily Whitehouse June 15, 2020

While we are still a few months away from the start of the inaugural year of the Master’s Degree in Asset Management program, I know that many prospective applicants are beginning to think about the upcoming application cycle. The summer is an ideal time to begin considering the next step in...

Continue reading “From the Associate Director of Admissions: A Timeline for Applying This Year”

News in Systemic Risk: Friday, June 12, 2020 (10 a.m. ET)

June 12, 2020
How Fed Swap Lines Supported the U.S. Corporate Credit Market amid COVID-19 Strains (Nicola Cetorelli, Linda S. Goldberg, Fabiola Ravazzolo; Federal Reserve Bank of New York) Introductory Statement (Andrea Enria; European Central Bank) Wall Street vs. Main Street QE (Eric R. Sims, Jing Cynthia Wu; National Bureau of Economic Research) Interview with Il Sole 24 Ore (Phillip R. Lane; European Central Bank) Fixing a Dollar Funding Crisis for Free (Mike Bird; Wall Street Journal) Emerging-Market Debt Crisis Brews as State Firms Need Rescue ( Michelle Jamrisko, Anirban Nag, Karlis Salna; Bloomberg) Continue reading “News in Systemic Risk: Friday, June 12, 2020 (10 a.m. ET)”

Federal Reserve Expands Support to Corporate Bond Markets Again

June 16, 2020
On June 15, the Federal Reserve (Fed) updated and expanded the Secondary Market Corporate Credit Facility (SMCCF), one of the Fed’s corporate bond-buying programs, to support market liquidity and the availability of credit for large employers. The recent change allows the facility to buy U.S. corporate bond portfolios that track a broad market index. Continue reading “Federal Reserve Expands Support to Corporate Bond Markets Again”

News in Systemic Risk: Tuesday, June 16, 2020 (10 a.m. ET)

June 16, 2020
Treasury Market Liquidity and the Federal Reserve during the COVID-19 Pandemic (Michael Fleming; Federal Reserve Bank of New York)  Kurzarbeit: Germany’s Short-Time Work Benefit (International Monetary Fund)  Can Forecast Errors Predict Financial Crises? Exploring the Properties of a New Multivariate Credit Gap (Elena Afanasyeva; Federal Reserve Board of Governors)  EMEs and COVID-19: Shutting Down in a World of Informal and Tiny Firms (Laura Alfaro, Oscar Becerra, Marcela Eslava; National Bureau of Economic Research)  Governments May Revisit Postwar Playbook as They Tackle Huge Debts (Paul Hannon; Wall Street Journal)  Debt investors bet on emerging markets as ‘QE’ begins to travel (Colby Smith; Financial Times)  Fed Adapts as Congress Urges More Credit Risk On Corporate Loans (Saleha Mohsin, Craig Torres; Bloomberg) Continue reading “News in Systemic Risk: Tuesday, June 16, 2020 (10 a.m. ET)”

COVID-19 and Insurance (1 of 3): Helping Individuals and Businesses

June 15, 2020
Insurance companies face unusual challenges during the COVID-19 crisis. This blog describes efforts by companies and their supervisors to: Reduce financial burdens on insurance customers, for example, by allowing them to defer premium payments.  Resolve the controversy over whether existing insurance coverage extends to businesses that have lost revenue during the crisis. Continue reading “COVID-19 and Insurance (1 of 3): Helping Individuals and Businesses”

News in Systemic Risk: Monday, June 15, 2020 (10 a.m. ET)

June 15, 2020
Monetary Policy Report submitted to the Congress on June 12, 2020, pursuant to section 2B of the Federal Reserve Act (Federal Reserve Board of Governors) Combating COVID-19: How Should Banking Supervisors Respond? (Tobias Adrian,  Ceyla Pazarbasioglu; International Monetary Fund) The Costs of Macroprudential Deleveraging in a Liquidity Trap (Jiaqian Chen, Daria Finocchiaro, Jesper Lindé, Karl Walentin; International Monetary Fund) Why Did Public Banks Lend More During the Global Financial Crisis? (Joshua Bosshardt, Eugenio M Cerutti; International Monetary Fund) Assessing the Resiliency of Non-DFAST Banks to a Financial Shock (Kevin Kiernan, Cindy Vojtech; Federal Reserve Board of Governors) Bank Heterogeneity and Financial Stability (Itay Goldstein, Alexandr Kopytov, Lin Shen, Haotian Xiang; National Bureau of Economic Research) Chile Rolls Out Its Third Multi-Billion Dollar Covid-19 Stimulus (Valentina Fuentes, Philip Sanders; Bloomberg) BOE Gets Negative Rates Advantage by Watching Others Go First (David Goodman, Lucy Meakin; Bloomberg) New York Fed to tighten repo operations (CentralBanking) Continue reading “News in Systemic Risk: Monday, June 15, 2020 (10 a.m. ET)”

From the Associate Director of Admissions: A Timeline for Applying This Year

By: Emily Whitehouse June 15, 2020

While we are still a few months away from the start of the inaugural year of the Master’s Degree in Asset Management program, I know that many prospective applicants are beginning to think about the upcoming application cycle. The summer is an ideal time to begin considering the next step in...

Continue reading “From the Associate Director of Admissions: A Timeline for Applying This Year”

News in Systemic Risk: Friday, June 12, 2020 (10 a.m. ET)

June 12, 2020
How Fed Swap Lines Supported the U.S. Corporate Credit Market amid COVID-19 Strains (Nicola Cetorelli, Linda S. Goldberg, Fabiola Ravazzolo; Federal Reserve Bank of New York) Introductory Statement (Andrea Enria; European Central Bank) Wall Street vs. Main Street QE (Eric R. Sims, Jing Cynthia Wu; National Bureau of Economic Research) Interview with Il Sole 24 Ore (Phillip R. Lane; European Central Bank) Fixing a Dollar Funding Crisis for Free (Mike Bird; Wall Street Journal) Emerging-Market Debt Crisis Brews as State Firms Need Rescue ( Michelle Jamrisko, Anirban Nag, Karlis Salna; Bloomberg) Continue reading “News in Systemic Risk: Friday, June 12, 2020 (10 a.m. ET)”