Yale School of Management

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

June 11, 2020
Transcript of Chair Powell’s Press Conference Opening Remarks (Jerome Powell; Federal Reserve Board of Governors) Liquidity risks in the insurance sector (Christine Lagarde; European Systemic Risk Board) Measures of the Covid-19 Support Programme and setting up of the Mauritius Investment Corporation (Harvesh Seegolam; Bank of International Settlements) Liquidity risks arising from margin calls (European Systemic Risk Board) IMF Executive Board Approves US$594 Million in Emergency Assistance to Guatemala to Help Address the COVID-19 Pandemic (International Monetary Fund) The independence of the central bank at risk (Peter Bofinger, Martin Hellwig, Michael Hüther, Monika Schnitzer, Moritz Schularick, Guntram Wolff; VoxEU) Continue reading “News in Systemic Risk: June 11, 2020 (10 a.m. ET)”

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

June 10, 2020
The monetary policy toolbox (Stefan Ingves; Sveriges Riksbank) The General Board of the European Systemic Risk Board takes second set of actions in response to the coronavirus emergency at its extraordinary meeting on 27 May 2020 (European Systemic Risk Board) What role did margin play during the Covid-19 shock (Renee Horrell, Pavel Chichkanov; Bank of England) Financial System Resilience: Lessons from a real stress (Jon Cunliffe; Bank of England) IMF Executive Board Approves a US$363.6 Million Disbursement to Papua New Guinea to Address the COVID-19 Pandemic (International Monetary Fund) Credit crisis is at the heart of India’s weakness (Benjamin Parkin; Financial Times) Continue reading “News in Systemic Risk: June 10, 2020 (10 a.m. ET)”

Federal Reserve Amends Main Street Lending Program

June 10, 2020
On June 8, the Federal Reserve announced significant changes to the Main Street Lending Program, a new facility designed to support lending to small and medium-sized businesses. The changes include decreasing the minimum loan amount for some loans, increasing the maximum loan amount, amending the loan repayment schedule, and extending the loan term.  Continue reading “Federal Reserve Amends Main Street Lending Program ”

News in Systemic Risk Blog, June 9, 2020 (10 a.m. ET)

June 9, 2020
Federal Reserve Board expands its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support (Federal Reserve Board of Governors) Hearing at the Committee on Economic and Monetary Affairs of the European Parliament (Christine Lagarde; European Central Bank) World Bank Sees 5.2% Decline in Global Economy in 2020 From Coronavirus (Josh Zumbrun; Wall Street Journal) Deflation Fears at ECB Signal Stimulus Battles for Lagarde (Paul Gordon; Bloomberg) The Bahamas : Request for Purchase under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for The Bahamas (International Monetary Fund) An Event Study of COVID-19 Central Bank Quantitative Easing in Advanced and Emerging Economies (Jonathan Hartley, Alessandro Rebucci; National Bureau of Economic Research) Determination of the February 2020 Peak in US Economic Activity (National Bureau of Economic Research) Continue reading “News in Systemic Risk Blog, June 9, 2020 (10 a.m. ET)”

Governments Provide SMEs with Relief for Non-Wage Fixed Costs

June 8, 2020
As countries adopt measures to respond to the ongoing COVID-19 crisis, many are providing support to businesses for fixed costs. Fixed costs are those that do not change with the amount of product or services a firm provides. Though a small business may be able to decrease variable costs in response to diminished demand or a government-mandated suspension of operations, small and medium-sized enterprises (SMEs) still face the ongoing burden of fixed costs. Continue reading “Governments Provide SMEs with Relief for Non-Wage Fixed Costs”

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

June 11, 2020
Transcript of Chair Powell’s Press Conference Opening Remarks (Jerome Powell; Federal Reserve Board of Governors) Liquidity risks in the insurance sector (Christine Lagarde; European Systemic Risk Board) Measures of the Covid-19 Support Programme and setting up of the Mauritius Investment Corporation (Harvesh Seegolam; Bank of International Settlements) Liquidity risks arising from margin calls (European Systemic Risk Board) IMF Executive Board Approves US$594 Million in Emergency Assistance to Guatemala to Help Address the COVID-19 Pandemic (International Monetary Fund) The independence of the central bank at risk (Peter Bofinger, Martin Hellwig, Michael Hüther, Monika Schnitzer, Moritz Schularick, Guntram Wolff; VoxEU) Continue reading “News in Systemic Risk: June 11, 2020 (10 a.m. ET)”

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

June 10, 2020
The monetary policy toolbox (Stefan Ingves; Sveriges Riksbank) The General Board of the European Systemic Risk Board takes second set of actions in response to the coronavirus emergency at its extraordinary meeting on 27 May 2020 (European Systemic Risk Board) What role did margin play during the Covid-19 shock (Renee Horrell, Pavel Chichkanov; Bank of England) Financial System Resilience: Lessons from a real stress (Jon Cunliffe; Bank of England) IMF Executive Board Approves a US$363.6 Million Disbursement to Papua New Guinea to Address the COVID-19 Pandemic (International Monetary Fund) Credit crisis is at the heart of India’s weakness (Benjamin Parkin; Financial Times) Continue reading “News in Systemic Risk: June 10, 2020 (10 a.m. ET)”

Federal Reserve Amends Main Street Lending Program

June 10, 2020
On June 8, the Federal Reserve announced significant changes to the Main Street Lending Program, a new facility designed to support lending to small and medium-sized businesses. The changes include decreasing the minimum loan amount for some loans, increasing the maximum loan amount, amending the loan repayment schedule, and extending the loan term.  Continue reading “Federal Reserve Amends Main Street Lending Program ”

News in Systemic Risk Blog, June 9, 2020 (10 a.m. ET)

June 9, 2020
Federal Reserve Board expands its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support (Federal Reserve Board of Governors) Hearing at the Committee on Economic and Monetary Affairs of the European Parliament (Christine Lagarde; European Central Bank) World Bank Sees 5.2% Decline in Global Economy in 2020 From Coronavirus (Josh Zumbrun; Wall Street Journal) Deflation Fears at ECB Signal Stimulus Battles for Lagarde (Paul Gordon; Bloomberg) The Bahamas : Request for Purchase under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for The Bahamas (International Monetary Fund) An Event Study of COVID-19 Central Bank Quantitative Easing in Advanced and Emerging Economies (Jonathan Hartley, Alessandro Rebucci; National Bureau of Economic Research) Determination of the February 2020 Peak in US Economic Activity (National Bureau of Economic Research) Continue reading “News in Systemic Risk Blog, June 9, 2020 (10 a.m. ET)”

Governments Provide SMEs with Relief for Non-Wage Fixed Costs

June 8, 2020
As countries adopt measures to respond to the ongoing COVID-19 crisis, many are providing support to businesses for fixed costs. Fixed costs are those that do not change with the amount of product or services a firm provides. Though a small business may be able to decrease variable costs in response to diminished demand or a government-mandated suspension of operations, small and medium-sized enterprises (SMEs) still face the ongoing burden of fixed costs. Continue reading “Governments Provide SMEs with Relief for Non-Wage Fixed Costs”