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The Federal Reserve Single-Tranche Term Repurchase Agreements (U.S. Gfc), Aidan Lawson Oct 2020

The Federal Reserve Single-Tranche Term Repurchase Agreements (U.S. Gfc), Aidan Lawson

Journal of Financial Crises

As mortgage defaults and foreclosures continued to climb, the severe strains that started to plague credit markets in the middle of 2007 worsened further. Losses on housing-related securities and derivative instruments continued to climb, causing substantial damage to the balance sheets of large financial institutions that had levered up on these same securities. As their positions worsened, banks found it increasingly difficult to attract funding that wasn’t priced at exorbitantly high rates or for very short terms. Term funding markets, specifically those that centered on agency mortgage-backed securities (MBS), quickly dried up as fears of illiquidity and even insolvency spread. …


The Federal Reserve’S Response To The 1987 Market Crash (U.S. Historical), Kaleb B. Nygaard Oct 2020

The Federal Reserve’S Response To The 1987 Market Crash (U.S. Historical), Kaleb B. Nygaard

Journal of Financial Crises

The S&P 500 lost 10% the week ending Friday, October 16, 1987, and lost an additional 20% the following Monday, October 19, 1987. The date would be remembered as Black Monday. The Federal Reserve (the Fed) responded to the crash in four distinct ways: (1) issuing a public statement promising to provide liquidity, as needed, “to support the economic and financial system”; (2) providing support to the Treasury securities market by injecting in-high-demand maturities into the market via reverse repurchase agreements; (3) allowing the federal funds rate to fall from 7.5% to 7.0% and below; and (4) intervening directly to …


1970 Commercial Paper Market Liquidity Crisis (U.S. Historical), Kaleb B. Nygaard Oct 2020

1970 Commercial Paper Market Liquidity Crisis (U.S. Historical), Kaleb B. Nygaard

Journal of Financial Crises

Penn Central Transportation Company (Penn Central), the resulting railroad company of the late 1960s merger of Pennsylvania Railroad and New York Central Railroad, filed for bankruptcy on June 21, 1970. The bankruptcy came in the middle of the 1969–70 recession and sparked a sharp downturn in the commercial paper market. The Federal Reserve did not intervene directly in the commercial paper market but rather increased funding options available to banks via the discount window and an amendment to Regulation Q. The banks then provided funds to corporations unable to acquire them from the commercial paper market. The liquidity crisis abated …


Market Liquidity Programs: Gfc And Before, June Rhee, Greg Feldberg, Ariel Smith, Andrew Metrick Oct 2020

Market Liquidity Programs: Gfc And Before, June Rhee, Greg Feldberg, Ariel Smith, Andrew Metrick

Journal of Financial Crises

The virulence of the Global Financial Crisis of 2007–09 (GFC) was explained in large part by the increased reliance of the global financial system on market-based funding and the lack of preexisting tools to address a disruption in that type of system. This paper surveys market liquidity programs (MLPs), which we define as government interventions in which the key motivation is to stabilize liquidity in a specific wholesale funding market that is under stress. Most of the MLPs surveyed in this paper were launched during and after the GFC, but two pre-GFC MLPs are included. A subsequent survey on MLPs …


Designing The Main Street Lending Program: Challenges And Options, William B. English, J. Nellie Liang Oct 2020

Designing The Main Street Lending Program: Challenges And Options, William B. English, J. Nellie Liang

Journal of Financial Crises

The Main Street Lending Program (MSLP) was established by the Federal Reserve to provide loans to small and mid-sized firms and large below-investment-grade firms that were financially sound before the onset of the COVID-19 pandemic. The program, which was established under the Fed’s Section 13(3) emergency authorities, is supported by capital from the U.S. Treasury and became operational in July 2020; however, utilization has been slight. We describe the economic challenges in designing a loan support program and evaluate the MSLP program in terms of how it manages significant asymmetric information, adverse selection, poor targeting, and moral hazard problems while …


The United Kingdom's Credit Guarantee Scheme (U.K. Gfc), Christian Mcnamara Oct 2020

The United Kingdom's Credit Guarantee Scheme (U.K. Gfc), Christian Mcnamara

Documents

No abstract provided.


Canadian Monetary Policy In The Time Of Covid-19, Steve Ambler, Jeremy M. Kronick Oct 2020

Canadian Monetary Policy In The Time Of Covid-19, Steve Ambler, Jeremy M. Kronick

Documents

No abstract provided.


Coronavirus Job Retention Scheme Statistics: September 2020, United Kingdom: Hm Revenue & Customs Oct 2020

Coronavirus Job Retention Scheme Statistics: September 2020, United Kingdom: Hm Revenue & Customs

Documents

No abstract provided.


Periodic Report: Update On Outstanding Lending Facilities Authorized By The Board Under Section 13(3) Of The Federal Reserve Act - October 7, 2020, Federal Reserve System: Board Of Governors Oct 2020

Periodic Report: Update On Outstanding Lending Facilities Authorized By The Board Under Section 13(3) Of The Federal Reserve Act - October 7, 2020, Federal Reserve System: Board Of Governors

Documents

No abstract provided.


Corporate Bond Purchase Program Expanded To Buy-Side Participants, Bank Of Canada/Central Bank Of Canada/La Banque Du Canada Oct 2020

Corporate Bond Purchase Program Expanded To Buy-Side Participants, Bank Of Canada/Central Bank Of Canada/La Banque Du Canada

Documents

No abstract provided.


Term Asset-Backed Securities Loan Facility: Announcements, Federal Reserve System: Federal Reserve Bank Of New York Oct 2020

Term Asset-Backed Securities Loan Facility: Announcements, Federal Reserve System: Federal Reserve Bank Of New York

Documents

No abstract provided.


Rewritten Heroes Act Lops $800 Million Off First Proposal, But Unlikely To Proceed, Sean Fulmer, Corey Runkel Oct 2020

Rewritten Heroes Act Lops $800 Million Off First Proposal, But Unlikely To Proceed, Sean Fulmer, Corey Runkel

Documents

No abstract provided.


Mortgage Monitor - August 2020 Report, Black Knight Oct 2020

Mortgage Monitor - August 2020 Report, Black Knight

Documents

No abstract provided.


Faqs: Municipal Liquidity Facility, Federal Reserve System: Federal Reserve Bank Of New York Oct 2020

Faqs: Municipal Liquidity Facility, Federal Reserve System: Federal Reserve Bank Of New York

Documents

No abstract provided.


How Investors Access The Talf, Federal Reserve System: Federal Reserve Bank Of New York Oct 2020

How Investors Access The Talf, Federal Reserve System: Federal Reserve Bank Of New York

Documents

No abstract provided.


About The Financial Claims Scheme, Australian Prudential Regulatory Authority Oct 2020

About The Financial Claims Scheme, Australian Prudential Regulatory Authority

Documents

No abstract provided.


Notes On Extended Benefactives, Jim Wood, Shayley Martin Oct 2020

Notes On Extended Benefactives, Jim Wood, Shayley Martin

Yale Working Papers in Grammatical Diversity

Wood and Zanuttini (2018) have discussed data suggesting that low Appl(icative) phrases can occur as the complement of a preposition in some varieties of English. However, their claim was based on a limited data set that is potentially open to alternative analyses. This paper reports on judgment data collected by the second author of the present paper in January 2018 which go well beyond the examples discussed by Wood and Zanuttini (2018), and support their claim that a beneficiary and a DP can form a constituent inside a PP that excludes the PP and any verb it may be associated …


Monetary Policy Report - October 2020, Bank Of Canada/Central Bank Of Canada/La Banque Du Canada Oct 2020

Monetary Policy Report - October 2020, Bank Of Canada/Central Bank Of Canada/La Banque Du Canada

Documents

No abstract provided.


Swedish Corporate Bonds During The Coronavirus Pandemic, Stephan Wollert Oct 2020

Swedish Corporate Bonds During The Coronavirus Pandemic, Stephan Wollert

Documents

No abstract provided.


The Term Asset-Backed Securities Loan Facility (Talf) (U.S. Gfc), June Rhee Oct 2020

The Term Asset-Backed Securities Loan Facility (Talf) (U.S. Gfc), June Rhee

Documents

No abstract provided.


Activity Report First Half Year 2020, Sareb Oct 2020

Activity Report First Half Year 2020, Sareb

Documents

No abstract provided.


Prin: Chapter 2: The Principles, Financial Conduct Authority (Fca) Oct 2020

Prin: Chapter 2: The Principles, Financial Conduct Authority (Fca)

Documents

Principles for Business section of the FCA Handbook


Mcob 2 : Conduct Of Business Standards: General, Financial Conduct Authority (Fca) Oct 2020

Mcob 2 : Conduct Of Business Standards: General, Financial Conduct Authority (Fca)

Documents

No abstract provided.


Lessons Learned: Lorie Logan, Mercedes Cardona Oct 2020

Lessons Learned: Lorie Logan, Mercedes Cardona

Documents

Recommended Citation: Cardona, Mercedes (2020) "Lessons Learned: Lorie Logan," Journal of Financial Crises: Vol. 2 : Iss. 3, 969-971


Bridge To Recovery, International Monetary Fund (Imf) Oct 2020

Bridge To Recovery, International Monetary Fund (Imf)

Documents

No abstract provided.


Fighting Crises With Secrecy, Gary Gorton, Guillermo Ordoñez Oct 2020

Fighting Crises With Secrecy, Gary Gorton, Guillermo Ordoñez

Documents

No abstract provided.


U.S. Credit Markets Interconnectedness And The Effects Of The Covid-19 Economic Shock, S.P. Kothari Oct 2020

U.S. Credit Markets Interconnectedness And The Effects Of The Covid-19 Economic Shock, S.P. Kothari

Documents

No abstract provided.


2008 Pdcf Landing Page - Frbny, Federal Reserve System: Federal Reserve Bank Of New York Oct 2020

2008 Pdcf Landing Page - Frbny, Federal Reserve System: Federal Reserve Bank Of New York

Documents

No abstract provided.


App Vs. Pepp: Similar, But With Different Rationales, Christophe Blot, Jèr´Me Creel, Paul Hubert Sep 2020

App Vs. Pepp: Similar, But With Different Rationales, Christophe Blot, Jèr´Me Creel, Paul Hubert

Documents

No abstract provided.


Ypfs Lessons Learned Oral History Project: An Interview With Mark Van Der Weide, Mark Van Der Weide, Matthew A. Lieber Sep 2020

Ypfs Lessons Learned Oral History Project: An Interview With Mark Van Der Weide, Mark Van Der Weide, Matthew A. Lieber

Documents

Suggested Citation Form: Van Der Weide, Mark “Lessons Learned Interview."Interview by Matthew Lieber. Yale Program on Financial Stability Lessons Learned Oral History Project. 29 September 2020. Transcript. https://ypfs.som.yale.edu/library/ypfs-lesson-learned-oral-history-project-interview-mark-van-der-weide