Steven Kelly on the Financial Stability Implications of the Discount Window
Macro Musings with David Beckworth8 Jul 2024

Steven Kelly on the Financial Stability Implications of the Discount Window

Steven Kelly is the Associate Director of Research at the Yale Program on Financial Stability and is also a returning guest to the podcast. Steven rejoins David on Macro Musings to talk about the financial stability implications of the discount window. David and Steven also discuss the issues with FHLBs, how to fix the challenge of reporting requirements, restarting the term auction facility and committed liquidity facilities, and much more.

Transcript for this week's episode.

Steven's Twitter: @StevenKelly49

Steven's blog: Without Warning

David Beckworth's Twitter: @DavidBeckworth

Follow us on Twitter: @Macro_Musings

Check out our new AI chatbot: the Macro Musebot!

Join the new Macro Musings Discord server!

Join the Macro Musings mailing list!

Check out our Macro Musings merch!

Related Links:

*Domestic Liquidity Provision During Potential Crises* - a panel discussion featuring Steven Kelly, Bill Nelson, Susan McLaughlin, and Luc Laeven at the Federal Reserve Bank of Atlanta's 2024 Financial Markets Conference

*Weekly Fed Report Still Drives Discount Window Stigma* by Steven Kelly

*The New Bagehot Project* - an initiative by the Yale Program on Financial Stability

*Forward Guidance: Something Old and Something New: Two Potential, Beneficial Discount Window Facilities* by Bill Nelson

Timestamps:

(00:00:00) – Intro

(00:01:02) – The Yale Program on Financial Stability and Steven's Role

(00:07:04) – Building a Resilient Regulatory Framework

(00:12:45) – Addressing Issues in the Discount Window

(00:21:37) – Responding to Criticism of Liquidity Regulations

(00:27:22) – Fixing the Challenge of Reporting Requirements

(00:33:29) – Restarting the Term Auction Facility and Committed Liquidity Facilities

(00:37:24) – Addressing the Issue with FHLBs

(00:45:26) – Additional Thoughts from the Atlanta Fed Conference Panel

(00:50:59) – Could Increased Use of the Discount Window Cause a Shift in the Fed's Operating System?

(00:54:44) – Outro

Episoder(547)

Basil Halperin on Macroeconomic Policy in an Age of Transformative AI

Basil Halperin on Macroeconomic Policy in an Age of Transformative AI

Basil Halperin is an assistant professor of economics at the University of Virginia. In Basil's first appearance on the show he discusses the famous but flawed Citrini essay, why Silicon Valley's grow...

27 Apr 56min

Rich Clarida on Navigating Monetary Policy in Choppy Waters

Rich Clarida on Navigating Monetary Policy in Choppy Waters

Rich Clarida was the vice chair of the Board of Governors of the Federal Reserve System and is currently a professor of economics at Columbia University and a managing director at PIMCO. Rich returns ...

20 Apr 52min

Kris Mitchener on What Actually Anchors the Price Level

Kris Mitchener on What Actually Anchors the Price Level

Kris Mitchener is a professor of economics at Santa Clara University and is an economic and monetary historian. In Kris's first appearance on the show, he discusses how he fell in love with building d...

13 Apr 56min

Steve Kamin and Mark Sobel on the Outlook of Dollar Dominance

Steve Kamin and Mark Sobel on the Outlook of Dollar Dominance

Steve Kamin is a senior fellow at the American Enterprise Institute and was previously the director of the Division of International Finance at the Federal Reserve Board. Mark Sobel is the US chairman...

6 Apr 1h 1min

Ruth Judson on Chasing Dollars Around the World

Ruth Judson on Chasing Dollars Around the World

Ruth Judson is a monetary economist, economic historian, and veteran of the Federal Reserve Board of Governors. In Ruth's first appearance on the show she discusses her career at the Fed, field trips ...

30 Mar 50min

Bill Nelson on the Future of the Fed's Balance Sheet

Bill Nelson on the Future of the Fed's Balance Sheet

Bill Nelson is a chief research officer and chief economist at the Bank Policy Institute. In Bill's 10th appearance on the show he discusses his infamous email list, the ratchet effect from QE, his co...

23 Mar 55min

Neha Narula, Anders Brownworth, and Daniel Aronoff on Understanding Stablecoins in the GENIUS Era

Neha Narula, Anders Brownworth, and Daniel Aronoff on Understanding Stablecoins in the GENIUS Era

Subscribe to the new Macro Musings YouTube Channel! Neha Narula is the director of the Digital Currency Initiative which is based out of the Media Lab at MIT. Anders Brownworth is veteran software en...

16 Mar 57min

Jesús Fernández-Villaverde on the Quandary of Global Demographic Decline

Jesús Fernández-Villaverde on the Quandary of Global Demographic Decline

Subscribe to the new Macro Musings YouTube Channel! Jesús Fernández-Villaverde is a professor of economics at the University of Pennsylvania. Jesús returns to the show to discuss his rise on X, how t...

9 Mar 1h 4min

Populært innen Business og økonomi

stopp-verden
lydartikler-fra-aftenposten
dine-penger-pengeradet
rss-penger-polser-og-politikk
e24-podden
rss-borsmorgen-okonominyhetene
pengesnakk
livet-pa-veien-med-jan-erik-larssen
utbytte
rss-pa-konto
pengepodden-2
finansredaksjonen
morgenkaffen-med-finansavisen
liberal-halvtime
tid-er-penger-en-podcast-med-peter-warren
stormkast-med-valebrokk-stordalen
lederpodden
rss-markedspuls-2
okonomiamatorene
rss-sunn-okonomi