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New paper: "Ad Hoc Emergency Liquidity Programs in the 21st Century"
Death to the myth of the "illiquid but solvent" bank that needs a rescue
Apr 16
•
Steven Kelly
5
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New paper: "Ad Hoc Emergency Liquidity Programs in the 21st Century"
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March 2025
New paper: "Rushing to Judgment and the Banking Crisis of 2023"
With Jonathan Rose
Mar 4
•
Steven Kelly
15
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New paper: "Rushing to Judgment and the Banking Crisis of 2023"
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February 2025
Where Debanking Didn't Happen
With no redactions
Feb 23
•
Steven Kelly
7
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Where Debanking Didn't Happen
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January 2025
Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending
A new paper
Jan 14
•
Steven Kelly
7
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Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending
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Ratings Agencies: The Forgotten Constituency of Financial Crisis Interventions
A new policy note with Ayo George
Jan 2
•
Steven Kelly
2
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Ratings Agencies: The Forgotten Constituency of Financial Crisis Interventions
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December 2024
The Fed's Bit Part in the Credit Suisse Saga
Pardon my French
Dec 20, 2024
•
Steven Kelly
8
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The Fed's Bit Part in the Credit Suisse Saga
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1
The Fed Should Stay Out of the Fight for T-Bills
After QT, the Fed will think about how it defines a "neutral" portfolio
Dec 13, 2024
•
Steven Kelly
11
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The Fed Should Stay Out of the Fight for T-Bills
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October 2024
Private Credit's Shifting Identity
It has slowly begun undermining most of its original value propositions
Oct 6, 2024
•
Steven Kelly
24
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Private Credit's Shifting Identity
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September 2024
Shadow Banks Can Run—But Not Hide—From Bank Supervisors
There's no such thing as a shadow bank without a bank
Sep 29, 2024
•
Steven Kelly
11
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Shadow Banks Can Run—But Not Hide—From Bank Supervisors
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What Vice Chair Barr's Liquidity Speech Wasn't
His nonversation on liquidity got some analysts confused
Sep 27, 2024
•
Steven Kelly
6
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What Vice Chair Barr's Liquidity Speech Wasn't
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Is Private Credit 'So 2022'?
Thanks for the mems and the memes
Sep 22, 2024
•
Steven Kelly
21
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Is Private Credit 'So 2022'?
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August 2024
How the FDIC Sourced Crisis-Time Fed Funding Through the Failed Banks of 2023
A novel crisis-time liquidity channel for the FDIC, but potentially costly and risky
Aug 21, 2024
•
Steven Kelly
7
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How the FDIC Sourced Crisis-Time Fed Funding Through the Failed Banks of 2023
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