Archive - Without Warning

The Financial Stability Implications of Each Possible Stablecoin Reserves Model

There's always something

Jun 15 •

April 2025

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 •

March 2025

New paper: "Rushing to Judgment and the Banking Crisis of 2023"

With Jonathan Rose

Mar 4 •

February 2025

Where Debanking Didn't Happen

With no redactions

Feb 23 •

January 2025

Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending

Jan 14 •

Ratings Agencies: The Forgotten Constituency of Financial Crisis Interventions

A new policy note with Ayo George

Jan 2 •

December 2024

The Fed's Bit Part in the Credit Suisse Saga

Pardon my French

Dec 20, 2024 •

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 •

October 2024

Private Credit's Shifting Identity

It has slowly begun undermining most of its original value propositions

Oct 6, 2024 •

September 2024

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