The Fed takes on corporate credit risk: an analysis of the efficacy of the SMCCF
by Simon Gilchrist, Bin Wei, Vivian Z. Yue and Egon ZakrajšekWe evaluate the efficacy of the Secondary Market Corporate Credit Facility (SMCCF), a program designed to stabilize the U.S. corporate bond market during the Covid-19 pandemic. The Fed announced the SMCCF on March 23, 2020, and expanded the program on April 9. Our results show that the two announcements significantly lowered credit and bid-ask spreads, the former almost entirely through a reduction in credit risk premia.
Human frictions in the transmission of economic policy
Bank of Finland Research Discussion Papers by Francesco D’Acunto, Daniel Hoang, Maritta Paloviita and Michael Weber
Seven decades of international banking
Special Feature of the BIS Quarterly Review, September 2021 – xxxxxxxxxxxxxxxxxxxxx Debt securities markets have grown globally. Exploring the BIS international debt securities statistics, we find that the offshore affiliates of non-financial corporates (NFCs) have played an important role since the Great Financial Crisis. …
Wage inequality under inflationtargeting in South Africa
South African Reserve Bank Working Papers by Serena Merrino
Monetary Policy Credibility and Exchange Rate Pass-Through
IJCB International Journal of Central Banking by Yan Carrière-Swallow, Bertrand Gruss, Nicolas E. Magud and Fabián Valencia
Fiscal Transfers without Moral Hazard?
IJCB International Journal of Central Banking by Roel Beetsma, Simone Cima and Jacopo Cimadomo
The Determinants of European Banks' Capital Structure: Is There a Difference between Public and Private Banks?
IJCB International Journal of Central Banking by Vitor Oliveira and Clara Raposo
The Effect of the Single Currency on Exports: Comparative Firm-Level Evidence
IJCB International Journal of Central Banking by Tibor Lalinsky and Jaanika Meriküll
Household Wealth and Resilience to Financial Shocks in Italy
IJCB International Journal of Central Banking by Daniel Garcia-Macia
Rethinking Capital Regulation: The Case for a Dividend Prudential Target
IJCB International Journal of Central Banking by Manuel A. Muñoz