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The effect of the central bank liquidity support during pandemics : evidence from the 1918 influenza pandemic

Anderson, Haelim Park; Chang, Jin Wook; Copeland, Adam - 2020

The coronavirus outbreak raises the question of how central bank liquidity support affects financial stability and promotes economic recovery. Using newly assembled data on cross-county flu mortality rates and state-charter bank balance sheets in New York State, we investigate the effects of the...

Persistent link: https://www.econbiz.de/10012224329

Defaults and losses on commercial real estate bonds

Wiggers, Tyler; Ashcraft, Adam B. - 2012

-32) to determine their frequency of default and total loss given default. Default rates on these bonds far exceeded those … higher loan-to-value ratios results in higher rates of default and loss. They also support the business cycle's significance … is a rapid recovery around the corner. -- Great Depression ; CMBS market ; default and loss study ; commercial real …

Persistent link: https://www.econbiz.de/10009521614

Beyond thirty : treasury issuance of long-term bonds from 1953 to 1965

Garbade, Kenneth D. - 2017

Ever since the emergence of regular and predictable issuance of coupon-bearing Treasury debt in the 1970s, thirty years has marked the outer boundary of Treasury bond maturities. However, longer-term bonds were not unknown in earlier years. Seven such bonds, including one with a forty-year term,...

Persistent link: https://www.econbiz.de/10011586602

Climate regulatory risks and corporate bonds

Seltzer, Lee; Starks, Laura T.; Zhu, Qifei - 2022

Investor concerns about climate and other environmental regulatory risks suggest that these risks should affect corporate bond risk assessment and pricing. We test this hypothesis and find that firms with poor environmental profiles or high carbon footprints tend to have lower credit ratings and...

Persistent link: https://www.econbiz.de/10013193337

Exorbitant privilege? : quantitative easing and the bond market subsidy of prospective fallen angels

Acharya, Viral V.; Banerjee, Ryan; Crosignani, Matteo; … - 2022

We document capital misallocation in the U.S. investment-grade (IG) corporate bond market, driven by quantitative easing (QE). Prospective fallen angels - risky firms just above the IG rating cutoff-enjoyed subsidized bond financing since 2009, especially when the scale of QE purchases peaked...

Persistent link: https://www.econbiz.de/10013161890

The shifting drivers of global liquidity

Avdjiev, Stefan; Gambacorta, Leonardo; Goldberg, Linda S.; … - 2017

The post-crisis period has seen a considerable shift in the composition and drivers of international bank lending and international bond issuance, the two main components of global liquidity. The sensitivity of both types of flows to U.S. monetary policy rose substantially in the immediate...

Persistent link: https://www.econbiz.de/10011671045

Gender and the availability of credit to privately held firms : evidence from the surveys of small business finances

Cole, Rebel A.; Mehran, Hamid - 2009

This study analyzes differences by gender in the ownership of privately held U.S. firms and examines the role of gender in the availability of credit. Using data from the nationally representative Surveys of Small Business Finances, which span a period of sixteen years, we document a series of...

Persistent link: https://www.econbiz.de/10003947529

Auctions implemented by the Federal Reserve Bank of New York during the great recession

Armantier, Olivier; Sporn, John - 2013

During the Great Recession, the Federal Reserve implemented several novel programs to address adverse conditions in financial markets. Three of these temporary programs relied on an auction mechanism: the Term Auction Facility, the Term Securities Lending Facility, and the disposition of the...

Persistent link: https://www.econbiz.de/10010201315

Federal Reserve participation in public treasury offerings

Garbade, Kenneth D. - 2019

This paper describes the evolution of Federal Reserve participation in public Treasury offerings. It covers the pre-1935 period, when the Fed participated on an equal footing with other investors in exchange offerings priced by Treasury officials, to its present-day practice of reinvesting the...

Persistent link: https://www.econbiz.de/10012137600

Managing the Treasury yield curve in the 1940s

Garbade, Kenneth D. - 2020

This paper examines the efforts of the Federal Open Market Committee (FOMC) to first control, and later decontrol, the level and shape of the Treasury yield curve in the 1940s. The paper begins with a brief review of monetary policy in 1938 and a description of the period between September 1939...

Persistent link: https://www.econbiz.de/10012161524