The Term Auction Facility (TAF) was designed by the Federal Reserve during the financial crisis to inject emergency short-term funds into banks as a supplement to the lender of last resort discount window offerings. We describe how the Federal Reserve altered the design of the Term Auction...

This paper examines U.S. Treasury securities and their reflection on increased inflationary fears in the US. Implications from recent monetary policy suggests conventional Treasury yields have not shown the full extent of rising fears of inflation in financial markets. In this monetary...

This article discusses the recent bank failures of Silicon Valley Bank (SVB) and Signature Bank (Signature) and analyzes the balance sheets of these banks to determine if they were outliers or if they represent a systemic problem in risk management. We highlight how uninsured deposits held at...

The Covid-19 Pandemic and policy response rattled the USTreasury markets. Conventional US Treasuries, inflation adjustedUS Treasuries, and the relationship between the two developed inways such that ignoring changes in real interest rates yielded dis-torted inflation expectations estimates....

Purpose: This study investigates the relation of bank loan delinquencies to Fed Survey delinquency data from 2003 to 2017. Bank-generated loans have lower delinquencies than all Fed Survey loan types. Survey mortgage and auto loan delinquencies are positively related to bank loan delinquencies...

The authors generalize traditional event-study techniques to allow for event-induced parameter shifts, shifting variances, and firm-specific event periods. Their method, which nests traditional methods, also permits systematic risk to change gradually during the event period and exit the period...