I have posted a draft of a new paper, "Real Yields and the Transmission of Central Bank Balance-Sheet Policies." The paper investigates policy options when long-term nominal yields are constrained at their lower bound and, in particular, proposes inflation-indexed term lending as a potential way to provide stimulus in that environment. Comments welcome!
The paper was recently presented at the Fed System Committee on Macroeconomics, the Chicago Fed, and the Bank of Canada. Slides for the latter presentation available here.
Here is a little note on how monetary policy has affected the performance of the stock market during the COVID period. (Spoiler alert: a lot, and mostly through the equity premium.) Comments welcome!
At the same conference, I discussed Burgess, Passmore, and Sherlund's chapter on the GSEs. Slides available here.
I presented "Securities Financing and Asset Markets: New Evidence" at the Midwest Finance Association in March. Yesoel Hu was the discussant. Slides available here.
At the same conference, I discussed:
Allen, Covi, Gu, Kowalewski, and Montagna's "Trust and the Interbank Market Puzzle." Slides available here.
Sarkisyan and Viratyosin's "The Impact of the Deposit Channel on the International Transmission of Monetary Shocks." Slides available here.