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Steven Kelly on the Financial Stability Implications of the Discount Window
Steven Kelly is the Associate Director of Research at the Yale Program on Financial Stability and is also a returning guest to the podcast. Steven rejoins David on Macro Musings to talk about the financial stability implications of the discount window. David and Steven also discuss the issues with FHLBs, how to fix the challenge of reporting requirements, restarting the term auction facility and committed liquidity facilities, and much more.
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Transcript for this week\u2019s episode.
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Steven\u2019s Twitter: @StevenKelly49
Steven\u2019s blog: Without Warning
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David Beckworth\u2019s Twitter:\xa0@DavidBeckworth
Follow us on Twitter:\xa0@Macro_Musings
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Check out our new AI chatbot: the\xa0Macro Musebot!
Join the new Macro Musings\xa0Discord server!
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Join the Macro Musings\xa0mailing list!
Check out our Macro Musings\xa0merch!
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Related Links:
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*Domestic Liquidity Provision During Potential Crises* - a panel discussion featuring Steven Kelly, Bill Nelson, Susan McLaughlin, and Luc Laeven at the Federal Reserve Bank of Atlanta\u2019s 2024 Financial Markets Conference
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*Weekly Fed Report Still Drives Discount Window Stigma* by Steven Kelly
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*The New Bagehot Project* - an initiative by the Yale Program on Financial Stability
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*Forward Guidance: Something Old and Something New: Two Potential, Beneficial Discount Window Facilities* by Bill Nelson
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Timestamps:
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(00:00:00) \u2013 Intro
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(00:01:02) \u2013 The Yale Program on Financial Stability and Steven\u2019s Role
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(00:07:04) \u2013 Building a Resilient Regulatory Framework
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(00:12:45) \u2013 Addressing Issues in the Discount Window
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(00:21:37) \u2013 Responding to Criticism of Liquidity Regulations
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(00:27:22) \u2013 Fixing the Challenge of Reporting Requirements
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(00:33:29) \u2013 Restarting the Term Auction Facility and Committed Liquidity Facilities
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(00:37:24) \u2013 Addressing the Issue with FHLBs
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(00:45:26) \u2013 Additional Thoughts from the Atlanta Fed Conference Panel
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(00:50:59) \u2013 Could Increased Use of the Discount Window Cause a Shift in the Fed\u2019s Operating System?
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(00:54:44) \u2013 Outro