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Reforming the macroprudential regulatory architecture in the US

Katharina Bergant, Francesco Grigoli, Niels-Jakob Hansen, Damiano Sandri
When the COVID-19 pandemic shuttered major economies in March 2020, it also wreaked havoc on financial markets. In the first few weeks of March, investment-grade corporate bonds lost roughly a fifth of their value, on par with the declines in equity and high-yield debt. (Haddad et al. 2020, Falato et al. forthcoming). Contrary to the usual flight to quality, in mid-March, Treasury yields began rising and only stabilised after the Federal Reserve initiated a massive purchase program. (Vissing-Jorgensen 2020). The distress in the Treasury market accentuated distress in other markets and liquidity challenges for firms. Nonbanks that service a huge swathe of home loans looked as though they may face their own collective liquidity crisis, causing ripple effects in mortgage origination and elsewhere. Crisis was averted only because of the quick and aggressive interventions by the Federal Reserve, Congress, and ....

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Economists want you to have the most boring Christmas possible

Getty Images / WIRED
When Parag Waknis lived in the United States, he would give friends and colleagues the same gift every year: a voucher. Often derided for their lack of originality and thoughtfulness, these much-maligned rectangles of plastic are some economists’ perfect gift: something that technically fulfills the criteria of a present while also giving the recipient the freedom to choose their own gift. “I was completely convinced that cash was the way to go,” Waknis says.
After moving to India in 2018 to become an associate professor of economics at Ambedkar University Delhi, Waknis found himself under pressure to give gifts that show how well he knows the recipient. His carefree days of doling out gift cards no matter the occasion are increasingly a thing of the past. Yet Waknis can’t shake the thought that there is a glaring economic flaw with gift giving. Sometimes, recipients just don’t like what they get. ....

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