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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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US state and local governments brace for layoffs and cuts due to pandemic

State and local governments set the budgets for local police and fire departments, public schools, health departments, road constructions and repair, public transportation and many other essential public services. How each state, city or town gets revenue varies widely, though it ultimately is some combination of income, sales and property taxes. No matter what the combination, when the economy is hurting – people are unemployed and are buying less and businesses are closing – state and local governments can take a huge hit.
“There are a lot of state and local governments who are seeing very, very strong impacts, and they’re going to have to make very sizable tax increases or spending cuts, especially at the local level,” said Dan White, director of government consulting and fiscal policy research with Moody’s Analytics, which has estimated that budget deficits will total about $80bn to $100bn even with federal aid from Congress’s stimulus packages. ....

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