Tag Archives: Jeremy Stein

Banks as Patient Fixed Income Investors

From Sam Hanson, Andrei Shleifer, Jeremy Stein, and Robert Vishny: We examine the business model of traditional commercial banks in the context of their co- existence with shadow banks. While both types of intermediaries create safe “money-like” claims, they go about … Continue reading

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Monetary Policy and Long-Term Real Rates

From Sam Hanson and Jeremy Stein: Changes in monetary policy have surprisingly strong effects on forward real rates in the distant future. A 100 basis-point increase in the 2-year nominal yield on an FOMC announcement day is associated with a 42 … Continue reading

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Impact of “Substantially Heightened” Capital Requirements on Large Financial Institutions

From Anil Kashyap, Jeremy Stein, and Sam Hanson: ABSTRACT: We examine the impact of “substantially heightened” capital requirements on large financial institutions, and on their customers. Our analysis yields three main conclusions. First, the frictions associated with raising new external equity … Continue reading

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Jeremy Stein on Monetary Policy and “Substantial Progress”

From Jeremy Stein: I view Chairman Bernanke’s remarks at his press conference–in which he suggested that if the economy progresses generally as we anticipate then the asset purchase program might be expected to wrap up when unemployment falls to the … Continue reading

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Jeremy Stein on Regulating Large Financial Institutions

Here‘s Jeremy Stein on regulating large financial institutions. Some have argued that the current policy path is not working, and that we need to take a fundamentally different approach.4  Such an alternative approach might include, for example, outright caps on the … Continue reading

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Jeremy Stein on & Financial Stability & Why We See Credit Booms

Here’s a link. HT:@profsufi

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Should the US be issuing more short-term debt?

As a follow up to yesterday’s post on short term debt, treasuries and financial crises, I wanted to highlight this paper by Greenwood, Hanson, & Stein that argues that the government should issue more short-term debt to discourage short-term money creation … Continue reading

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Overheating in Credit Markets: Origins, Measurement, and Policy Responses

A new speech from Jeremy Stein.

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Large-Scale Asset Purchases by Jeremy Stein

Here’s Greg Ip on Jeremy Stein’s recent LSAP speeches (Oct 11, Nov 30): If Mr Stein’s story is right, we should expect to see corporations exploiting the drop in long-term rates to refinance short-term debt and repurchase stock but not boost … Continue reading

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