The Fed's $3 Trillion Problem | Maroon Macro & Joseph Wang
Forward Guidance
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The Impact of the Basel 3 Rules on Repo
The SLR was supposed to be a binding constraint on balance sheet activity. But it has led to this sort of interesting situation where, basically, depending on which types of activities have different accounting treatments underneath the SLR in these various other regulatory guidelines. It incentivizes banks to engage in different kinds of behavior. And so I think this is just sort of an underrated, like overall driving force in markets.
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