Macro Musings with David Beckworth
Steven Kelly on the Financial Stability Implications of the Discount Window
Jul 8, 2024
Steven Kelly, Associate Director of Research at the Yale Program on Financial Stability, discusses the financial stability implications of the discount window with David Beckworth. They touch on issues with FHLBs, fixing reporting challenges, restarting term auction and liquidity facilities, and more.
55:25
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Quick takeaways
- Enhancing discount window access can reduce stigma for banks.
- Update financial crisis playbook for post-crisis system effectiveness.
Deep dives
Discussion on Financial Crises and Crisis Fighting Policy
The episode delves into the concept of financial crises and crisis fighting policy strategies. It emphasizes the importance of preparing for financial crises even though they can't be entirely prevented. By focusing on building a playbook for modern financial crises, the discussion highlights the need to restart the financial system effectively post-crisis.
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