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Deploying lots of leverage is more palatable when combined with with slow or no mark-to-market. Private Equity is one example. Banks are another example. SVB was running a $ 117 bn. bond portfolio, and only marking $26 bn. of it to market, with only $15 bn in capital.

📢 SED 2024 will take place in Barcelona 📢 Our Program Chairs are Alessandra Fogli and Elena Manresa afogli001 Elena Manresa #SED2024 NYU Economics Department Minneapolis Fed Opportunity & Inclusive Growth Institute

If banks are in the business of loading up on interest rate risk, they should do so with more equity capital, and not with cheap taxpayer-subsidized deposit funding. says Amit Seru in the FT today. That sounds right to me. 🧵

The spiraling chaos forced me to shelve this newsletter. bloomberg.com/opinion/articl…

The NBER Summer Institute Asset Pricing meeting will be on livestream on Thursday and Friday, July 13 and 14th. Starting at 8:30 am. Program here: nber.org/conferences/si… Live stream link here: m.youtube.com/nbervideos

The programme for our annual Bank of England Agenda for Research conference is out! This year's theme is "The Prudential Framework". Keynotes from Bo Becker (Bo Becker)+ Juliane Begenau (Juliane Begenau). Full programme + registration details at: bankofengland.co.uk/events/2024/fe…

Much of macro-finance focuses on optimal capital regulation. A new version of "Q-Theory of Banks" is a first to look at optimal accounting rules. static1.squarespace.com/static/57844f0… new cool results on: - optimal accounting rules - perils of countercyclical capital buffers

I am organizing a #SITE session on "Climate Finance and Banking" Stanford Economics Aug 19-20 with Stefano Giglio, Lars Hansen, and Monika Piazzesi. The submission link is here: docs.google.com/forms/d/e/1FAI… Deadline is April 15. All papers in climate/finance/banking welcome.

Call for papers for inaugural conference of new joint initiative between the Minneapolis Fed, The University of Chicago Stanford Economics on "Macroeconomic Policy Perspectives". 2024 Conference Theme: Banking, Regulation, and Macroeconomic Outcomes Info on Submission etc sites.google.com/view/mppconfer…