Mar 20, 2023
Steven Kelly is a senior research associate at the Yale Program on Financial Stability and is a previous guest of the podcast. Steven rejoins Macro Musings to talk about the recent bank collapses at Silicon Valley Bank (SVB) and Signature, the government response, and what this means for financial stability policy in the present and future. David and Steven also discuss the role that interest rate risk and macro policy played in SVB’s failure, the debate over the systemic nature of this crisis, the implementation and use of the Bank Term Funding Program, and more.
Transcript for the episode can be found here.
Steven’s Twitter: @StevenKelly49
Steven’s Substack: Without Warning
David Beckworth’s Twitter: @DavidBeckworth
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Steven Kelly Twitter thread on SVB
Daniela Gabor Twitter thread on SVB
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