Steven Kelly

Yale University - Yale Program on Financial Stability

Associate Director of Research

165 Whitney Avenue

P.O. Box 208200

New Haven, CT 06520-8200

United States

SCHOLARLY PAPERS

13

DOWNLOADS

1,944

TOTAL CITATIONS

2

Scholarly Papers (13)

1.

United States: First Republic Bank Emergency Liquidity Program, 2023

Journal of Financial Crises, Volume 7, Issue 1.
Number of pages: 31 Posted: 15 Apr 2025
Salil Gupta, Jack French and Steven Kelly
Yale University - Yale Program on Financial Stability, Yale School of Management and Yale University - Yale Program on Financial Stability
Downloads 540 (112,220)

Abstract:

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ad hoc emergency liquidity assistance, Banking Crisis of 2023, First Republic, private intervention, Silicon Valley Bank

2.

Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending

Number of pages: 37 Posted: 13 Jan 2025 Last Revised: 20 Apr 2025
Steven Kelly
Yale University - Yale Program on Financial Stability
Downloads 495 (124,756)

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emergency liquidity assistance, Federal Reserve, financial crises, Section 13(3) of the Federal Reserve Act, US Treasury

3.

Rushing to Judgment and the Banking Crisis of 2023

FRB of Chicago Working Paper No. 2025-04
Number of pages: 55 Posted: 04 Mar 2025
Steven Kelly and Jonathan Rose
Yale University - Yale Program on Financial Stability and Federal Reserve Bank of Chicago
Downloads 255 (267,121)

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business model risk, Silicon Valley Bank, uninsured deposits, unrealized losses, Banking Crisis of 2023

4.

United States: Lehman Brothers Broker-Dealer Emergency Liquidity Program, 2008

Journal of Financial Crises, Volume 7, Issue 1.
Number of pages: 29 Posted: 15 Apr 2025
Ayodeji George and Steven Kelly
University of Chicago - Harris School of Public Policy and Yale University - Yale Program on Financial Stability
Downloads 172 (376,738)

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ad hoc emergency liquidity, Federal Reserve, LBI, Lehman Brothers, primary dealer, Section 13(3)

5.

The Rescue of American International Group Module Z: Overview

The Journal of Financial Crises: Vol. 3: Iss. 1, 208-281, 2021
Number of pages: 75 Posted: 12 Aug 2021 Last Revised: 27 Aug 2021
Yale Program on Financial Stability, Yale University - Yale Program on Financial Stability, Yale University - Yale Program on Financial Stability, Yale School of Management - Program on Financial Stability and Yale School of Management
Downloads 132 (469,739)
Citation 1

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AIG, American International Group, FRA Section 13(3), nonbank, liquidity, capital injections, too-big-to-fail, Maiden Lane II, Maiden Lane III, nationalize, TARP

6.

Ireland 2009 Recapitalization Program for Financial Institutions

The Journal of Financial Crises: Vol. 3 : Iss. 3, 194-209, 2021
Number of pages: 17 Posted: 14 Dec 2021
Steven Kelly
Yale University - Yale Program on Financial Stability
Downloads 62 (765,256)

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Allied Irish Banks, Bank of Ireland, broad-based, broad-based capital injection, capital injection, Global Financial Crisis, Ireland, National Pensions Reserve Fund

7.

United States: Municipal Liquidity Facility

Kelly, Steven (2022) "United States: Municipal Liquidity Facility," Journal of Financial Crises: Vol. 4 : Iss. 2, 1904-1932. Available at: https://elischolar.library.yale.edu/journal-of-financial-crises/vol4/iss2/86
Number of pages: 30 Posted: 29 Jul 2022
Steven Kelly
Yale University - Yale Program on Financial Stability
Downloads 47 (875,471)

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CARES Act, COVID-19 crisis, Federal Reserve, market liquidity, municipal debt, Section 13(3)

8.

United States: FIMA Repo Facility, 2020

Yale Program on Financial Stability Case Study, 2023
Number of pages: 22 Posted: 18 Jul 2023
Steven Kelly
Yale University - Yale Program on Financial Stability
Downloads 44 (901,644)
Citation 1

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central bank swaps, COVID-19 crisis, Federal Reserve, FIMA Repo Facility, foreign and international monetary authorities

9.

United States: Main Street Lending Program

Kelly, Steven (2022) "United States: Main Street Lending Program," Journal of Financial Crises: Vol. 4 : Iss. 2, 1983-2021. Available at: https://elischolar.library.yale.edu/journal-of-financial-crises/vol4/iss2/89
Number of pages: 40 Posted: 29 Jul 2022
Steven Kelly
Yale University - Yale Program on Financial Stability
Downloads 43 (910,580)

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CARES Act, COVID-19 crisis, Federal Reserve, market liquidity, nonprofits, small and medium-sized enterprises, SMEs, bank lending, Section 13(3)

10.

United States: Paycheck Protection Program Liquidity Facility

Kelly, Steven (2022) "United States: Paycheck Protection Program Liquidity Facility," Journal of Financial Crises: Vol. 4 : Iss. 2, 1963-1982. Available at: https://elischolar.library.yale.edu/journal-of-financial-crises/vol4/iss2/88
Number of pages: 21 Posted: 29 Jul 2022
Steven Kelly
Yale University - Yale Program on Financial Stability
Downloads 41 (929,030)

Abstract:

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Federal Reserve, market liquidity, Paycheck Protection Program, Section 13(3), Small Business Administration

11.

Switzerland: Credit Suisse Emergency Liquidity Program, 2023

Journal of Financial Crises, Volume 7, Issue 1.
Number of pages: 32 Posted: 15 Apr 2025
Jack French, Owen Heaphy and Steven Kelly
Yale School of Management, Yale School of Management and Yale University - Yale Program on Financial Stability
Downloads 40 (938,527)

Abstract:

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ad hoc emergency liquidity, Banking Crisis of 2023, Credit Suisse, Swiss National Bank, UBS

12.

FHLB Dividends: Low-Hanging Fruit for Reconfiguring FHLB Lending

Kelly, Steven; McLaughlin, Susan; and Metrick, Andrew (2024) "FHLB Dividends: Low-Hanging Fruit for Reconfiguring FHLB Lending," Journal of Financial Crises: Vol. 6 : Iss. 2, 85-104. Available at: https://elischolar.library.yale.edu/journal-of-financial-crises/vol6/iss2/4
Number of pages: 22 Posted: 25 Nov 2024
Steven Kelly, Susan McLaughlin and Andrew Metrick
Yale University - Yale Program on Financial Stability, Yale University - Yale Program on Financial Stability and Yale School of Management
Downloads 40 (938,527)

Abstract:

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financial market structure, lender of last resort, government-sponsored enterprises, banking

13.

Hong Kong Contingent Bank Capital Facility (CBCF)

The Journal of Financial Crises: Vol. 3 : Iss. 3, 128-135, Yale Program on Financial Stability Working Paper Forthcoming
Number of pages: 9 Posted: 13 Dec 2021
David Tam and Steven Kelly
Yale University - Yale Program on Financial Stability and Yale University - Yale Program on Financial Stability
Downloads 33 (1,009,245)

Abstract:

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broad-based, capital injections, broad-based capital injections, Contingent Bank Capital Facility, Exchange Fund, Hong Kong, Hong Kong Monetary Authority