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Underwritings

The BPI Blog

RESET
October 1, 2018

Bill Nelson, Francisco Covas, Sean Campbell (Financial Services Forum)

Bill Nelson

Executive Vice President and Chief Economist

Download CV
William Nelson is an Executive Vice President and Chief Economist at the Bank Policy Institute. Previously he served as Executive Managing Director, Chief Economist, and Head of Research at the Clearing House Association and Chief Economist of the Clearing House Payments Company. Mr. Nelson contributed to and oversaw research and analysis to support the advocacy of the Association on behalf of TCH’s owner banks. Prior to joining The Clearing House in 2016, Mr. Nelson was a deputy director of the Division of Monetary Affairs at the Federal Reserve Board where his responsibilities included monetary policy analysis, discount window policy analysis, and financial institution supervision. Mr. Nelson attended Federal Open Market Committee meetings and regularly briefed the Board and FOMC. He was a member of the Large Institution Supervision Coordinating Committee (LISCC) and the steering committee of the Comprehensive Liquidity Analysis and Review (CLAR). He has chaired and participated in several BIS working groups on the design of liquidity regulations and most recently chaired the CGFS-Markets Committee working group on regulatory change and monetary policy. Mr. Nelson joined the Board in 1993 as an economist in the Banking section of Monetary Affairs. In 2004, he was the founding chief of the new Monetary and Financial Stability section of Monetary Affairs. In 2007 and 2008, he visited the Bank for International Settlements, in Basel, Switzerland, where his responsibilities included analyzing central banks’ responses to the financial crisis and researching the use of forward guidance by central banks. He returned to the Board in the fall of 2008 where he helped design and manage several of the Federal Reserve’s emergency liquidity facilities. Mr. Nelson earned a Ph.D., an M.S., and an M.A. in economics from Yale University and a B.A. from the University of Virginia. He has published research on a wide range of topics including monetary policy rules; monetary policy communications; and the intersection of monetary policy, lender of last resort policy, financial stability, and bank supervision and regulation.

Articles Written by Bill Nelson

October 24

Excluding Reserves from the Leverage Ratio Would Make Repo Market Volatility Worse

October 18

Constructive Disambiguity About the Discount Window

October 1

Two Little-Noticed and Self-Inflicted Causes of the Fed’s Current Monetary Policy Implementation Predicament

Francisco Covas

Senior Vice President, Head of Research

Download CV
Francisco Covas is currently Senior Vice President, Head of Research at the Bank Policy Institute. Prior to joining BPI, Mr. Covas served as Senior Vice President and Deputy Head of Research at the Clearing House Association, where he helped oversee research and analysis to support the advocacy of the Association on behalf of the owner banks. Prior to joining the Clearing House in 2016, Mr. Covas was an assistant director of the Division of Monetary Affairs at the Federal Reserve Board where he supervised a team focused on the effects of changes in bank regulation on monetary policy, on the role of banks in the transmission of monetary policy, and on the development and validation of stress testing models. Prior to that, he was an economist in the Division of Banking Supervision & Regulation and focused on a range of capital, liquidity and other regulatory initiatives. Mr. Covas earned a Ph.D. in economics from University of California, San Diego in 2004 and a B.A. from the Universidade Nova de Lisboa, Portugal in 1997. He has written extensively on liquidity rules, capital regulation and stress testing and has published research on a wide range of journals, including American Economic Review, Journal of Money Credit and Banking, International Journal of Forecasting, among other academic journals.

Articles Written by Francisco Covas

November 26

The GSIB Surcharge and Repo Markets

November 20

Quantifying Just How High U.S. Capital Requirements Are

October 24

Excluding Reserves from the Leverage Ratio Would Make Repo Market Volatility Worse

Sean Campbell (Financial Services Forum)

Articles Written by Sean Campbell (Financial Services Forum)

October 1, 2018

Five Questions for the Federal Reserve on the GSIB Surcharge

June 27, 2018

Seeing the Forest for the Trees: GSIB Capital and Enhanced GSIB Regulation

Five Questions for the Federal Reserve on the GSIB Surcharge

Each bank in the United States designated by the Financial Stability Board and Basel Committee on Banking Supervision as a global systemically important bank (GSIB) is held to a capital… Continue Reading

Bank Capital and Stress Testing (Research), Research

June 27, 2018

Francisco Covas, Bill Nelson, Sean Campbell (Financial Services Forum)

Francisco Covas

Senior Vice President, Head of Research

Download CV
Francisco Covas is currently Senior Vice President, Head of Research at the Bank Policy Institute. Prior to joining BPI, Mr. Covas served as Senior Vice President and Deputy Head of Research at the Clearing House Association, where he helped oversee research and analysis to support the advocacy of the Association on behalf of the owner banks. Prior to joining the Clearing House in 2016, Mr. Covas was an assistant director of the Division of Monetary Affairs at the Federal Reserve Board where he supervised a team focused on the effects of changes in bank regulation on monetary policy, on the role of banks in the transmission of monetary policy, and on the development and validation of stress testing models. Prior to that, he was an economist in the Division of Banking Supervision & Regulation and focused on a range of capital, liquidity and other regulatory initiatives. Mr. Covas earned a Ph.D. in economics from University of California, San Diego in 2004 and a B.A. from the Universidade Nova de Lisboa, Portugal in 1997. He has written extensively on liquidity rules, capital regulation and stress testing and has published research on a wide range of journals, including American Economic Review, Journal of Money Credit and Banking, International Journal of Forecasting, among other academic journals.

Articles Written by Francisco Covas

November 26

The GSIB Surcharge and Repo Markets

November 20

Quantifying Just How High U.S. Capital Requirements Are

October 24

Excluding Reserves from the Leverage Ratio Would Make Repo Market Volatility Worse

Bill Nelson

Executive Vice President and Chief Economist

Download CV
William Nelson is an Executive Vice President and Chief Economist at the Bank Policy Institute. Previously he served as Executive Managing Director, Chief Economist, and Head of Research at the Clearing House Association and Chief Economist of the Clearing House Payments Company. Mr. Nelson contributed to and oversaw research and analysis to support the advocacy of the Association on behalf of TCH’s owner banks. Prior to joining The Clearing House in 2016, Mr. Nelson was a deputy director of the Division of Monetary Affairs at the Federal Reserve Board where his responsibilities included monetary policy analysis, discount window policy analysis, and financial institution supervision. Mr. Nelson attended Federal Open Market Committee meetings and regularly briefed the Board and FOMC. He was a member of the Large Institution Supervision Coordinating Committee (LISCC) and the steering committee of the Comprehensive Liquidity Analysis and Review (CLAR). He has chaired and participated in several BIS working groups on the design of liquidity regulations and most recently chaired the CGFS-Markets Committee working group on regulatory change and monetary policy. Mr. Nelson joined the Board in 1993 as an economist in the Banking section of Monetary Affairs. In 2004, he was the founding chief of the new Monetary and Financial Stability section of Monetary Affairs. In 2007 and 2008, he visited the Bank for International Settlements, in Basel, Switzerland, where his responsibilities included analyzing central banks’ responses to the financial crisis and researching the use of forward guidance by central banks. He returned to the Board in the fall of 2008 where he helped design and manage several of the Federal Reserve’s emergency liquidity facilities. Mr. Nelson earned a Ph.D., an M.S., and an M.A. in economics from Yale University and a B.A. from the University of Virginia. He has published research on a wide range of topics including monetary policy rules; monetary policy communications; and the intersection of monetary policy, lender of last resort policy, financial stability, and bank supervision and regulation.

Articles Written by Bill Nelson

October 24

Excluding Reserves from the Leverage Ratio Would Make Repo Market Volatility Worse

October 18

Constructive Disambiguity About the Discount Window

October 1

Two Little-Noticed and Self-Inflicted Causes of the Fed’s Current Monetary Policy Implementation Predicament

Sean Campbell (Financial Services Forum)

Articles Written by Sean Campbell (Financial Services Forum)

October 1, 2018

Five Questions for the Federal Reserve on the GSIB Surcharge

June 27, 2018

Seeing the Forest for the Trees: GSIB Capital and Enhanced GSIB Regulation

Seeing the Forest for the Trees: GSIB Capital and Enhanced GSIB Regulation

This blog post was written jointly by economists at the Financial Services Forum (Sean Campbell) and The Clearing House (Francisco Covas and Bill Nelson). Each of the banks in the… Continue Reading

Bank Capital and Stress Testing (Policy), Bank Capital and Stress Testing (Research), Research

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