Working Paper
The Impact of Unconventional Monetary Policy on Firm Financing Constraints : Evidence from the Maturity Extension Program
Yu, Edison; Ramcharan, Rodney; Foley-Fisher, Nathan (2016-02)
This paper investigates the impact of unconventional monetary policy on firm financial constraints. It focuses on the Federal Reserve?s maturity extension program (MEP), intended to lower longer-term rates and flatten the yield curve by reducing the supply of long-term government debt. Consistent with those models that emphasize bond market segmentation and limits to arbitrage, around the MEP?s announcement, stock prices rose most sharply for those firms that are more dependent on longer-term debt. These firms also issued more long-term debt during the MEP and expanded employment and ...
Finance and Economics Discussion Series , Paper 2016-025

Journal Article
Measuring Cov-Lite Right
Yu, Edison (2018)
More business loans today lack traditional covenants governing borrowers. Does that leave banks with fewer tools to ward off default?
Banking Trends , Issue 3 , Pages 1-8

Journal Article
Do Stress Tests Reduce Credit Growth?
Yu, Edison (2020-03-10)
Stress tests are supposed to ensure your access to credit during the next downturn, but some critics claim that they also limit your access to credit today. We test that theory.
Banking Trends , Volume 5 , Issue 1 , Pages 1-7

Journal Article
Banking Trends Discrimination in Mortgage Markets
Yu, Edison (2022-03-24)
Automated underwriting may reduce but likely does not end discrimination against racial minorities.
Banking Trends , Volume 7 , Issue 1 , Pages 2-8

Journal Article
Banking Trends: The Rise of the Single-Family REIT
Yu, Edison (2023-10-04)
A new investment vehicle spread rapidly after the Great Financial Crisis. Should we be concerned?
Banking Trends , Volume 8 , Issue 3 , Pages 26-32

Journal Article
Banking Trends: Where Depositors Fear to Tread
Yu, Edison (2025-30-31)
What should policymakers do when depositors flee banks? Edison Yu shows that much depends on how banks create liquidity.
Banking Trends , Volume 10 , Issue 1 , Pages 18-21

Journal Article
Did quantitative easing work?
Yu, Edison (2016-01)
Did QE lower yields and stimulate the economy? What about risks? Weighing the evidence requires a bit of theory.
Economic Insights , Volume 1 , Issue 1 , Pages 5-13

Journal Article
Banking Trends: Measuring Cov-Lite Right
Yu, Edison (2018-07)
More business loans today lack traditional covenants governing borrowers. Does that leave banks with fewer tools to ward off default?
Economic Insights , Volume 3 , Issue 3 , Pages 1-8

Journal Article
Banking Trends: Do Stress Tests Reduce Credit Growth?
Yu, Edison (2020-03-10)
Stress tests are supposed to ensure your access to credit during the next downturn, but some critics claim that they also limit your access to credit today. We test that theory.
Economic Insights , Volume 5 , Issue 1 , Pages 1-7

Journal Article
Banking Trends: Discrimination in Mortgage Markets
Yu, Edison (2022-03-24)
Automated underwriting may reduce but likely does not end discrimination against racial minorities.
Economic Insights , Volume 7 , Issue 1 , Pages 2-8