Banks' performance on equity and debt markets since the Covid-19 outbreak has been on a par with that experienced after the collapse of Lehman Brothers in 2008. During the initial phase, the market sell-off swept over all banks, which underperformed significantly relative to other sectors. Still, markets showed some differentiation by bank nationality, and credit default swap (CDS) spreads rose the most for those banks that had entered the crisis with the highest level of credit risk. The subsequent stabilisation, brought about by forceful policy measures since mid-March, has favoured banks with higher profitability and healthier balance sheets. Less profitable banks saw their long-term rating outlooks revised to negative. And the CDS spreads of the riskiest banks continued increasing even through the stabilisation phase.

Opening remarks by Ms Christine Lagarde, President of the European Central Bank, at the Online Edition of The State of the Union conference organised by the European University Institute, 8 May 2020.

Are financial intermediaries inherently unstable and, if so, why? To address this, we analyse whether model economies with financial intermediation are particularly prone to multiple, cyclic or stochastic equilibria.

We document that corporate pension contributions respond to tax-based incentives using the 2017 Tax Cut & Jobs Act (TCJA) as a natural experiment. The TCJA cut the U.S. federal corporate tax rate, temporarily increasing contribution incentives for sponsors of defined-benefit retirement plans. We exploit cross-sectional variation in ex-ante exposure to these incentives.

Long-term interest rates have remained low despite a surge in the issuance of sovereign debt to mitigate the economic impact of the pandemic.

Equities have rallied since 2017 and yet the expected growth in dividends has declined since then. Is the fall in long-term interest rates to be blamed?

Bank of Italy Working Papers by Giorgio Albareto, Andrea Cardillo, Andrea Hamaui and Giuseppe Marinelli

Bank of Italy Working Papers by Concetta Rondinelli and Roberta Zizza

Bank of Italy Working Papers by Luca Metelli, Filippo Natoli and Luca Rossi

Bank of Italy Working Papers by Andrea Gazzani and Alejandro Vicondoa

Bank of Italy Working Papers by Eleonora Porreca and Alfonso Rosolia

Bank for International Settlements BIS Working Papers by David Cook and Nikhil Patel

Bank of Finland Research Discussion Papers by Gonçalo Faria and Fabio Verona

Bank of England Working Papers by Aydan Dogan and Ida Hjortsoe

Bank of England Working Papers by Cristiano Cantore and Lukas Freund

Bank of England Working Papers by Cristiano Cantore, Filippo Ferroni and Miguel León-Ledesma

Bank of England Working Papers by Nicola Garbarino and Benjamin Guin

European Central Bank Working Papers by Marien Ferdinandusse, Maximilian Freier and Annukka Ristiniemi

European Systemic Risk Board Occasional Papers by Greg Ros

European Central Bank Working Papers by Fabian Eser, Peter Karadi, Philip R. Lane, Laura Moretti and Chiara Osbat

Central Bank of Chile Working Papers by Carlos Madeira

Central Bank of Chile Working Papers by Benjamín García and Juan Guerra-Salas

Central Bank of Chile Working Papers by Tomás Gómez, Alejandro Jara and David Moreno

Central Bank of Chile Working Papers by Gee Hee Hong, Matthew Klepacz, Ernesto Pasten and Raphael Schoenle

“If people saw this, they would stay home.” What the war against the coronavirus looks like inside two Bronx hospitals.

More suffering is ahead for the developing world.

These causes will make great use of your money or your time.

Magical thinking won’t protect us.

Ready to "switch" things up on your desktop? A mechanical keyboard can make everything click again. Here's a guide to the most common mechanical key types, as well as the top performers in our testing.

Cord cutters have more choices than just Netflix and Hulu. We break down the best video streaming services for your money, whether you're looking to completely replace cable or watch the latest original content on-demand.

Whether you're a casual smartphone shooter or a professional using an SLR, software can get the most out of your images. We help you find the best photo editing software for your needs.

An enraged and ebullient Trump ups the body count.

Trump washes his hands of responsibility.

Peeking out our windows, we see America shriveling.

On cronies, cranks and the coronavirus.

Anti-government ideology is crippling pandemic policy.

Covid-19 highlights the conservative reliance on fake experts.

The only fiscal thing to fear is deficit fear itself.

The College of Health and Human Development will host M. Daniele Fallin, Sylvia and Harold Halpert Professor in Mental Health and chair of the Department of Mental Health at the Johns Hopkins Bloomberg School of Public Health, at 4 p.m. via Zoom Webinar on Thursday, May 7, for the next presentation in its Dean’s Lecture Series: Perspectives on the Pandemic. This presentation, “Mental Health and the COVID Pandemic,” will summarize recent findings on the psychological effects of the pandemic, as well as offer some strategies for prevention and intervention as the pandemic, and its after-effects, continue.

As the COVID-19 pandemic continues around the world, countries are extending periods of national lockdown and increasing the need for people to stay home. AppleInsider has compiled a list of free resources, apps, tools, and services that are still available to use while social distancing.

Instead of every meeting attendee staring at a flat Zoom screen, Apple is looking to the future of video conferencing with Memoji-style avatars arranged in augmented reality around each meeting attendee.

Instead of a theater release in May, or a digital rental period, Warner Brothers will release their new movie 'Scoob!' on iTunes for a $25 one-time purchase.

Apple has refreshed the 13-inch MacBook Pro with Magic Keyboard, the start of Apple's online WWDC has been announced, the iPad Pro Smart Keyboard gets a teardown, and your hosts provide a massive roundup of HomeKit and smart home devices.

Apple's upcoming reopening of some U.S.-based retail locations will be based around guidelines that the company developed for and refined at its open South Korea Apple Store.

Amid one of the worst economic downturns in years, Apple has outperformed most expectations that analysts have placed on it. Just shy of two months into the COVID-19 pandemic, its share price has returned to levels not seen since before the crisis.

Apple frequently places movies on sale, and this week is no exception. Here's the latest batch of movies that you can get on the cheap for this Mother's Day weekend.

The fatherhood documentary "Dads" featuring actor Bryce Dallas Howard will be airing on Apple TV+ ahead of Father's Day, with the film set to be available to stream from the service from June 19.

Mother's Day may be tomorrow, but you can still grab a great deal on Apple hardware with prices starting at just $95. Take advantage of the return of the popular $100 discount on Apple Watch Series 5 styles, plus a new $375 markdown on 16-inch MacBook Pros and flash deals on iPod touch models.

Volker (OM Montenegro) describes how their outdoor lessons for Roma kids were threatened by bad weather. Then God provided not only the solution - building a carport as a shelter - but also the funds and manpower needed to build it.

Anna (Germany) and Christina (Canada) are the youngest members of OM Montenegro. They describe how God called them into missions, and led them unexpectedly to Montenegro, a Balkan country neither had heard much about before. Here God is changing them as they prepare for further service...