Steven Kelly is the Associate Director of Research at the Yale Program on Financial Stability and is also a returning guest to the podcast. Steven rejoins David on Macro Musings to talk about the financial stability implications of the discount window. David and Steven also discuss the issues with FHLBs, how to fix the challenge of reporting requirements, restarting the term auction facility and committed liquidity facilities, and much more.   Transcript for this week’s episode.   Steven’s Twitter: @StevenKelly49 Steven’s blog: Without Warning   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server!   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:   *Domestic Liquidity Provision During Potential Crises* - a panel discussion featuring Steven Kelly, Bill Nelson, Susan McLaughlin, and Luc Laeven at the Federal Reserve Bank of Atlanta’s 2024 Financial Markets Conference   *Weekly Fed Report Still Drives Discount Window Stigma* by Steven Kelly   *The New Bagehot Project* - an initiative by the Yale Program on Financial Stability   *Forward Guidance: Something Old and Something New: Two Potential, Beneficial Discount Window Facilities* by Bill Nelson   Timestamps:   (00:00:00) – Intro   (00:01:02) – The Yale Program on Financial Stability and Steven’s Role   (00:07:04) – Building a Resilient Regulatory Framework   (00:12:45) – Addressing Issues in the Discount Window   (00:21:37) – Responding to Criticism of Liquidity Regulations   (00:27:22) – Fixing the Challenge of Reporting Requirements   (00:33:29) – Restarting the Term Auction Facility and Committed Liquidity Facilities   (00:37:24) – Addressing the Issue with FHLBs   (00:45:26) – Additional Thoughts from the Atlanta Fed Conference Panel   (00:50:59) – Could Increased Use of the Discount Window Cause a Shift in the Fed’s Operating System?   (00:54:44) – Outro