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Date PublishedYear PublishedPublicationTitleAuthorQuotedQuoteReferencedReferenceLive LinkSaved PDF
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May 27, 20152015BYU Idaho ScrollTutors Available to Promote SuccessStaffNon/aYesPhoto "Kaleb Nygaard, a sophomore studyingnancial economics, tutors Kyle Sehoori, a freshman majoring in general studies, for his math class." [picture]linklink
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Apr 23, 20172017New York TimesSTYLE section of NYT edition
Page 13, headline:
Alejandra Sayavedra, Kaleb Nygaard.
n/aNon/aYesFull article announcing weddinglinklink
pic
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Jun 1, 20172017Federal Reserve HistoryBanking Act of 1935n/aNon/aYesRelated Links, "The Bankster Podcast: Episode 3, The Committee, Part I"linklink
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Sep 1, 20182018YPFSAbout the Yale Program on Financial Stabilityn/aNon/aYesFull bio postlinklink
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Jan 1, 20192019GMAC TimelineGMAC TimelineKaleb NygaardNon/aNoSpreadsheet n/alink
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Mar 20, 20192019YPFSBankruptcy of General MotorsKaleb NygaardNon/aNon/alinklink
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Nov 1, 20192019YPFSYale Program on Financial Stability, Lessons LearnedAndrew Metrick, Rosalind Z. Wiggins, Kaleb B. NygaardNon/aYesCo-author on oral historylinklink
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Nov 1, 20192019Journal of Financial CrisesLessons Learned: Ray DalioAndrew Metrick, Rosalind Z. Wiggins, Kaleb B. NygaardNon/aNon/alinklink
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Jan 3, 20202020Mercatus Center
George Mason University
Restoring the Promise of Federal Reserve GovernancePeter Conti-BrownNon/aYesAcknowledgmentslinklink
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Jan 3, 20202020Mercatus Center
George Mason University
Restoring the Promise of Federal Reserve GovernancePeter Conti-BrownNon/aNon/alinklink
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Jan 22, 20202020YPFSFinland's 1992 Capital InjectionKaleb NygaardNon/aNon/alinklink
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Feb 4, 20202020Yale University PressFirst Responders Ben S. Bernanke, Timothy F. Geithner, Henry M. Paulson, Jr.Non/aNolinklink
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Feb 4, 20202020Yale University PressFirst Responders: Inside the US Strategy for Fighting the 2007-2009 Global Financial CrisisBen S Bernanke; Timothy F Geithner; Henry M Paulson, Jr; J Nellie Liang Non/aYesFor their outstanding research support, we thank the YPFS New Bagehot Project team...Research associates...Kaleb B. Nygaard...were responsible for the daunting task of providing research and fact-checking this volume under tight deadlines.
(page 556)
n/an/a
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Mar 6, 20202020YPFSEmergency Assistance to GMACRiki Matsumoto, Kaleb Nygaard, Rosalind Z. WigginsNon/aNon/alinklink
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Mar 19, 20202020YPFSCredit Guarantee Programs for Small and Medium-Sized EnterprisesChristian McNamara, Mallory Dreyer, Kaleb NygaardNon/aNon/alinklink
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Mar 20, 20202020YPFSFinland's Asset Management Company ArsenalKaleb NygaardNon/aNon/alinklink
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Mar 20, 20202020YPFS1970 Commerical Paper Market Liquidity CrisisKaleb NygaardNon/aNon/alinklink
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Mar 20, 20202020YPFSThe Federal Reserve's Response to the 1987 Market CrashKaleb NygaardNon/aNon/alinklink
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Mar 20, 20202020YPFSUK Speical Liquidity Scheme (SLS)Kaleb NygaardNon/aNon/alinklink
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Mar 26, 20202020YPFSCountries Implement Broad Forbearance Programs for Small Businessees, Sometimes with Taxpayer SupportGreg Feldberg, Alexander Nye, Kaleb NygaardNon/aNon/alinklink
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Apr 3, 20202020YPFSUS Supports Individuals and Households in Response to COVID-19Mallory Dreyer, Kaleb Nygaard, Pascal UngersboeckNon/aNon/alinklink
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Apr 8, 20202020YPFSLarge-Scale Assistance Programs for Small BusinessesMallory Dreyer, Christian McNamara, Alexander Nye, Kaleb Nygaard, Priya SankarNon/aNon/alinklink
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Apr 8, 20202020YPFSPrograms Support Individuals through Direct Payments and Tax CutsKaleb Nygaard, Greg Feldberg, Rosalind Z. WigginsNon/aNon/alinklink
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Apr 10, 20202020YPFSFederal Reserve Introduces Paycheck Protection Program Liquidity FacilityKaleb NygaardNon/aNon/alinklink
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Apr 15, 20202020YPFSFederal Reserve Waives Restriction on Wells Fargo to Allow Lending to Small BusinessesKaleb NygaardNon/aNon/alinklink
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Apr 17, 20202020YPFSItaly Expands and Updates its Credit Guarantee ProgramsKaleb NygaardNon/aNon/alinklink
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Apr 20, 20202020YPFSGovernment Support to Individuals and Households During CrisesKaleb Nygaard, Pascal Ungersboeck, Mallory Dreyer, Rosalind Z. Wiggins, Greg FeldbergNon/aNon/alinklink
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Apr 24, 20202020YPFSCongress Expands Support to Small BusinessesKaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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Apr 27, 20202020YPFSUK Announces Support to Innovative FirmsKaleb NygaardNon/aNon/alinklink
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May 1, 20202020YPFSFederal Reserve Expands Access to Paycheck Protection Program Lending Facility to Non-Depository Institution LendersKaleb NygaardNon/aNo n/alinklink
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May 1, 20202020YPFSPPP Rules Change to Better Target FundsKaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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May 1, 20202020YPFSUK Announces New 100% Loan Guarantee Program Targeted at Smallest BusinessesKaleb NygaardNon/aNon/alinklink
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May 1, 20202020YPFSFEderal Reserve Announces Changes to Main Street Lending ProgramKaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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May 7, 20202020YPFSU.S. Bank Regulators Modify Liquidity Regulation to Support Participation in Fed ProgramsKaleb NygaardNon/aNon/alinklink
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May 11, 20202020YPFSGovernments Support Businesses through Equity InvestmentsKaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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May 13, 20202020YPFSThe Philippines Provides Support to Workers in the Informal EconomyKaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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May 14, 20202020YPFSNepal Expands Public-Works ProgramKaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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May 18, 20202020Central Banking NewsdeskFed flags ‘elevated’ risk of financial stability pressuresn/aNon/aNolinklink
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May 22, 20202020YPFSBank of Japan Introduces New Facility to Support Bank Lending to Small and Medium-Sized FirmsKaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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May 22, 20202020YPFSCountries Provide Support to Workers in the Informal Economy Kaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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Jun 2, 20202020YPFSBank of Mauritius Granted Permission to Make Equity Investments in CompaniesKaleb NygaardNon/aNon/alinklink
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Jun 4, 20202020YPFSUnited States Congress Passes Amendments to Paycheck Protection ProgramKaleb NygaardNon/aNon/alinklink
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Jun 8, 20202020YPFSGovernments Provide SMEs with Relief for Non-Wage Fixed CostsKaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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Jun 10, 20202020YPFSFederal Reserve Amends Main Street Lending ProgramKaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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Jun 10, 20202020YPFSSBA and Treasury Issue Guidance on PPP Loan ForgivenessKaleb Nygaard, Mallory DreyerNo n/aNon/alinklink
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Jun 15, 20202020YPFSMain Street Lending Program Opens for LendersKaleb Nygaard, Mallory DreyerNo n/aNon/alinklink
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Jun 15, 20202020YPFSGermany Introduces Fixed Cost Support for SMEsKaleb Nygaard, Mallory DreyerNo n/aNon/alinklink
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Jun 18, 20202020YPFSSmall Business Administration Announces Updates to Small Business Support ProgramsKaleb Nygaard, Mallory DreyerNo n/aNon/alinklink
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Jun 23, 20202020YPFSSBA Will Disclose Certain Recipients of Paycheck Protection Program AidKaleb Nygaard, Mallory DreyerNo n/aNon/alinklink
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Jun 24, 20202020YPFSLessons Learned in Designing and Implementing Support for Small BusinessesKaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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Jun 25, 20202020Federal ReserveDesigning a Main Street Lending FacilityAlexandros P. VardoulakisNon/aYesAcknowledgmentslinklink
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Jun 29, 20202020YPFSCountries Continue to Adopt and Update Credit Guarantee Schemes for Small Business LendingKaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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Jul 1, 20202020YPFSUS Treasury Extends $700 Million Loan to YRC Worldwide Inc. under CARES Act ProvisionKaleb Nygaard, Mallory DreyerNo n/aNo n/alinklink
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Jul 1, 20202020YPFSEuropean Commission Expands Eligibility for SME Support and Increases Incentives for Private RecapitalizationKaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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Jul 1, 20202020Journal of Financial CrisesLessons Learned: A Conversation with Paul A. VolckerAndrew Metrick, Rosalind Z. Wiggins, Kaleb B. NygaardNon/aYesCo-authorlinklink
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Jul 1, 20202020Reserve Bank of IndiaFinancial Stability Report
Issue No. 21
n/aNon/an/an/alinklink
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Jul 2, 20202020YPFSUS Extends Paycheck Protection Program by 5 WeeksKaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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Jul 20, 20202020YPFSFed Expands Main Street Lending Program to INclude NonprofitsKaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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Jul 20, 20202020YPFSUtilization of Credit Support Programs for SMEsKaleb Nygaard, Mallory DreyerNo n/aNon/alinklink
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Jul 21, 20202020YPFSGovernment Interventions to Support SMEs during the COVID-19 PandemicKaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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Jul 23, 20202020YPFSDesign Considerations and INteresting Features of SME Support ProgramsKaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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Jul 24, 20202020YPFSOne-Quarter of SMEs Closed During the COVID-19 LockdownKaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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Jul 28, 20202020YPFSFederal Reserve Extends Lending Programs to December 31Kaleb Nygaard, Mallory DreyerNon/aNon/alinklink
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Sep 11, 20202020United NationsSpecial Rapporteur on extreme poverty and human rightsn/aNon/aYeslinklink
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Oct 5, 20202020YPFSMeet the Master’s in Systemic Risk Class of 2021n/aNon/aYesOne student, who was previously employed by the Federal Reserve Bank of Chicago, now works for the Yale Program on Financial Stability and is on leave to pursue the systemic risk degree.linklink
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Oct 10, 20202020Journal of Financial CrisesUK Special Liquidity Scheme (SLS) (UK GFC)Kaleb NygaardNon/aNon/alinklink
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Oct 10, 20202020Journal of Financial Crises1970 Commercial Paper Market Liquidity Crisis (revised)Kaleb NygaardNon/aNon/alinklink
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Oct 10, 20202020Journal of Financial CrisesThe Federal Reserve's Response to the 1987 Market Crash (revised)Kaleb NygaardNon/aNoOrginal done in March 2020 and was revised October 2020linklink
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Nov 13, 20202020NABECentral bank responses to COVID-19Patricia C. MosserNon/aYes"Nygaard, Kaleb. 2020. Central Banks Launch Funding for Lending Programs. Program on Financial Stability, Yale School of Management.
#22 See Nygaard (2020). For example, the Bank of England, Reserve Bank of Australia, and the central banks of Taiwan and Saudi Arabia."
linklink
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Dec 12, 20202020Business InsiderJoe Biden can help remake the Federal Reserve so that it actually helps America's workersKaleb B. Nygaardn/an/an/an/alinklink
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Dec 12, 20202020Business InsiderKaleb Nygaard Profilen/an/an/an/an/alinklink
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Jan 25, 20212021Bridge: Macro Musings with David Beckworth Sam Bell on Fed Policy, Personnel, and Politics in 2021David Beckworth, Sam BellYesKaleb Nygaard, just wrote an op-ed about labor. And he went back in the archives and actually, even though the Federal Reserve Act says that Fed officials should come from all various walks of life, we've never actually had a sitting member of the FOMC who comes from labor, like any labor alliance institute.YesBrings up Kaleb's op-ed in the Business Insiderlinklink
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Apr 16, 20212021Market PlaceThe light at the end of the tunnel...in numbersPodcast Host:
David Brancaccio
YesInterviewn/an/alinklink
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Jun 23, 20212021Journal of Financial CrisesFinland: ArsenalKaleb NygaardNon/aNon/alinklink
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Sep 27, 20212021The Washington PostTwo Fed officials announce retirements amid controversy over ethics and stock tradingRachel SiegelYesThe resignations mark the sixth and seventh sudden departures of regional bank presidents in roughly twenty years, according to Kaleb Nygaard, who has researched the history of Fed’s leadership and governing rules.Non/alinklink
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Oct 4, 20212021The Washington PostLeadership questions loom over Federal Reserve amid slowing recoveryRachel SiegelNon/aYesIn Fed history, there have been only three non-White regional bank presidents, and only one Black regional bank president, according to research from Peter Conti-Brown and Kaleb Nygaard.linklink
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Oct 14, 20212021BloombergFed’s Embarrassing Ethics Scandal Spurs Calls for More OversightCraig Torres, Steve Matthews, Christopher CondonYes“The Fed still lives with this original sin: it is not clear who the reserve banks are accountable to,” said Kaleb Nygaard, a senior research associate at the Yale Program on Financial Stability. “It is something that has been an issue from the very beginning.”n/an/alinklink
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Oct 22, 20212021New York TimesFed Unveils Stricter Trading Rules Amid Fallout From Ethics ScandalJeanna SmialekNoThe new rules still need to be followed up by the planned external investigation, said Kaleb Nygaard, a senior research associate at the Yale Program on Financial Stability who studies the central bank. And it remains to be seen whether they will resolve the public perception that Fed officials might try to profit from their positions. “This is in line with what people would think they would be — what they should have been — all along,” he said. “Most of the problem was with perception. It’s really inappropriate and really bad. And it’s hard to know if perception-wise, this will be enough.”n/an/alinklink
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Nov 3, 20212021PBS FrontlineWhat Do the Federal Reserve’s New Ethics Rules and Other Changes Mean?Paula MouraYes“We expect the decision to happen soon, and historically, it’s happened in late October, early November,” said Kaleb Nygaard, a senior research associate at the Yale Program on Financial Stability.n/an/alinklink
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Nov 10, 20212021PBS FrontlineNo Taper Tantrum & Other Recent Federal Reserve News, ExplainedPaula MouraYes“Chair Powell learned the lesson that Ben Bernanke left behind in 2013, with the taper tantrum,” said Kaleb Nygaard, a senior research associate at the Yale Program on Financial Stability.
Nygaard and others told FRONTLINE it helped that the Fed had been signaling its plans for some time prior to the Nov. 3 announcement. At its September meeting, the Federal Open Market Committee (FOMC) — the branch of the Fed responsible for setting U.S. monetary policy, primarily by raising or lowering interest rates and deciding when to buy bonds — laid out the possible reductions in detail.
n/an/alinklink
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Nov 12, 20212021Journal of Financial CrisesFinland's 1992 Capital InjectionKaleb NygaardNon/aNon/alinklink
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Nov 12, 20212021The Financial TimesA dangerous man’: the messy politics of Fed chair nominationsJames Politi and Colby SmithYes“Reagan had many, many reasons to pick a new person,” said Kaleb Nygaard, senior research associate at Yale University’s Program on Financial Stability.n/an/alinklink
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Nov 18, 20212021WSJEffort to Hire Dallas and Boston Fed LeadersMichael S. DerbyYesProviding the public with a shortlist of candidates “just seems like the right thing to do” for the
people leading the search process, said Kaleb Nygaard, senior research associate at the Yale
Program on Financial Stability.

When it comes to people who have served as Fed bank leaders, those named William or Robert outnumber the small number of racial minorities who have held those jobs, Mr. Nygaard noted. His research shows that in the Fed’s history, there have been three nonwhite governors and three nonwhite reserve bank presidents.
n/an/alinklink
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Nov 22, 20212021Business InsiderBiden backing Powell to chair the Fed is another stiff arm to progressive DemocratsBen WinckYesPart of progressives' problem was that they never proposed an alternative, Kaleb Nygaard, a senior research associate at the Yale Program for Financial Stability and a former Chicago Fed analyst, told Insider. By not presenting specific alternatives to Powell, the group couldn't have expected "anything more than what they got," Nygaard added.

"They named a few issues, but they didn't name a name," he said. "They had a real potential to do that in the spring and summer to coalesce behind somebody."
n/an/alinklink
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Nov 23, 20212021BloombergJerome Powell’s Second Term And The Latest On MarketsPodcast Hosts:
Paul Sweeney and Taylor Riggs.
YesLive interview:
Kaleb Nygaard, Senior Research Associate at the Yale Program on Financial Stability and former statistical analyst at the Federal Reserve Bank of Chicago, discusses President Biden’s picks of Jerome Powell as Fed Chair and Lael Brainard as Vice Chair.
n/an/alinklink
short
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Dec 1, 20212021WSJDerby’s Take: Powell Reiterates Importance of Diversity in Boston, Dallas Fed SearchesMichael S. DerbyYesKaleb noted that the Fed has never had a labor-union official as a top policy maker. “It would help the Fed” to have a labor leader in its ranks, especially in light of the institution’s evolution to use monetary policy to help achieve the best possible job market outcomes, even if that risks an uptick in price pressures, Mr. Nygaard said. “Adding someone with a background in organized labor would provide a voice that simply hasn’t...been there in the past,” he said.n/an/alinklink
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Dec 2, 20212021The Washington PostBiden pledged to make the Fed more diverse.
His remaining nominations will test that
commitment.
Rachel SiegelNon/aYesAccording to research from Peter Conti-Brown and Kaleb Nygaard, there have been only three non- White regional bank presidents in Fed history, and only one Black regional bank president.linklink
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Dec 19, 20212021The Washington PostOpinion: Biden must move faster to fll the
three openings on the Federal Reserve board
Editorial BoardYesThe top priority for choosing any Fed leader must be credibility. Mr. Biden has also been clear that he wants to prioritize diversity. It’s the right call. In the Fed’s 107-year history, there have only been three non-White board members, all Black men. The track record for women isn’t much better: The Fed has only had 10 female board members in its history, according to datacompiled by Kaleb Nygaard of the Yale Program on Financial Stability.Yesdata compiled by Kaleb Nygaard of the Yale Program on Financial Stability.linklink
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Jan 4, 20222022BrookingsWho has to leave the Federal Reserve next?David WesselNon/aYes(As Kaleb Nygaard has documented, this retirement rule dates to a 1936 decision by the Board of Governors.)linklink
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Jan 5, 20222022SSRNBoard Diversity Matters: An Empirical Assessment of Community Lending at Federal Reserve-Regulated BanksBrain D. Feinstein, Peter Conti-Brown, Kaleb Nygaardn/an/an/an/alinklink
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Jan 6, 20222022The Financial TimesFed trading scandal rekindled by disclosure from top officialColby SmithYes“This demonstrates not only a breakdown in the ethical decision making of a senior policymaker, but in the very procedures and controls meant to monitor these policymakers,” said Kaleb Nygaard, a senior research associate at Yale’s Program on Financial Stability and a former Fed staffer.
Nygaard added: “The nature of scandals like this is that the damage only increases with every day that the public doesn’t hear the full story and how the Fed plans to fix it.”
n/an/alinklink
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Jan 10, 20222022BloombergFed’s Richard Clarida to Leave Vice Chair
Position Two Weeks Early
Craig Torres, Steve MatthewsYes“It is a really big stretch for the ethics officers to be defending these transactions,” said Kaleb Nygaard, senior research associate at the Yale Program on Financial Stability. “This is an issue of public confidence.”n/an/alinklink
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Jan 12, 20222022The Reserve PodcastFed Governance w/Kaleb Nygaard
Episode #20
Kaleb B. Nygaardn/an/an/an/an/alink
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Jan 12, 20222022ReutersAnalysis: A people's Fed? It's starting to at least look that wayAnn Saphir, LIndsay DunsmuirYes"I do believe that going forward this will be much more important and the (board of directors) will be more cognizant of diversity, but it definitely doesn’t map one-to- one," said Kaleb Nygaard, senior research associate at the Yale Program on Financial Stability who along with Peter Conti Brown has been studying the Fed bank boards and is among those calling out the Fed for lack of diversity. "Our country's central bank should be led by people that not only look like our diverse country, but also that have backgrounds that represent all areas of the economy," he said.n/an/alinklink
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Jan 13, 20222022New York TimesBiden Will Nominate Three New Fed OfficialsJeanna SmialekYes“The headline is, and should be, about diversity,” said Kaleb Nygaard, a senior research associate at the Yale Program on Financial Stability who studies the Fed, explaining that personnel choices are a big moment for Mr. Biden. “This is the biggest chance he’s got to send a message about what he wants the Fed to be focused on.”n/an/alinklink
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Jan 15, 20222022Stay-At-Home MacroKaleb Nygaard - Interest in Fed's HistoryClaudia Sahmn/an/an/aClaudia Sahm talks with Kaleb Nygaard, a Senior Research Associate at the Yale Program on Financial Stability. In this video, Kaleb explains how he got interested in the Fed's history and how his current job is contributing to our understanding of central banking during prior financial crises.

audio link
linklink
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Jan 25, 20222022ReutersBiden's Fed nominees draw fire form a Republican senatorAnn SaphirYesSenators have historically accepted a wide range of interpretations of the Federal Reserve Act's requirement that no more than one Fed governor shall be "selected from any one Federal Reserve district," says Fed historian Kaleb Nygaard, a sernior research associate at Yale's Financial Stability Program.

Some have had to reach back to birth or early childhood to establish a connection with a Fed district not already "taken" by a sitting governor. In 2011, Senator Richard Shelby, helped sink one Fed nominee, Nobel Prize laureate Peter Diamond, in part on the basis of his place of residence.
n/an/alinklink
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Feb 3, 20222022Washington PostLisa Cook could soon become the !rst Black woman on the Fed. Republicans say she’s not qualifed.Tracy Jan and Mike DeBonisNon/aYesA separate analysis by former Federal Reserve staffers Fanta Traore and Kaleb Nygaard showed that women of color who have become Fed bank directors have higher skills, credentials and experience than their White male counterparts. Since 1987, 86 percent of directors who were women of color held advanced degrees, compared with 63 percent of White directors, they wrote in a Fortune column published in June.linklink
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Feb 15, 20222022ReutersExplainer: What's next for Fed after Senate vote on Biden's nominees delayedJonnelle Marte and Ann SaphirYes"This delay in getting the nominees actually hurts the institution’s ability to signal because there’s an added degree of uncertainty about what the leadership team is going to be," Nygaard said.Non/alinklink