For its entire 15-year life as a regional bank, Silicon Valley Bank held the same risky bet. Our Research Associate, Niccolo Comati, explains how the bank's collapse is a story of a supervisory system that polices process rather than risk.

Deborah Lucas presented her research paper with GCFP coauthors Niccolo Comati and Edward Golding, “Credit Risk Transfer and the Pricing of Mortgage Default Risk" at a recent conference at the Federal Reserve Bank of Cleveland on May 29, 2026,

Deborah Lucas offered her views on “US Treasury Debt and Fiscal Sustainability” at the SFS Cavalcade conference in Charlottesville, VA on May 20.

With debt burdens mounting in the United States and abroad, policymakers have shown renewed interest in using government investment strategies to address fiscal imbalances. In this policy brief, MIT Sloan Distinguished Professor and MIT GCFP [...]

Former Golub Senior Fellow, Laura Kodres, discusses the similarities between what happened with British pension funds in autumn 2022 and SVB.

In a comment letter to the Office of Management and Budget on Circular A-4 that guides federal agencies in conducting benefit-cost analyses, a dozen MIT professors, many affiliated with the Golub Center for Finance and Policy, offered suggestions [...]

MAY 4 – 2023 “BankThink: No, FHFA is not encouraging a race to the bottom.” Recently, the Federal Housing Finance Agency, acting in its capacity as conservator of Freddie Mac and Fannie Mae, made some modest changes in the pricing of mortgage risk. These modest changes [...]

Robert Merton (School of Management Distinguished Professor of Finance at MIT Sloan School of Management, 1997 Nobel Prize in Economics and GCFP co-director) has long advocated for better ways to save for retirement. His concept of Retirement Security Bonds (RSB’s) would allow [...]

The Golub Center congratulates the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022 winner, Ben S. Bernanke.

This blog post is based on a talk presented at the Shadow Open Market Committee on February 11, 2022. The opinions expressed are my own and not those of the MIT Golub Center for Finance and Policy.