Macroprudential policies—caps on loan to value ratios, limits on credit growth and other
balance-sheet restrictions,(countercyclical) capital and reserve requirements and …

Safe assets play a critical role in an (y) economy. A safe asset is an asset that is (almost
always) valued at face value without expensive and prolonged analysis. By design, there is …

We study the effects of technological change on financial intermediation, distinguishing
between innovations in information (data collection and processing) and communication …

内容提要: 近些年来中国影子银行体系的爆发性增长引发了学界, 业界及监管层的广泛关注.
本文在一个DNK-DSGE 框架下引入了包含影子银行的金融中介体系, 将影子银行视为商业银行 …

We present a model of credit cycles arising from diagnostic expectations—a belief formation
mechanism based on Kahneman and Tversky's representativeness heuristic. Diagnostic …

We review the extensive literature on systemic risk and connect it to the current regulatory
debate. While we take stock of the achievements of this rapidly growing field, we identify a …

This paper studies the significant variation in the cross-section of standalone and systemic
risk of large banks during the recent financial crisis to identify bank specific factors that …

It surprised investors, who dumped stocks and brought the market index down by 500 points
on Monday. It surprised policymakers, who rushed to rescue other financial institutions after …

A quantitative investigation of financial intermediation in the United States over the past 130
years yields the following results:(i) the finance industry's share of gross domestic product …

We study the behavior of credit and output across a financial crisis cycle using in-formation
from credit spreads and credit growth. We show the transition into a crisis occurs with a large …