This paper incorporates a global bank into a two-country business cycle model. The bank
collects deposits from households and makes loans to entrepreneurs, in both countries. It …

We analyze the transmission of the 2007 to 2009 financial crisis to 415 country‐industry
equity portfolios. We use a factor model to predict crisis returns, defining unexplained …

Collateral constraints widely used in models of financial crises feature a pecuniary
externality: Agents do not internalize how borrowing decisions made in “good times” affect …

Estimates of US returns differentials have ranged from exorbitant to quite small, in part
because of their volatility coupled with the relatively short time series available. We shed …

We show that after the start of the euro area sovereign debt crisis, lending by non-GIIPS
European banks with sizeable holdings of GIIPS sovereign bonds declined relative to …

We study the effect of financial integration (through banks) on the transmission of
international business cycles. In a sample of 18/20 developed countries between 1978 and …

We analyze the impact of financial globalization on business cycle synchronization using a
proprietary database on banks' international exposure for industrialized countries during …

We develop a quantitative equilibrium model of financial crises to assess the interaction
between ex post interventions in credit markets and the buildup of risk ex ante. During a …

This rigorous textbook tames technicalities and makes even the most complex models
accessible to students. Its unique two-tier structure makes the book attractive for …

The discipline of operations management (OM) has long been offering differing quantitative
techniques for improving the efficiency of banking operations. However, there has been a …