Financial crises have large deleterious effects on economic activity, and as such have been
the focus of a large body of research. This study surveys the existing literature on financial …

Countries are making more active use of macroprudential tools than in the past with the goal
of improving the resilience of their broader financial systems. A growing body of evidence …

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 …

An increase in credit supply driven by looser lending constraints in the mortgage market is
the key force behind four empirical features of the housing boom before the Great …

The second edition of an essential text on the microeconomic foundations of banking
surveys the latest research in banking theory, with new material that covers recent …

Has the occurrence of “extreme capital flow movements”—episodes of sudden surges,
stops, flight and retrenchment—changed since the Global Financial Crisis (GFC)? And was …

We develop a tractable model of banks' liquidity management with an over‐the‐counter
interbank market to study the credit channel of monetary policy. Deposits circulate randomly …

Notes: In the top panel, each dot represents a decile of the distribution of monthly bank stock
returns in the euro area. The sample is an unbalanced panel of 323 euro area banks …

A cutting-edge graduate-level textbook on the macroeconomics of international trade
Combining theoretical models and data in ways unimaginable just a few years ago, open …

The interaction between debt accumulation and asset prices magnifies credit booms and
busts. Borrowers do not internalize these feedback effects and therefore suffer from …