The shadow banking system is a web of specialised financial institutions that channel
funding from savers to investors through a range of securitisation and secured funding …

Shadow banks conduct credit intermediation without direct, explicit access to public sources
of liquidity and credit guarantees. Shadow banks contributed to the credit boom in the early …

We examine the microstructure of liquidity provision in the COVID-19 corporate bond
liquidity crisis. During the two weeks leading up to Federal Reserve System interventions …

Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new
digital forms of money. Central banks have been pondering whether and how to adapt. One …

Economists both failed to predict the global financial crisis and underestimated its
consequences for the broader economy. Focusing on the second of these failures, this …

At the onset of the recent global financial crisis, the workhorse macroeconomic models
assumed frictionless financial markets. These frameworks were thus not able to anticipate …

This study analyzes the volatility impact of the Chicago Board Options Exchange Volatility
Index (VIX) on the global banking sector during the Global Financial Crisis (GFC), COVID …

We study the credit supply effects of the unexpected freeze of the European interbank
market, using exhaustive Portuguese loan-level data. We find that banks that rely more on …

Can banks maintain their advantage as liquidity providers when exposed to a financial
crisis? While banks honored credit lines drawn by firms during the 2007 to 2009 crisis, this …

The book takes a broad view of the subject matter of acroeconomics. A substantial portion of
the book is devoted to economic growth, and separate chapters are devoted to the natural …