How should macroprudential policy be designed when policymakers also have access to
liquidity provision tools to manage crises? We show in a tractable model of systemic banking …

ABSTRACT The 1990s Sudden Stops in emerging markets were a harbinger for the 2008
global financial crisis. During Sudden Stops, countries lost access to credit, causing abrupt …

We examine the role of bank leverage to explain why the 2007–2008 financial crisis
unfolded at a time when the economy appears to be less fragile to crisis risks. To this end …

Since the mid-1990s, the asset portfolios of Japanese banks have continuously tilted toward
government bonds, while lending to firms has declined. In this paper, we investigate the …

We develop a simple macroeconomic model that captures key features of a liquidity crisis.
During a crisis, the supply of short-term loans vanishes, the interest rate rises sharply, and …

We consider systemic bank runs in the DSGE framework. The demand deposit contract is
used as a commitment device for banks to create liquidity, but at the same time it makes …

We develop a model of liquidity crises based on debt overhang and credit networks. Firms
need liquidity for its operation. Defaults of a group of firms may cause chain reaction of …

概 要本稿では, 1990 年代から日本で観察されている銀行の資産選択の変化―公債保有への
シフト―をもたらしたマクロ経済的なメカニズムと含意について, DSGE モデル分析を用いて考察して …

要 旨本稿では, 世界金融危機後に発展してきた金融危機に関する理論的文献を展望する.
その準備としてまず, 既存の経済学が, 1980 年代から銀行システムの脆弱性に関する研究を続け …