We develop a conceptual framework and an empirical methodology to analyze the effect of
rising interest rates on the value of US bank assets and bank stability. We mark-to-market …

We use supervisory loan-level data to document that small firms (SMEs) obtain shorter
maturity credit lines than large firms, post more collateral, have higher utilization rates, and …

The reversal interest rate is the rate at which accommodative monetary policy reverses and
becomes contractionary for lending. We theoretically demonstrate its existence in a …

In this article, we review the nascent literature on the transmission of negative policy rates.
We discuss the theory of how the transmission depends on bank balance sheets, and how …

Environmental, social, and governance (ESG) objectives have risen to near the top of the
agenda for corporate executives and boards, driven in large part by their perceptions of …

We document that finance companies and FinTech lenders increased lending to small
businesses after the 2008 financial crisis. We show that most of the increase substituted for a …

We investigate the bank lending channel of negative nominal policy rates from an empirical
and theoretical perspective. For the empirical results, we rely on Swedish data, including …

Exploiting confidential data from the euro area, we show that sound banks pass negative
rates on to their corporate depositors and that pass-through is not impaired when policy …

Bank market power, in both loan and deposit markets, has important implications for credit
provision and for financial stability. This article discusses these issues through the lens of a …

This paper develops a micro-founded general equilibrium model of payments to study the
impact of a central bank digital currency (CBDC) on intermediation of private banks. If banks …