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 …

This article reviews the dramatic growth of nonbank mortgage lending after the Global
Financial Crisis, especially to borrowers with lower credit scores, and the related importance …

Nonbank lenders have been playing an increasing role in supplying debt, especially after
the Great Recession. How important are the distortions in the greater regulation of banks …

We quantify the impact of bank market power on monetary policy transmission through
banks to borrowers. We estimate a dynamic banking model in which monetary policy affects …

We estimate a dynamic banking model to quantify the impact of a central bank digital
currency (CBDC) on the banking system. Our counterfactuals show that a one-dollar …

This article incorporates banks and banking panics within a conventional macroeconomic
framework to analyse the dynamics of a financial crisis of the kind recently experienced. We …

This paper develops a dynamic general equilibrium model to quantify the effects of bank
capital requirements. Households' preferences for liquid assets imply a liquidity premium on …

We analyze how regulatory constraints on household leverage—in the form of loan‐to‐
income and loan‐to‐value limits—affect residential mortgage credit and house prices as …

How much capital should financial intermediaries hold? We propose a general equilibrium
model with a financial sector that makes risky long‐term loans to firms, funded by deposits …

We develop a dynamic macroeconomic model with heterogeneous financial intermediaries
and endogenous entry. Time-varying endogenous macroeconomic risk arises from the risk …