Results 1 to 10 of about 82,039 (45)
Banks’ Noninterest Income and Systemic Risk
The Review of Corporate Finance Studies, 2020 This paper finds noninterest income is positively correlated with the total systemic risk for U.S. banks. Decomposing total systemic risk into three components, we find that noninterest income is positively related to a bank’s tail risk, positively ...
Markus K. Brunnermeier +2 more
semanticscholar +1 more source
Endogenous Technology Adoption and R&D as Sources of Business Cycle Persistence
American Economic Journal: Macroeconomics, 2019 We examine the hypothesis that the slowdown in productivity following the Great Recession was in significant part an endogenous response to the contraction in demand that induced the downturn. We motivate, develop, and estimate a model with an endogenous
D. Anzoategui +3 more
semanticscholar +1 more source
Electoral Cycles in Macroprudential Regulation
Social Science Research Network, 2023 Do politics matter for macroprudential policies? I show that changes in macroprudential regulation exhibit a predictable electoral cycle in the run-up to 221 elections across 58 countries from 2000 through 2014.
Karsten Müller
semanticscholar +1 more source
, 2019 This address considers the epidemiology of narratives relevant to economic fluctuations. The human brain has always been highly tuned toward narratives, whether factual or not, to justify ongoing actions, even such basic actions as spending and investing.
R. Shiller
semanticscholar +1 more source
Why Did Bank Stocks Crash During COVID-19?
Social Science Research Network, 2021 A two-sided “credit-line channel”—relating to drawdowns and repayments—explains the severe drop and partial subsequent recovery in bank stock prices during the COVID-19 pandemic.
V. Acharya +2 more
semanticscholar +1 more source
Burned by Leverage? Flows and Fragility in Bond Mutual Funds
Social Science Research Network, 2023 Does leverage drive investor flows in bond mutual funds? Leverage can increase fund returns in good times, but it can also magnify investors’ losses and their response to bad performance.
Luis Molestina Vivar +2 more
semanticscholar +1 more source
Gender diversity in bank boardrooms and green lending: Evidence from euro area credit register data
Social Science Research NetworkWe investigate whether female representation on bank boards influences lending to polluting firms. Using confidential credit register data matched with firm-level greenhouse gas emissions, we isolate credit supply effects.
A. Reghezza +3 more
semanticscholar +1 more source
A Macroeconomic Framework for Quantifying Systemic Risk
American Economic Journal: Macroeconomics, 2019 Systemic risk arises when shocks lead to states where a disruption in financial intermediation adversely affects the economy and feeds back into further disrupting financial intermediation.
Zhiguo He, A. Krishnamurthy
semanticscholar +1 more source
Self-Fulfilling Debt Crises: A Quantitative Analysis
The American Economic Review, 2019 This paper investigates the role of self-fulfilling expectations in sovereign bond markets. We consider a model of sovereign borrowing featuring endogenous debt maturity, risk-averse lenders, and self-fulfilling crises à la Cole and Kehoe (2000). In this
Luigi Bocola, Alessandro Dovis
semanticscholar +1 more source
The Review of Corporate Finance StudiesWe analyze how countercyclical liquidity policy—via reserve requirements (RRs)—affects the credit cycle. For identification, we exploit supervisory credit register data and RR changes in Brazil made for monetary and macroprudential purposes and ...
João Barroso +3 more
semanticscholar +1 more source