particular, we show that the stock market applies far greater discounts to a bank’s real estate loans and mortgage … suggests that bank balance sheets overvalue real estate related assets during economic slowdowns. Estimated discounts are … impairment. We also find that bank share prices, especially for banks with large exposures to mortgage-backed securities, react …

the proprietary bank-to-bank European interbank dataset extracted from Target2 and also exploit the Lehman and sovereign …

The present paper extends the literature on central bank transparency that relies on information heterogeneity among … private agents in four directions. First, it adds the interest rate to the list of signals that the central bank can reveal … depend on any particular social welfare criterion. Each extension sheds new light on the role of central bank transparency …