effectiveness of a variety of central bank policies, including reducing intermediaries' borrowing costs, infusing equity capital …

Existing macroeconomic models focused on bank balance sheet lending are deficient because they do not account for the … investigate two increasingly significant margins of adjustment in credit markets: banks' ability to sell loans and shadow bank … following bank capital shock. Recovery is also faster, because profitable loan sales (e.g., securitization) allow banks to build …

, banks make loans, securitize these loans, trade in them, or hold cash. They can also borrow money, using their security …. Banks maximize profits, and there are no conflicts of interest between bank shareholders and creditors. The theory explains …

The traditional model of bank-led financial intermediation, where banks issue demandable deposits to savers and make …% to 13%. Additionally, the share of loans as a percentage of bank assets has fallen from 70% to 55%. We develop a …, and changes in implicit subsidies and costs of bank activities can explain these shifts. Declines in securitization cost …

Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist …

monetary and macroeconomics made in Don Patinkin's Money, Interest, and Prices (MIP). Its first accomplishment was to settle … of the Keynesian system, and the requirements for the neutrality of money, which had been disputed for decades. It also …