bank funding costs. We show that credit supply is dampened by the associated debt-overhang cost to bank shareholders. Until … offset if drawdowns are expected to be left on deposit at the same bank, which happened at some of the largest banks during …

We study the transmission of monetary policy through bank securities portfolios using granular supervisory data on U ….S. bank securities, hedging positions, and corporate credit. Banks that experienced larger losses on their securities during …

, they suggest that a central bank that fails to recognize the distinction between interbank and other short rates could miss …

Bank-created money, shadow-bank money, and Treasury bonds all satisfy investors' demand for a liquid transaction medium … extent to which they are substitutes, and the amount of liquidity per unit delivered by each asset. Treasury bonds and bank …. Our results on the imperfect substitutability of bank and shadow-bank money also inform analyses of the coexistence of the …

mortgage rates move one-for-one with 10-year swap rates, leaving little explanatory power for mortgage concentration, bank …

widespread stress, with adverse affects on bank intermediation thereafter. We discuss the bank capital and the bank funding … conclude by discussing the increasing extension of bank credit lines to non-bank financial intermediaries, as well as the role …

, and inertia. Asset pricing is determined by a different group of forward-looking agents ("the market"). The central bank …