to aggregate demand or supply shocks that induce macroeconomic imbalances (as in the late stages of the Covid-19 recovery …

We survey the growing literature emphasizing the role that supply-and-demand forces play in shaping the term structure … bond arbitrageurs who must absorb shocks to the supply and demand for bonds from other "preferred-habitat" agents. We …

We use the term structure of bank CD rates to examine whether maturity-transformation risk is priced into the rates … is strongly related to the amount of maturity-transformation risk that these deposit accounts create. The cost is also …

New Keynesian model. The model naturally generates investment-consumption comovement in response to household demand …

purchases if needed ("the Fed put"); (ii) when the Fed is constrained, negative financial shocks cause demand recessions, (iii …) the Fed's response to aggregate demand shocks increases asset price volatility, but this volatility plays a useful … macroeconomic stabilization role; (iv) the Fed's beliefs about the future aggregate demand and supply drive the aggregate asset …

We derive the first closed-form optimal mortgage refinancing rule. The expression is derived by using the Lambert …-W function to solve a tractable class of mortgage refinancing problems. We calibrate our solution and show that our quantitative …