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An Empirical Analysis of the Fed's Term Auction Facility
Benmelech, Efraim - National Bureau of Economic Research (NBER) - 2012
mismatch in their balance sheets. The data suggest that foreign banks had to borrow from the Federal Reserve Bank to meet their …
Persistent link: https://www.econbiz.de/10010950874
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Trade Dynamics in the Market for Federal Funds
Lagos, Ricardo; Afonso, Gara - National Bureau of Economic Research (NBER) - 2014
We develop a model of the market for federal funds that explicitly accounts for its two distinctive features: banks have to search for a suitable counterparty, and once they meet, both parties negotiate the size of the loan and the repayment. The theory is used to answer a number of positive and...
Persistent link: https://www.econbiz.de/10011262797
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Macroprudential Policies in Open Emerging Economies
Mishkin, Frederic; Shin, Kwanho; Hahm, Joon-Ho; Shin, … - National Bureau of Economic Research (NBER) - 2012
This paper examines macroprudential policies in open emerging economies. It discusses how the recent financial crisis has provided a rationale for macroprudential policies to help manage the economy and the need for policymakers to monitor the financial cycle and systemic risks. It also...
Persistent link: https://www.econbiz.de/10009652754
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Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts
Farhi, Emmanuel; Tirole, Jean - National Bureau of Economic Research (NBER) - 2009
The paper elicits a mechanism by which private leverage choices exhibit strategic complementarities through the reaction of monetary policy. When everyone engages in maturity transformation, authorities have little choice but facilitating refinancing. In turn, refusing to adopt a risky balance...
Persistent link: https://www.econbiz.de/10005040634
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A Model of the Safe Asset Mechanism (SAM): Safety Traps and Economic Policy
Caballero, Ricardo J; Farhi, Emmanuel - National Bureau of Economic Research (NBER) - 2013
The global economy has a chronic shortage of safe assets which lies behind many recent macroeconomic imbalances. This paper provides a simple model of the Safe Asset Mechanism (SAM), its recessionary safety traps, and its policy antidotes. Safety traps share many common features with...
Persistent link: https://www.econbiz.de/10010796549
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Deposit Insurance Database
Demirguc-Kunt, Asli; Kane, Edward J.; Laeven, Luc - National Bureau of Economic Research (NBER) - 2014
temporary increase in the government protection of non-deposit liabilities and bank assets. In most cases, these guarantees have …
Persistent link: https://www.econbiz.de/10010969341
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Housing Collateral, Credit Constraints and Entrepreneurship - Evidence from a Mortgage Reform
Jensen, Thais Lærkholm; Leth-Petersen, Søren; Nanda, … - National Bureau of Economic Research (NBER) - 2014
We study how a mortgage reform that exogenously increased access to credit had an impact on entrepreneurship, using individual-level micro data from Denmark. The reform allows us to disentangle the role of credit access from wealth effects that typically confound analyses of the collateral...
Persistent link: https://www.econbiz.de/10010969457
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Evaluating Policies to Prevent another Crisis: An Economist's View
Willen, Paul S. - National Bureau of Economic Research (NBER) - 2014
I consider four policies created to address the financial crisis: (1) the ability-to-repay requirement in mortgage underwriting; (2) reform of rating agency compensation, (3) risk retention in securitization, and (4) mandatory loan renegotiation. I show that according to standard models,...
Persistent link: https://www.econbiz.de/10010950717
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The Effects of Reconstruction Finance Corporation Assistance on Michigan's Banks' Survival in the 1930s
Calomiris, Charles W.; Weidenmier, Marc; Mason, Joseph R.; … - National Bureau of Economic Research (NBER) - 2012
bank failure rates in Michigan during the period 1932-1934, which includes the important Michigan banking crisis of early … purchases (the policy tool employed after March 1933) on bank failure rates. Our estimates treat the receipt of RFC assistance … assistance that are not directly related to failure risk) for analyzing the effects of RFC assistance on bank survival. We find …
Persistent link: https://www.econbiz.de/10010950800
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How does macroprudential regulation change bank credit supply?
Kashyap, Anil; Tsomocos, Dimitrios P.; Vardoulakis, … - National Bureau of Economic Research (NBER) - 2014
We analyze a variant of the Diamond-Dybvig (1983) model of banking in which savers can use a bank to invest in a risky … project operated by an entrepreneur. The savers can buy equity in the bank and save via deposits. The bank chooses to invest … in a safe asset or to fund the entrepreneur. The bank and the entrepreneur face limited liability and there is a …
Persistent link: https://www.econbiz.de/10010950858