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Financial Intermediation and Aggregate Fluctuations : A Quantative Analysis
Cooper, Russell - 1994
This paper investigates the quantitative implications of two business cycle models in which aggregate fluctuations arise in response to variations in the process of financial intermediation. In the first, fundamental shocks in the capital accumulation process lead to fluctuations in the real...
Persistent link: https://www.econbiz.de/10012474096
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Intermediary Asset Pricing
He, Zhiguo - 2008
effectiveness of a variety of central bank policies, including reducing intermediaries' borrowing costs, infusing equity capital …
Persistent link: https://www.econbiz.de/10012464130
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Intermediary Asset Pricing and the Financial Crisis
He, Zhiguo - 2018
"Intermediary asset pricing'' understands asset prices and risk premia through the lens of frictions in financial intermediation. Perhaps motivated by phenomena in the financial crisis, intermediary asset pricing has been one of the fastest growing areas of research in finance. This article...
Persistent link: https://www.econbiz.de/10012453299
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Monetary Policy in the Capitals of Capital
Gerko, Elena - 2017
The importance of financial markets and international capital flows have increased greatly since the 1990s. How does this affect the effectiveness of monetary policy? We analyse the transmission of monetary policy in two important financial centres, the United States and the United Kingdom....
Persistent link: https://www.econbiz.de/10012455031
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Central Banks and the Financial System
Giavazzi, Francesco - 2010
Financial systems are inherently fragile because of the very function which makes them valuable: liquidity transformation. Regulatory reforms can strengthen the financial system and decrease the risk of liquidity crises, but they cannot eliminate it completely. This leaves monetary policy with a...
Persistent link: https://www.econbiz.de/10012462427
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Financial Structure, Macroeconomic Stability and Monetary Policy
Cecchetti, Stephen G. - 2001
Over the past twenty years, macroeconomic performance has improved markedly in industrialized and developing countries alike. Both inflation and real growth are more stable now than they were in the 1980s. This stability has been accompanied by dramatic changes in financial structure. We examine...
Persistent link: https://www.econbiz.de/10012470366
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The term effect of financial cycle variables on GDP growth
Wang, Bo; Xiao, Yang - In: Journal of international money and finance 139 (2023), pp. 1-30
Persistent link: https://www.econbiz.de/10014478241
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Assessing cross-border interconnectedness between shadow banking systems
Fong, Tom; Sze, Kin Wan; Ho, Ho Cheung - In: Journal of international money and finance 110 (2021), pp. 1-13
Persistent link: https://www.econbiz.de/10012795432
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Sizing Up Repo
Krishnamurthy, Arvind - 2012
We measure the repo funding extended by money market funds (MMF) and securities lenders to the shadow banking system …, raising credit terms to their borrowers. The picture that emerges from these findings looks less like a traditional bank run …
Persistent link: https://www.econbiz.de/10012460892
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Aggregate Lending and Modern Financial Intermediation : Why Bank Balance Sheet Models are Miscalibrated
Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit - National Bureau of Economic Research - 2023
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 …
Persistent link: https://www.econbiz.de/10014322871