We study the response of real wages to the business cycle in eight major Eurozone countries before and during the Great …

monetary policy. The theory unifies an endogenous supply of illiquid local loans and risk-sharing among subsidiaries of bank …

U.S. banking crisis of the 20th century. Our systemic risk measure captures both the credit risk of an individual bank … as well as a bank's position in the network. We construct linkages between all U.S. commercial banks in 1929 and 1934 so … banking crisis that occurred between 1930-33 raised systemic risk per bank by 33% and increased the riskiness of the very …