policy generates sizable output spillovers to the rest of the world, which are larger than the domestic effects in the US for …

investment in a model in which firms borrow from both bank and non-bank lenders. The bank funds loans with insured deposits and … competitively price loans. A tight capital requirement on the bank reduces risk-shifting and decreases bank leverage, reducing the … risk of costly bank failure. In response, though, the bank can change both price and non-price contract terms. This may …

resultant credit restriction by turning to other banks. Importantly the bank-lending channel is notably stronger when we account …

We study how the consequences of violations of covenants associated with bank lines of credit to firms vary with the … the heart of a new bank liquidity channel. This channel complements the traditional bank lending channel, which focuses on …

-run supply of bank credit. As U.S. bond rates have fallen, the pass-through of monetary shocks to loan and deposit rates has … weakened while the spread on U.S. bank loans has risen. I build a model in which banks earn deposit and loan spreads, deposits … dampened at low rates, because deposit spreads act as a better hedge for bank equity against unexpected monetary shocks. In the …

, regional banking fragility increases in foreign bank presence and wholesale funding in the US. We further investigate the …