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Benigno, Gianluca; Benigno, Pierpaolo - 2021

-Wicksellian paradigm. A general form of an aggregate-demand equation reveals a role for liquidity, as well as less effective movements in …

Persistent link: https://www.econbiz.de/10013222541

Are banks passive liquidity backstops? : deposit rates and flows during the 2007-2009 crisis

Acharya, Viral V.; Mora, Nada - 2011

Persistent link: https://www.econbiz.de/10009413023

How Do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007

Acharya, Viral V. - 2013

In August of 2007, banks faced a freeze in funding liquidity from the asset-backed commercial paper (ABCP) market. We … investigate how banks scrambled for liquidity in response to this freeze and its implications for corporate borrowing. Commercial …

Persistent link: https://www.econbiz.de/10013077991

Managing Monetary Policy Normalization

Benigno, Gianluca; Benigno, Pierpaolo - 2022

We propose a new framework for monetary policy analysis to study monetary policy normalization when exiting a liquidity … trap. The optimal combination of reserves and interest rate policy requires an increase in liquidity (reserves) a few … tightening starts before the liftoff of the policy rate. Moreover, the withdrawal of liquidity takes place at a very slow pace …

Persistent link: https://www.econbiz.de/10013289684

The Financial (In)Stability Real Interest Rate, R**

Akinci, Ozge; Benigno, Gianluca; Del Negro, Marco; … - 2022

We introduce the concept of a financial stability real interest rate using a macroeconomic banking model with an occasionally binding financing constraint, as in Gertler and Kiyotaki (2010). The financial stability interest rate, r**, is the threshold interest rate that triggers the constraint...

Persistent link: https://www.econbiz.de/10014239222

Exorbitant Privilege? Quantitative Easing and the Bond Market Subsidy of Prospective Fallen Angels

Acharya, Viral V.; Banerjee, Ryan; Crosignani, Matteo; … - 2022

We document capital misallocation in the U.S. investment-grade (IG) corporate bond market, driven by quantitative easing (QE). Prospective fallen angels—risky firms just above the IG rating cutoff—enjoyed subsidized bond financing since 2009, especially when the scale of QE purchases peaked...

Persistent link: https://www.econbiz.de/10013298377

Exorbitant Privilege? Quantitative Easing and the Bond Market Subsidy of Prospective Fallen Angels

Acharya, Viral V.; Banerjee, Ryan; Crosignani, Matteo; … - 2022

We document capital misallocation in the U.S. investment-grade (IG) corporate bond market, driven by quantitative easing (QE). Prospective fallen angels–risky firms just above the IG rating cutoff–enjoyed subsidized bond financing since 2009, especially when the scale of QE purchases peaked...

Persistent link: https://www.econbiz.de/10013301918

MEASURING SYSTEMIC RISK

Acharya, Viral V.; Brownlees, Christian; Engle, Robert; … - In: Managing and Measuring Risk:Emerging Global Standards …

AbstractThe following sections are included:OverviewThe Dodd-Frank Wall Street Reform and Consumer Protection ActEvaluation of the Dodd-Frank ACTMarket-Based Measures of Systemic RiskInterconnectednessStress TestsTransparencyNYU Stern Systemic Risk RankingsSystemic Risk MethodologySystemic Risk...

Persistent link: https://www.econbiz.de/10011206372

TAXING SYSTEMIC RISK

Acharya, Viral V.; Pedersen, Lasse; Philippon, Thomas; … - In: Managing and Measuring Risk:Emerging Global Standards …

AbstractThe following sections are included:Systemic Risk and the Financial Crisis of 2007 to 2009Regulating Systemic RiskObstacle 1: Measuring Systemic RiskObstacle 2: Implementing the Tax on Systemic RiskObstacle 3: Is Moral Hazard Solved?The Dodd-Frank Wall Street Reform and Consumer...

Persistent link: https://www.econbiz.de/10011206586