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Cournot Fire Sales
Eisenbach, Thomas M. - 2020
In standard Walrasian macro-finance models, pecuniary externalities due to fire sales lead to excessive borrowing and insufficient liquidity holdings. We investigate whether imperfect competition (Cournot) improves welfare through internalizing the externality and find that this is far from...
Persistent link: https://www.econbiz.de/10012852781
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On Both Sides of the Quality Bias in Price Indexes
Hobijn, Bart - 2006
It is often argued that price indexes do not fully capture the quality improvements of new goods in the market. Because of this shortcoming, price indexes are perceived to overestimate the actual price increases that occur. In this paper, I argue that the quality bias in price indexes is just as...
Persistent link: https://www.econbiz.de/10012733193
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Basel III : Long-Term Impact on Economic Performance and Fluctuations
Angelini, Paolo - 2011
order of magnitude, at 0.08 percent. This paper does not estimate the benefits of the new regulation in terms of reduced …
Persistent link: https://www.econbiz.de/10013128984
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Executive Compensation and Risk Taking
Bolton, Patrick - 2011
This paper studies the connection between risk taking and executive compensation in financial institutions. A theoretical model of shareholders, debtholders, depositors, and an executive suggests that 1) in principle, excessive risk taking (in the form of risk shifting) may be addressed by...
Persistent link: https://www.econbiz.de/10013133333
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A Private Lender Cooperative Model for Residential Mortgage Finance
Dechario, Toni - 2010
We describe a set of six design principles for the reorganization of the U.S. housing finance system and apply them to one model for replacing Fannie Mae and Freddie Mac that has so far received frequent mention but little sustained analysis – the lender cooperative utility. We discuss the...
Persistent link: https://www.econbiz.de/10013139567
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The Information Value of the Stress Test and Bank Opacity
Peristiani, Stavros - 2010
techniques, we find that the market had largely deciphered on its own which banks would have capital gaps before the stress test … results were revealed, but that the market was informed by the size of the gap; given our proxy for the expected gap, banks … the financial panic by producing vital information about banks. Our findings also contribute to the academic literature on …
Persistent link: https://www.econbiz.de/10013139788
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Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-09
Adrian, Tobias - 2012
The financial crisis of 2007-09 has sparked keen interest in models of financial frictions and their impact on macro activity. Most models share the feature that borrowers suffer a contraction in the quantity of credit. However, the evidence suggests that although bank lending contracted during...
Persistent link: https://www.econbiz.de/10013113163
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Bailouts and Financial Fragility
Keister, Todd - 2012
-term liabilities, in contrast, can both improve the allocation of resources and promote financial stability …
Persistent link: https://www.econbiz.de/10013115675
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Expectations versus Fundamentals : Does the Cause of Banking Panics Matter for Prudential Policy?
Keister, Todd - 2011
obstacle to designing policies that promote financial stability. However, we show that the appropriate choice of policy is …
Persistent link: https://www.econbiz.de/10013119802
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Corporate Governance and Banks : What Have We Learned from the Financial Crisis?
Mehran, Hamid - 2011
suggest possible solutions. We begin this paper by explaining why governance of banks differs from governance of non …
Persistent link: https://www.econbiz.de/10013122805