had large trading exposures to equity market risk before the introduction of the Volcker Rule in 2014 and that they … stress-test calibration indicates that the Volcker Rule was an effective financial-stability regulation, as even a 5% drop in … stock market returns would have led to material aggregate trading losses for banks in the pre-Volcker period, as large as …

We examine the interaction of regulatory reforms and changes in monetary policy in the U.S. repo market. Using a … quantity and not pricing adjustments in the market, which is consistent with the RRP facility anchoring market rates …

liquidity regulation. Our identification strategy uses a regression kink design that relies on the variation in a marginal high …