simultaneous search or any heterogeneity in preferences, production costs, or search technologies. A distribution of money holdings … price distribution, in turn, makes buyers indifferent across a range of money balances, rationalizing the non …-degenerate distribution of money holdings. We completely characterize the distribution of posted prices and money holdings in any equilibrium …

paper we use accounting data from the banking industry to examine empirically whether shifts in the profit weights are … ownership on profits in the banking industry …

We investigate how liquidity regulations affect banks by examining a dormant monetary policy tool that functions as a …-quality liquid asset (HQLA) requirement around an exogenous threshold. We show that mandated increases in HQLA cause banks to reduce … credit supply. Liquidity requirements also depress banks' profitability, though some of the regulatory costs are passed on to …

Does banks' exposure to interest rate risk change when interest rates are very low or even negative? Using a high … reached zero and below. Since then, a further unexpected cut of 25 basis points in the short-term policy rate lowered banks … far more pronounced for banks with a more traditional, deposit-intensive funding mix. We argue that the reversal as well …