We quantify the importance of non-monetary news in central bank communication. Using evidence from four major central …

data on bank stock prices to show how deposit insurance could and did help stockholders of large banks. The broadening … liability provisions in controlling incentive conflict among large bank stakeholders. Federal deposit insurance restored …

risk composition of the central bank balance sheet with the goal of stabilizing economic activity. We construct a general … agents are unable to participate in financial markets. We show that a change in the risk composition of the central bank …'s balance sheet will change equilibrium asset prices and we prove that, in our model, a policy in which the central bank …