We study the transmission of monetary policy through bank securities portfolios using granular supervisory data on U ….S. bank securities, hedging positions, and corporate credit. Banks that experienced larger losses on their securities during …

analysis to the case of Silicon Valley Bank (SVB) and find that the reduced value of the deposit franchise can explain why SVB … was insolvent in early March 2023, even before the bank run occurred …

widespread stress, with adverse affects on bank intermediation thereafter. We discuss the bank capital and the bank funding … conclude by discussing the increasing extension of bank credit lines to non-bank financial intermediaries, as well as the role …

of central bank balance sheets involves tradeoffs between monetary policy and financial stability …

bank's ability to track a given fed funds target, and the heterogeneous incidence of policy actions on the shadow cost of …

monetary policy by lowering search costs and expanding bank markets. This paper studies the reaction of online banks to changes … online banks. Consistent with the rate movements, online bank deposits experience inflows, while traditional banks experience …

mortgage rates move one-for-one with 10-year swap rates, leaving little explanatory power for mortgage concentration, bank …

I discuss private and central-bank-issued digital currencies, summarizing my prior research. I argue that prices of … private digital currencies such as bitcoin follow random walks or, more generally, risk-adjusted martingales. For central bank … digital currencies, I argue that they enhance the "CBDC trilemma" facing a central bank: out of the three objectives, price …