their risk assessments and outcomes to those from a simple methodology that relies on publicly available market data and … forecasts the capital shortfall of financial firms in severe market-wide downturns. We find that: (i) The losses projected on … financial firm balance-sheets compare well between actual stress tests and the market-data based assessments, and both relate …

the pandemic-era surge in consumer price inflation in the euro area. Initially, supply-chain pressures increased inflation …

This paper develops the thesis that credit market frictions may be an important contributor to high unemployment in … market imperfections, so unemployment rises and remains high for an extended period. The data show that there has not been … industries is lower than in the U.S.. This suggests that although credit market imperfections are unlikely to have been the major …