document the limits of the shadow bank substitution margin: shadow banks substitute for traditional--deposit-taking--banks in …Bank balance sheet lending is commonly viewed as the predominant form of lending. We document and study two margins of … quantitative consequences of several policies on lending volume and pricing, bank stability, and the distribution of consumer …

and central bank conservatism on economic performance. Several striking conclusions emerge. In relatively centralized … of central bank conservatism. A radical-populist central banker who cares not at all about inflation (alternatively, who …

monetary policy. The theory unifies an endogenous supply of illiquid local loans and risk-sharing among subsidiaries of bank …

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 …

firms are highly-indebted. The analysis is based on a model in which firms rely on bank credit to finance their working …

with a weak bank--once we condition on aggregate demand shocks. Second, the relation between leverage and investment …