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

This paper uses disaggregated data on bank balance sheets to provide a test of the lending view of monetary policy …

This paper explores whether mandatory disclosure of bank balance sheet information can improve welfare. In our …

determine inflation in this regime, so I base the analysis on the fiscal theory of the price level. I find that monetary policy …

This paper proposes a theory of twin banking-currency crises in which both fundamentals and self-fulfilling beliefs …

"speculators" fleeing from the domestic currency acquire a large portion of the central bank's foreign exchange holdings.Faced with such an … attack, the central bank often withdraws temporarily from the foreign exchange market, allowing the exchange rate to float … depreciates monotonically to its new fixed level. Accordingly, the central bank's return tothe foreign exchange market can …

influence the central bank's preferences for a fixed exchange rate; and the domestic interest rate serves as a public signal … when a devaluation is triggered by the central bank's loss of foreign reserves as in Obstfeld (1986), provided that the …