risk in which all banks choose inefficiently high leverage to fund correlated assets and market discipline is compromised … ; systemic risk ; bailout ; forbearance ; moral hazard ; capital requirements …

We propose a measure for systemic risk: CoVaR, the value at risk (VaR) of financial institutions conditional on other … institutions being in distress. We define an institution’s (marginal) contribution to systemic risk as the difference between CoVaR … systemic risk contribution. We argue for macro-prudential regulation based on the degree to which such characteristics forecast …

How might modern settlement systems with distributed ledger technology achieve zero settlement risk? We consider the … design of settlement systems that satisfies two integral features: information-leakage proof and zero settlement risk. Legacy …

time-varying, asymmetric, and partly predictable. Tight financial conditions forecast downside growth risk, upside … unemployment risk, and increased uncertainty around the inflation forecast. Growth vulnerability arises as the conditional mean and …

on-the-job learning featuring ex ante heterogeneity in learning ability and job ladder risk - job loss, job finding, and …, whereas ex ante heterogeneity in job ladder risk accounts for 80 percent of LE growth differences below the median. …