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Banking supervision: the perspective from economics

Hirtle, Beverly J. - 2020

less attention to bank supervision as a distinct activity. Indeed, much of the banking literature has used the terms … "supervision" and "regulation" interchangeably. This paper provides a heuristic review of the economics literature on … microprudential bank supervision, highlighting broad findings and existing gaps, especially those related to work on supervision …

Persistent link: https://www.econbiz.de/10012391496

Macroprudential policy and the revolving door of risk : lessons from leveraged lending guidance

Kim, Sooji; Plosser, Matthew C.; Santos, João A. C. - 2017

We investigate the U.S. experience with macroprudential policies by studying the interagency guidance on leveraged lending. We find that the guidance primarily impacted large, closely supervised banks, but only after supervisors issued important clarifications. It also triggered a migration of...

Persistent link: https://www.econbiz.de/10011657569

Tradeoffs for the poor, divine coincidence for the rich

Del Negro, Marco; Diagne, Ibrahima; Dogra, Keshav; … - 2025

We use an estimated medium-scale HANK model to investigate how the tradeoff between stabilizing inflation and consumption volatility varies for households with different levels of wealth. Consumption for the rich is mostly affected by demand shocks via their exposure to highly procyclical...

Persistent link: https://www.econbiz.de/10015372071

How do supply shocks to inflation generalize? : evidence from the pandemic era in Europe

Acharya, Viral V.; Crosignani, Matteo; Eisert, Tim; … - 2025

We document how the interaction of supply chain pressures, elevated household inflation expectations, and firm pricing power contributed to the pandemic-era surge in consumer price inflation in the euro area. Initially, supply chain disruptions raised inflation, particularly in manufacturing,...

Persistent link: https://www.econbiz.de/10015445074

The heterogeneous impact of referrals on labor market outcomes

Lester, Benjamin; Rivers, David A.; Topa, Giorgio - 2021

We document a new set of facts regarding the impact of referrals on labor market outcomes. Our results highlight the importance of distinguishing between different types of referrals-those from family and friends and those from business contacts-and different occupations. Then we develop an...

Persistent link: https://www.econbiz.de/10012660361

The option value of municipal liquidity: evidence from federal lending cutoffs during COVID-19

Haughwout, Andrew; Hijmans, Benjamin L.; Shachar, Or - 2021

We estimate the option value of municipal liquidity by studying bond market activity and public sector hiring decisions when government budgets are severely distressed. Using a regression discontinuity (RD) design, we exploit lending eligibility population cutoffs introduced by the federal...

Persistent link: https://www.econbiz.de/10012660369

The Primary Dealer Credit Facility

Martin, Antoine; MacLaughlin, Susan - 2021

The Federal Reserve established a new Primary Dealer Credit Facility (PDCF) in March 2020, to allow primary dealers to support smooth market functioning and facilitate the availability of credit to businesses and households, in the face of deteriorating conditions in the market for triparty repo...

Persistent link: https://www.econbiz.de/10012625889

Interest, reserves, and prices

Benigno, Gianluca; Benigno, Pierpaolo - 2021

We would like to propose a new framework for monetary policy analysis that encompasses, as a special case, the Neo-Wicksellian paradigm. A general form of an aggregate-demand equation reveals a role for liquidity, as well as less effective movements in future real rates with respect to current...

Persistent link: https://www.econbiz.de/10012584354

Inflation expectations and risk premia in emerging bond markets: evidence from Mexico

Beauregard, Remy; Christensen, Jens H. E.; Fischer, Eric; … - 2021

To study inflation expectations and associated risk premia in emerging bond markets, this paper provides estimates for Mexico based on an arbitrage-free dynamic term structure model of nominal and real bond prices that accounts for their liquidity risk. In addition to documenting the existence...

Persistent link: https://www.econbiz.de/10012498145

Defragmenting markets: evidence from agency MBS

Liu, Haoyang; Song, Zhaogang; Vickery, James - 2021

Agency mortgage-backed securities (MBS) issued by Fannie Mae and Freddie Mac have historically traded in separate forward markets. We study the consequences of this fragmentation, showing that market liquidity endogenously concentrated in Fannie Mae MBS, leading to higher issuance and trading...

Persistent link: https://www.econbiz.de/10012511399

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