bank, or indirectly through portfolio re-balancing of private investors. We quantify both the direct and the portfolio re …-balancing effects, we construct a novel shift-share instrument to measure investors' quasi-exogenous exposure to central bank purchases … eligible securities to the central bank and re-balance their portfolios towards ineligible securities, with investors ex …

unique equilibrium path of bank and financial market lending. Yet we also show that economies whose fundamental …

strength of the bank lending channel, recent evidence shows that bank-specific characteristics can have a large impact on the … mechanism particularly in a period of crisis. - Bank lending channel ; monetary policy ; financial innovation …

financial markets world-wide gained importance during the post-crisis "second phase of global liquidity" (Shin, 2013). The … coincide with increased debt and equity issuance. The findings demonstrate the growing importance of non-bank financial …

tools, their content and the environment in which they are employed. - Central bank ; financial stability ; communication …

explains the link between the liquidity premium and spreads. We present a theory of endogenous bank fragility arising from a … coordination friction among bank creditors. The theory's implications reduce to a single constraint on banks, which is embedded in … that reduce bank net worth exacerbate the coordination friction. In response, banks lend less and demand more liquid assets …

-run supply of bank credit. As U.S. bond rates have fallen, the pass-through of monetary shocks to loan and deposit rates has … weakened while the spread on U.S. bank loans has risen. I build a model in which banks earn deposit and loan spreads, deposits … dampened at low rates, because deposit spreads act as a better hedge for bank equity against unexpected monetary shocks. In the …