Repurchase agreements ("repos") play a significant role in global credit market activity. Therefore, the individual decisions of repo market participants can weigh heavily on the broader economy. In order to analyze the decisions of these participants, our framework studies security repurchase...

We study a model in which a risk-pooling intermediary such as a money market mutual fund (MMMF) is exposed to runs. In addition to providing risk-pooling services to investors, the MMMF lends funds to borrowers secured by collateral as in security repurchase transactions which are frequently...

During the Global Financial Crisis, there were increasing concerns about the effects of mortgage market activity on the stability of the financial system. Given the important role of banks for extending mortgage funding, how does the legal environment regarding mortgage default impact mortgage...

During the Global Financial Crisis, there were increasing concerns about the effects of mortgage market activity on the stability of the financial system. Given the important role of banks for extending mortgage funding, how does the legal environment regarding mortgage default impact mortgage...

An increasing number of central banks implement monetary policy via two standing facilities: a lending facility and a deposit facility. In this paper we show that it is socially optimal to implement a non-zero interest rate spread. We prove this result in a dynamic general equilibrium model...

An increasing number of central banks implement monetary policy via two standing facilities: a lending facility and a deposit facility. In this paper we show that it is socially optimal to implement a non-zero interest rate spread. We prove this result in a dynamic general equilibrium model...