materialize. Financial regulation encouraging the decarbonization of the banks' balance sheets via tax-subsidy schemes …

asymmetric information. Regulation can be welfare-improving in the presence of an externality and also in case of collateral … crisis, recent advances in global liquidity regulation try to curb the excessive reliance on short-term wholesale funding … regulation may interfere with the central bank's influence on short-term money market rates. This paper tries to fill the gap in …

Financial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the … distributive implications of financial regulation at center stage. We develop a formal model in which the financial sector benefits … efficiency in the real economy, which is aided by tighter regulation and a more stable supply of credit. We also show that …

internalizing the externality and find that this is far from guaranteed. In a standard model of liquidity shocks, when liquidity is … productivity shocks, the Cournot equilibrium overcorrects for the fire-sale externality and holds less capital than socially … efficient. Implications for welfare and regulation therefore depend highly on the nature of the shocks and the competitiveness …

-transactions taxes and argues that lawmakers should instead focus on plans to either (1) permit cost-of-equity tax deductions or (2) tax …

This paper examines financial regulation and distortionary taxes in a heterogeneous-agents economy with pecuniary …

Financial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the … distributive implications of financial regulation center stage. We develop a model in which the financial sector benefits from risk … sector, which is aided by deregulation, against efficiency in the real economy, which is aided by tighter regulation and a …