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Intermediary leverage cycles and financial stability
Adrian, Tobias; Boyarchenko, Nina - 2012
We develop a theory of financial intermediary leverage cycles in the context of a dynamic model of the macroeconomy …. The interaction between a production sector, a financial intermediation sector, and a household sector gives rise to … risk ; macroprudential policy ; DSGE ; amplification ; capital regulation ; financial intermediation …
Persistent link: https://www.econbiz.de/10009580891
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The cyclicality of leverage
Adrian, Tobias; Boyarchenko, Nina; Shin, Hyun Song - 2015
This paper studies the question of the economic scale of financial institutions. We show that banks actively smooth book equity by adjusting payouts to achieve a desired trajectory of book equity. The countercyclical nature of net payouts of financial institutions leads to procyclical book...
Persistent link: https://www.econbiz.de/10011342855
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Intermediary Leverage Cycles and Financial Stability
Adrian, Tobias - 2012
We develop a theory of financial intermediary leverage cycles in the context of a dynamic model of the macroeconomy …. The interaction between a production sector, a financial intermediation sector, and a household sector gives rise to …
Persistent link: https://www.econbiz.de/10013101656
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Intermediary Leverage Cycles and Financial Stability
Adrian, Tobias - 2012
We develop a theory of financial intermediary leverage cycles in the context of a dynamic model of the macroeconomy …. The interaction between a production sector, a financial intermediation sector, and a household sector gives rise to …
Persistent link: https://www.econbiz.de/10013101934
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Intermediary balance sheets
Adrian, Tobias; Boyarchenko, Nina - 2013
the bank sector is highly procyclical, the leverage of the nonbank financial sector is acyclical. We propose a theory of a …
Persistent link: https://www.econbiz.de/10010202648
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Banking networks and economic growth: from idiosyncratic shocks to aggregate fluctuations
Kundu, Shohini; Vats, Nishant - 2021
This paper explores the transmission of non-capital shocks through banking networks. We develop a methodology to construct non-capital (idiosyncratic) shocks, using labor productivity shocks to large firms. We document a change in the relationship between foreign idiosyncratic shocks and...
Persistent link: https://www.econbiz.de/10012694566
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The rise of non-regulated financial intermediaries in the housing sector and its macroeconomic implications
Desgagnés, Hélène - 2017
(DSGE) model. My model features two types of financial intermediaries that differ in three ways: (i) only regulated …
Persistent link: https://www.econbiz.de/10011777922
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Precautionary liquidity shocks, excess reserves and business cycles
Bratsiotis, George; Theodoridis, Konstantinos - 2020
Persistent link: https://www.econbiz.de/10012793438
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Precautionary liquidity shocks, excess reserves and business cycles
Bratsiotis, George; Theodoridis, Konstantinos - 2020
(volatility) dependent effects on the real economy. To understand the transmission of the shock, we develop a DSGE model of …
Persistent link: https://www.econbiz.de/10012483779
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Liquidity and Leverage
Adrian, Tobias; Shin, Hyun Song - 2010
In a financial system in which balance sheets are continuously marked to market, asset price changes appear immediately as changes in net worth, eliciting responses from financial intermediaries who adjust the size of their balance sheets. We document evidence that marked-to-market leverage is...
Persistent link: https://www.econbiz.de/10014217747