, holding intermediaries' debt as cash. This paper shows that intermediaries' liquidity creation stimulates growth -- firms hold …. Introducing government debt as a competing source of liquidity is a double-edged sword: firms hold more liquidity in every state … of the world, but by squeezing intermediaries' profits and amplifying their leverage cycle, public liquidity increases …

an earlier rate cut within positive territory, and risk-taking reduces regulatory capital cushions and liquidity. …

number of distortions and malfunctions in several dimensions of banking and financial markets, which in turn may affect the … empirical research of the impact on banks. It also investigates the impact of negative interest rates on the European banking …

the payees' banks. The change in liquidity conditions for both banks and their customers gives rise to two opposing forces …

intermediaries. While money is valued for its liquidity, its creation requires costly leverage. Inflation, security prices and the …

financial moments, given Epstein-Zin preferences, heterogeneous banking and third-order approximation methods that yield a time …