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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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Financial intermediaries and monetary economics
Adrian, Tobias; Estrella, Arturo - 2010 - Rev.
We reconsider the role of financial intermediaries in monetary economics. We explore the hypothesis that financial intermediaries drive the business cycle by way of their role in determining the price of risk. In this framework, balance sheet quantities emerge as a key indicator of risk appetite...
Persistent link: https://www.econbiz.de/10003947765
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Evolution of Debt Financing toward Less-Regulated Financial Intermediaries in the United States
Erel, Isil; Inozemtsev, Eduard - National Bureau of Economic Research - 2024
Nonbank lenders have been playing an increasing role in supplying debt, especially after the Great Recession. How important are the distortions in the greater regulation of banks that differentially limit risk-taking across alternative providers of credit? How might the growing role of nonbanks...
Persistent link: https://www.econbiz.de/10014486206
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Information acquisition and financial intermediation
Boyarchenko, Nina - 2012
This paper considers the problem of information acquisition in an intermediated market, where the specialists have access to superior technology for acquiring information. These informational advantages of specialists relative to households lead to disagreement between the two groups, changing...
Persistent link: https://www.econbiz.de/10009624300
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Financial intermediaries and monetary economics
Adrian, Tobias; Estrella, Arturo - 2010
We reconsider the role of financial intermediaries in monetary economics. We explore the hypothesis that financial intermediaries drive the business cycle by way of their role in determining the price of risk. In this framework, balance sheet quantities emerge as a key indicator of risk appetite...
Persistent link: https://www.econbiz.de/10010287127
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Where to draw lines : stability versus efficiency
Sargent, Thomas J. - 2011
Persistent link: https://www.econbiz.de/10008939619
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Where to draw lines : stability versus efficiency
Sargent, Thomas J. - In: Economica 78 (2011) 310, pp. 197-214
Persistent link: https://www.econbiz.de/10009158481
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The role of institutional quality on the effects of fiscal stimulus
Avellán, Leopoldo; Galindo Andrade, Arturo José; … - 2020
This paper provides evidence on the effect of fiscal stimulus on economic activity in countries with different degrees of institutional quality. The identification strategy makes use of data on military expenditure to instrument government consumption using local lineal projections as presented...
Persistent link: https://www.econbiz.de/10012238283
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Rollover risk, liquidity and macroprudential regulation
Ahnert, Toni - 2014
I study rollover risk in the wholesale funding market when intermediaries can hold liquidity ex ante and are subject to fire sales ex post. Precautionary liquidity restores multiple equilibria in a global rollover game. An intermediate liquidity level supports both the usual run equilibrium and...
Persistent link: https://www.econbiz.de/10010360348
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Essays in financial intermediation
He, Ping - 2004
Persistent link: https://www.econbiz.de/10003386893