policy on bank-level lending and leverage by drawing on a single natural experiment. In 1920, when U.S. monetary policy was … stance. Macroprudential policy caused both bank-level lending and leverage to fall significantly (by 11%-14%), whereas LAW … had only weak and, in some areas, even perverse effects on these bank-level outcomes. I show that the macroprudential tool …

policy on bank-level lending and leverage by drawing on a single natural experiment. In 1920, when U.S. monetary policy was … stance. Macroprudential policy caused both bank-level lending and leverage to fall significantly (by 11%-14%), whereas LAW … had only weak and, in some areas, even perverse effects on these bank-level outcomes. I show that the macroprudential tool …

Markets Programme (SMP). Using detailed security holdings data at the bank level, we show that banks exposed to this …

Markets Programme (SMP). Using detailed security holdings data at the bank level, we show that banks exposed to this …

decompose the welfare effects of bank capital regulation to demonstrate the effects of exuberance and its interaction with … evidence on the relationship between bank capital and risk-taking. Finally, I investigate the sensitivity of these insights …