. Leverage has contributed more than equity to fluctuations in total assets. All three variables are several times more volatile … than GDP. Leverage has been positively correlated with assets and (to a lesser extent) GDP, and negatively correlated with … to endogenous leverage constraints, and assess its ability to replicate the facts. In the model, banks borrow in the form …

We study the cyclical fluctuations of leverage and assets of financial intermediaries and GDP in the United States …. Leverage and assets are several times more volatile than GDP, and experience larger fluctuations for unregulated (‘shadow …’) intermediaries than for regulated ones. While the leverage of regulated intermediaries is rather acyclical with respect to their …

. Leverage has contributed more than equity to fluctuations in total assets. All three variables are several times more volatile … than GDP. Leverage has been positively correlated with assets and (to a lesser extent) GDP, and negatively correlated with … to endogenous leverage constraints, and assess its ability to replicate the facts. In the model, banks borrow in the form …

the leverage they introduce is also unclear, perhaps due to their complexity. However, the combined effect of several …