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Bank Interventions and Options-based Systemic Risk: Evidence from the Global and Euro-area Crisis

Londono, Juan M.; Tian, Mary - Federal Reserve Board (Board of Governors of the … - 2014

Using a novel dataset on central bank interventions to financial institutions, we examine the impact of capital injection announcements on systemic risk for the banking sector in the U.S. and the euro area between 2008 and 2013. We propose a new measure of options-based systemic risk called...

Persistent link: https://www.econbiz.de/10010937978

The Role of Oil Price Shocks in Causing U.S. Recessions

Kilian, Lutz; Vigfusson, Robert J. - Federal Reserve Board (Board of Governors of the … - 2014

largely persists even after augmenting the nonlinear model with a measure of credit supply conditions, of the monetary policy …

Persistent link: https://www.econbiz.de/10010892323

Inflation Dynamics During the Financial Crisis

Gilchrist, Simon; Schoenle, Raphael; Sim, Jae W.; … - Federal Reserve Board (Board of Governors of the … - 2015

Firms with limited internal liquidity significantly increased prices in 2008, while their liquidity unconstrained counterparts slashed prices. Differences in the firms' price-setting behavior were concentrated in sectors likely characterized by customer markets. We develop a model, in which...

Persistent link: https://www.econbiz.de/10011255348

Crowding Out Effects of Refinancing on New Purchase Mortgages

Sharpe, Steve; Sherlund, Shane M. - Federal Reserve Board (Board of Governors of the … - 2015

low to modest credit quality. Mortgage processing capacity constraints typically bind when the demand for mortgage … to ration mortgage credit, completing mortgages that require less underwriting resources, and are thus less costly, to … produce. This is hypothesized to have a particularly adverse impact on the ability of low- to modest-credit-quality borrowers …

Persistent link: https://www.econbiz.de/10011261276

Banking panics and deflation in dynamic general equilibrium

Carapella, Francesca - Federal Reserve Board (Board of Governors of the … - 2015

This paper develops a framework to study the interaction between banking, price dynamics, and monetary policy. Deposit contracts are written in nominal terms: if prices unexpectedly fall, the real value of banks' existing obligations increases. Banks default, panics precipitate, economic...

Persistent link: https://www.econbiz.de/10011261279

Are the Borrowing Costs of Large Financial Firms Unusual?

Ahmed, Javed I.; Anderson, Christopher W.; Zarutskie, … - Federal Reserve Board (Board of Governors of the … - 2015

firms' lower borrowing costs relative to smaller financial firms. Using pricing data on credit default swaps (CDS) and …

Persistent link: https://www.econbiz.de/10011268455

Government Connections and Financial Constraints: Evidence from a Large Representative Sample of Chinese Firms

Cull, Robert; Li, Wei; Sun, Bo; Xu, Lixin Colin - Federal Reserve Board (Board of Governors of the … - 2015

Chinese firms' financing conditions, and provide further evidence on the nature of the misallocation of credit by China …

Persistent link: https://www.econbiz.de/10011269077

Limited Deposit Insurance Coverage and Bank Competition

Shy, Oz; Stenbacka, Rune; Yankov, Vladimir - Federal Reserve Board (Board of Governors of the … - 2014

Deposit insurance designs in many countries place a limit on the coverage of deposits in each bank. However, no limits are placed on the number of accounts held with different banks. Therefore, under limited deposit insurance, some consumers open accounts with different banks to achieve higher...

Persistent link: https://www.econbiz.de/10011095298

In Search of a Risk-free Asset

Yankov, Vladimir - Federal Reserve Board (Board of Governors of the … - 2014

To attract retail time deposits, over 7,000 FDIC insured U.S. commercial banks publicly post their yield offers. I document an economically sizable and highly pro-cyclical cross-sectional dispersion in these yield offers during the period 1997 - 2011. Banks adjusted their yields rigidly and...

Persistent link: https://www.econbiz.de/10011115663

Modeling Money Market Spreads: What Do We Learn about Refinancing Risk?

Brousseau, Vincent; Nikolaou, Kleopatra; Pill, Huw - Federal Reserve Board (Board of Governors of the … - 2014

We quantify the effect of refinancing risk on euro area money market spreads, a major factor driving spreads during the financing crisis. With the advent of the crisis, market participants' perception of their ability to refinance over a given period of time changed radically. As a result,...

Persistent link: https://www.econbiz.de/10011119859