exposure in bad times. We apply this idea to bank risk measurement. We find that banks with high accounting return on equity … triggered by the collapse of Silicon Valley Bank. ROE predicts systematic tail risk much better than conventional measures based …

This paper is the first to study the effect of financial restatement on bank loan contracting. Compared with loans …

the U.S. and Europe. Another popular view is that these differences are explained by long-standing European "culture," but … the U.S. and Europe. These policies do not seem to have increased employment, but they may have had a more society …

Bundesbank and the Bank of Japan each focus on one money target, described by the Bundesbank as a target, and by the Bank of … Japan as a projection. None of the countries has stuck rigorously to the targets, though the Bank of Japan has come close …

rates has been widespread in the analyses by economic policymakers both in Europe and in the United States. In this paper we … been raised by the recent policy debates in Europe and the United States: Have ex ante real rates in the United States and … Europe been high during recent years? Has there been a link between U.S. real rates and those in other countries? Can this …

The paper compares migration policy and welfare state generosity between America and Europe. There is more selective … may explain in part these US-Europe differences in policies …

When a bank experiences a negative shock to its equity, one way to return to target leverage is to sell assets. If … asset sales occur at depressed prices, then one bank's sales may impact other banks with common exposures, resulting in … explains how the distribution of bank leverage and risk exposures contributes to a form of systemic risk. We compute bank …

, eventually, greater reliance on liquidity support from the European Central Bank …