We study the transmission of monetary policy through bank securities portfolios using granular supervisory data on U ….S. bank securities, hedging positions, and corporate credit. Banks that experienced larger losses on their securities during …

Bank branch density, defined as the number of bank branches to total deposits, has significantly declined over the past …

deposits excessively fragile in which case there is a role for outside bank capital. Greater bank capital reduces liquidity … creation by the bank but enables the bank to survive more often and avoid distress. A more subtle effect is that banks with … different amounts of capital extract different amounts of repayment from borrowers. The optimal bank capital structure trades …

, focusing on short-term gains but risking further losses if rates rose. Instead of hedging the market value risk of bank asset … fluctuations. More vulnerable banks were more likely to reclassify. Extending Jiang et al.'s (2023) solvency bank run model, we …

develop a theory of the mechanism, provide empirical evidence, evaluate the ability of the quantitative theory to match the …

through central bank purchases of privately held risky assets and their replacement by government debt, with a return that is … they are born. I show that a change in the asset composition of the central bank's balance sheet will change equilibrium … asset prices. Further, I prove that a policy in which the central bank stabilizes fluctuations in the stock market is Pareto …

. Upon the arrival of a signal about banks' future defaults, investors update their expectations of bank solvency. If their …