NBER Papers on Working Group on Risks of Financial Institutions

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w27517 Viral V. Acharya
Soku Byoun
Zhaoxia Xu

The Sensitivity of Cash Savings to the Cost of Capital
w27499 Manuel Adelino
William B. McCartney
Antoinette Schoar

The Role of Government and Private Institutions in Credit Cycles in the U.S. Mortgage Market
w27491 Ricardo Correa
Wenxin Du
Gordon Y. Liao

U.S. Banks and Global Liquidity
w27442 Martin Goetz
Luc Laeven
Ross Levine

Do Bank Insiders Impede Equity Issuances?
w27416 Zhiguo He
Stefan Nagel
Zhaogang Song

Treasury Inconvenience Yields during the COVID-19 Crisis
w27396 Robin Greenwood
Samuel G. Hanson
Andrei Shleifer
Jakob Ahm Sørensen

Predictable Financial Crises
w27376 Itay Goldstein
Alexandr Kopytov
Lin Shen
Haotian Xiang

Bank Heterogeneity and Financial Stability
w27367 Jules H. van Binsbergen
Duration-Based Stock Valuation
w27355 Mahyar Kargar
Benjamin Lester
David Lindsay
Shuo Liu
Pierre-Olivier Weill
Diego Zúñiga

Corporate Bond Liquidity During the COVID-19 Crisis
w27316 Victoria Ivashina
Boris Vallee

Weak Credit Covenants
w27292 Viral V. Acharya
Katharina Bergant
Matteo Crosignani
Tim Eisert
Fergal J. McCann

The Anatomy of the Transmission of Macroprudential Policies
w27275 Cristina Arellano
Yan Bai
Gabriel P. Mihalache

Deadly Debt Crises: COVID-19 in Emerging Markets
w27258 Yifei Wang
Toni M. Whited
Yufeng Wu
Kairong Xiao

Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation
w27256 Lei Li
Philip E. Strahan
Song Zhang

Banks as Lenders of First Resort: Evidence from the COVID-19 Crisis
w27207 Vadim Elenev
Tim Landvoigt
Stijn Van Nieuwerburgh

Can the Covid Bailouts Save the Economy?
w27195 Michael R. Roberts
Michael Schwert

Interest Rates and the Design of Financial Contracts
w27171 Markus K. Brunnermeier
Michael Sockin
Wei Xiong

China's Model of Managing the Financial System
w27168 Valentin Haddad
Alan Moreira
Tyler Muir

When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed's Response
w27158 Viral V. Acharya
Matteo Crosignani
Tim Eisert
Christian Eufinger

Zombie Credit and (Dis-)Inflation: Evidence from Europe
w27136 Richard K. Lyons
Ganesh Viswanath-Natraj

What Keeps Stablecoins Stable?
w27113 Kyriakos T. Chousakos
Gary B. Gorton
Guillermo Ordoñez

The Macroprudential Role of Stock Markets
w27097 Scott R. Baker
R. A. Farrokhnia
Steffen Meyer
Michaela Pagel
Constantine Yannelis

Income, Liquidity, and the Consumption Response to the 2020 Economic Stimulus Payments
w27088 Arvind Krishnamurthy
Wenhao Li

Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment
w27048 Laura Alfaro
Ester Faia
Ruth A. Judson
Tim Schmidt-Eisenlohr

Elusive Safety: The New Geography of Capital Flows and Risk
w27044 Ricardo J. Caballero
Alp Simsek

A Model of Asset Price Spirals and Aggregate Demand Amplification of a "Covid-19" Shock
w27025 John Y. Campbell
Roman Sigalov

Portfolio Choice with Sustainable Spending: A Model of Reaching for Yield
w26908 Matthew Baron
Emil Verner
Wei Xiong

Banking Crises without Panics
w26903 Erica Jiang
Gregor Matvos
Tomasz Piskorski
Amit Seru

Banking without Deposits: Evidence from Shadow Bank Call Reports
w26887 Thomas Ian Schneider
Philip E. Strahan
Jun Yang

Bank Stress Testing: Public Interest or Regulatory Capture?
w26855 Antonio Coppola
Matteo Maggiori
Brent Neiman
Jesse Schreger

Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens
w26820 Peter Bednarek
Daniel Marcel te Kaat
Chang Ma
Alessandro Rebucci

Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms
w26773 Todd M. Hazelkorn
Tobias J. Moskowitz
Kaushik Vasudevan

Beyond Basis Basics: Leverage Demand and Deviations from the Law of One Price
w26739 Adair Morse
Karen Pence

Technological Innovation and Discrimination in Household Finance
w26714 Murillo Campello
Gustavo S. Cortes
Fabricio d'Almeida
Gaurav Kankanhalli

Global Effects of the Brexit Referendum: Evidence from US Corporations
w26710 Christoffer Koch
Gary Richardson
Patrick Van Horn

Countercyclical Capital Buffers: A Cautionary Tale
w26701 Marco Cipriani
Ana Fostel
Daniel Houser

Leverage and Asset Prices: An Experiment.
w26689 Anil K. Kashyap
Dimitrios P. Tsomocos
Alexandros P. Vardoulakis

Optimal Bank Regulation In the Presence of Credit and Run-Risk
w26671 Cristina Arellano
Yan Bai
Gabriel P. Mihalache

Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default)
w26564 Viral V. Acharya
Nirupama Kulkarni

Government Guarantees and Bank Vulnerability during a Crisis: Evidence from an Emerging Market
w26558 Alessandro Rebucci
Chang Ma

Capital Controls: A Survey of the New Literature
w26479 Viral V. Acharya
Björn Imbierowicz
Sascha Steffen
Daniel Teichmann

Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?
w26471 Viral V. Acharya
Guillaume Plantin

Monetary Easing, Leveraged Payouts and Lack of Investment
w26469 Marco Cipriani
Ana Fostel
Daniel Houser

Endogenous Leverage and Default in the Laboratory
w26458 Sergey Chernenko
Isil Erel
Robert Prilmeier

Nonbank Lending
w26447 Bilge Erten
Anton Korinek
José Antonio Ocampo

Capital Controls: Theory and Evidence
w26429 Patrick Augustin
Mikhail Chernov
Lukas Schmid
Dongho Song

Benchmark Interest Rates When the Government is Risky
w26423 Huaizhi Chen
Lauren Cohen
Umit Gurun

Don't Take Their Word For It: The Misclassification of Bond Mutual Funds
w26397 Gianluca Benigno
Huigang Chen
Christopher Otrok
Alessandro Rebucci
Eric R. Young

Optimal Policy for Macro-Financial Stability
w26369 Valentin Haddad
David A. Sraer

The Banking View of Bond Risk Premia
w26344 Charles W. Calomiris
Yehuda Izhakian
Jaime F. Zender

Underwriter Certification, Issuer-Underwriter Matching, and SEO Performance
w26337 Guillermo Ordoñez
Facundo Piguillem

Retirement in the Shadow (Banking)
w26300 Markus K. Brunnermeier
Harold James
Jean-Pierre Landau

The Digitalization of Money
w26298 Jason R. Donaldson
Giorgia Piacentino

Money Runs
w26229 Markus K. Brunnermeier
Ricardo Reis

A Crash Course on the Euro Crisis
w26219 Max Raskin
Fahad Saleh
David Yermack

How Do Private Digital Currencies Affect Government Policy?
w26183 Stefan Gissler
Rodney Ramcharan
Edison Yu

The Effects of Competition in Consumer Credit Market
w26163 Lei Li
Elena Loutskina
Philip E. Strahan

Deposit Market Power, Funding Stability and Long-Term Credit
w26138 Jules H. van Binsbergen
William F. Diamond
Marco Grotteria

Risk-Free Interest Rates
w26102 Moritz Lenel
Monika Piazzesi
Martin Schneider

The Short Rate Disconnect in a Monetary Economy
w26074 Tri Vi Dang
Gary B. Gorton
Bengt R. Holmstrom

The Information View of Financial Crises
w26049 Jonas Heipertz
Amine Ouazad
Romain Rancière

The Transmission of Shocks in Endogenous Financial Networks: A Structural Approach
w26031 Ricardo J. Caballero
Gunes Kamber

On the Global Impact of Risk-off Shocks and Policy-put Frameworks
w26009 Wenxin Du
Benjamin M. Hébert
Amy Wang Huber

Are Intermediary Constraints Priced?
w25995 Jennie Bai
Turan G. Bali
Quan Wen

Is There a Risk-Return Tradeoff in the Corporate Bond Market? Time-Series and Cross-Sectional Evidence
w25977 Ricardo J. Caballero
Alp Simsek

Prudential Monetary Policy
w25946 Jason Roderick Donaldson
Giorgia Piacentino
Anjan Thakor

Intermediation Variety
w25943 Robert Bartlett
Adair Morse
Richard Stanton
Nancy Wallace

Consumer-Lending Discrimination in the FinTech Era
w25891 Gary B. Gorton
The Regulation of Private Money
w25887 Jérôme Dugast
Semih Üslü
Pierre-Olivier Weill

A Theory of Participation in OTC and Centralized Markets
w25877 Markus K. Brunnermeier
Dirk Niepelt

On the Equivalence of Private and Public Money
w25807 Stefan Nagel
Amiyatosh Purnanandam

Bank Risk Dynamics and Distance to Default
w25795 Haoyu Gao
Hong Ru
Robert Townsend
Xiaoguang Yang

Rise of Bank Competition: Evidence from Banking Deregulation in China
w25774 Lubos Pastor
Robert F. Stambaugh

Liquidity Risk After 20 Years
w25744 Stefano Giglio
Matteo Maggiori
Johannes Stroebel
Stephen Utkus

Five Facts about Beliefs and Portfolios
w25718 Paul D. Adams
Stefan Hunt
Christopher Palmer
Redis Zaliauskas

Testing the Effectiveness of Consumer Financial Disclosure: Experimental Evidence from Savings Accounts
w25698 Adriano A. Rampini
S. Viswanathan
Guillaume Vuillemey

Risk Management in Financial Institutions
w25686 Richard B. Berner
Stephen G. Cecchetti
Kermit L. Schoenholtz

Stress Testing Networks: The Case of Central Counterparties
w25592 Lin William Cong
Zhiguo He
Jiasun Li

Decentralized Mining in Centralized Pools
w25549 Marlene Amstad
Zhiguo He

Chinese Bond Market and Interbank Market
w25469 Emmanuel Farhi
Matteo Maggiori

China vs. U.S.: IMS Meets IPS
w25458 Laura Alfaro
Manuel García-Santana
Enrique Moral-Benito

On the Direct and Indirect Real Effects of Credit Supply Shocks
w25424 Dean Corbae
Pablo D'Erasmo

Capital Requirements in a Quantitative Model of Banking Industry Dynamics

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