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Liquidity and Leverage
In a financial system in which balance sheets are continuously marked to market, asset price changes appear immediately as changes in net worth, and eliciting responses from financial intermediariesExpand
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Social Value of Public Information
What are the welfare effects of enhanced dissemination of public information through the media and disclosures by market participants with high public visibility? We examine the impact of publicExpand
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Global Games: Theory and Applications
Global games are games of incomplete information whose type space is determined by the players each observing a noisy signal of the underlying state. With strategic complementarities, global gamesExpand
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Financial Intermediaries and Monetary Economics
We reconsider the role of financial intermediaries in monetary economics, and explore the hypothesis that the financial intermediary sector is the engine that drives the financial cycle throughExpand
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Capital Flows and the Risk-Taking Channel of Monetary Policy
We study the dynamics linking monetary policy with bank leverage and show that adjustments in leverage act as the linchpin in the monetary transmission mechanism that works through fluctuations inExpand
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The fundamental principles of financial regulation
Today's financial regulatory systems assume that regulations which make individual banks safe also make the financial system safe. The eleventh Geneva Report on the World Economy shows that thisExpand
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Liquidity Risk and Contagion
This paper explores liquidity risk in a system of interconnected financial institutions when these institutions are subject to regulatory solvency constraints and mark their assets to market. WhenExpand
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Coordination Risk and the Price of Debt
Creditors of a distressed borrower face a coordination problem. Even if the fundamentals are sound, fear of premature foreclosure by others may lead to pre-emptive action, undermining the project.Expand
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Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks" American Economic Review
Even though self-fulfilling currency attacks lead to multiple equilibria when fundamentals are common knowledge, we demonstrate the uniqueness of equilibrium when speculators face a small amount ofExpand
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The changing nature of financial intermediation and the financial crisis of 2007-09
The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the "shadow banking system," which grew out of the securitization of assets andExpand
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