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A Macroprudential Approach to Financial Regulation
Many observers have argued that the regulatory framework in place prior to the global financial crisis was deficient because it was largely "microprudential" in nature. A microprudential approach isExpand
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An Analysis of the Impact of 'Substantially Heightened' Capital Requirements on Large Financial Institutions
We examine the impact of “substantially heightened” capital requirements on large financial institutions, and on their customers. Our analysis yields three main conclusions. First, the frictionsExpand
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Monetary policy and long-term real rates
Changes in monetary policy have surprisingly strong effects on forward real rates in the distant future. A 100 basis point increase in the two-year nominal yield on a Federal Open Markets CommitteeExpand
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Issuer Quality and Corporate Bond Returns
Changes in the pricing of credit risk disproportionately affect the debt financing costs faced by low credit quality firms. As a result, time-series variation in the average quality of debt issuersExpand
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A Gap-Filling Theory of Corporate Debt Maturity Choice
We argue that time-series variation in the maturity of aggregate corporate debt issues arises because firms behave as macro liquidity providers, absorbing the large supply shocks associated withExpand
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A Comparative-Advantage Approach to Government Debt Maturity
We study optimal government debt maturity in a model where investors derive monetary services from holding riskless short-term securities. In a simple setting where the government is the only issuerExpand
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Banks as Patient Fixed Income Investors
We examine the business model of traditional commercial banks in the context of their co-existence with shadow banks. While both types of intermediaries create safe "money-like" claims, they go aboutExpand
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The Decline of Big-Bank Lending to Small Business: Dynamic Impacts on Local Credit and Labor Markets
Small business lending by the four largest banks fell sharply relative to others in 2008 and remained depressed through 2014. We explore the dynamic adjustment process following this credit supplyExpand
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Confidence Intervals for Probabilities of Default
In this paper we conduct a systematic comparison of confidence intervals around estimated probabilities of default (PD) using several analytical approaches as well as parametric and nonparametricExpand
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Monetary policy and long-term real rates
Changes in monetary policy have surprisingly strong effects on forward real rates in the distant future. A 100 basis-point increase in the 2-year nominal yield on an FOMC announcement day isExpand
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