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- Publications
- Influence
A Macroprudential Approach to Financial Regulation
- S. Hanson, A. Kashyap, J. Stein
- Economics
- 12 November 2010
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 is… Expand
An Analysis of the Impact of 'Substantially Heightened' Capital Requirements on Large Financial Institutions
- A. Kashyap, J. Stein, S. Hanson
- Business
- 1 May 2010
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 frictions… Expand
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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 Committee… Expand
Issuer Quality and Corporate Bond Returns
- R. Greenwood, S. Hanson
- Economics
- 1 June 2013
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 issuers… Expand
A Gap-Filling Theory of Corporate Debt Maturity Choice
- R. Greenwood, S. Hanson, J. Stein
- Economics
- 1 June 2008
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 with… Expand
A Comparative-Advantage Approach to Government Debt Maturity
- R. Greenwood, S. Hanson, J. Stein
- Economics
- 23 December 2010
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 issuer… Expand
Banks as Patient Fixed Income Investors
- S. Hanson, A. Shleifer, J. Stein, R. Vishny
- Economics, Business
- 19 February 2014
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 about… Expand
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 supply… Expand
Confidence Intervals for Probabilities of Default
- S. Hanson, Til Schuermann
- Economics
- 1 July 2005
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 nonparametric… Expand
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 is… Expand
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