Discussion Papers

One of the most contentious issues raised during the recent crisis has been the potentially exacerbating role played by mark-to-market accounting...

Financial market liquidity has become increasingly fragmented across multiple trading platforms. We propose an intuitive welfare-based market quality...

We present a model of an economy with heterogeneous banks that may be funded with uninsured deposits and equity capital. Capital serves to ameliorate...

The availability of credit varies over the business cycle through shifts in the leverage of financial intermediaries. Empirically, we find that...