This paper provides an overview of the literature examining how the introduction of a CBDC
would affect the banking sector, financial stability, and the implementation and transmission …

This essay surveys the body of research that asks how the efficiency of corporate investment
is influenced by problems of asymmetric information and agency. I organize the material …

We study the role of financial frictions and firm heterogeneity in determining the investment
channel of monetary policy. Empirically, we find that firms with low default risk—those with …

Aggregate US bank lending to firms expands following several adverse macroeconomic
shocks, such as the outbreak of COVID-19 or a monetary policy tightening. Using loan-level …

Interest rates in many advanced economies have been low for almost a decade now and are
often expected to remain so. This creates challenges for banks. Using a sample of 3385 …

This paper investigates how monetary policy affects bank profitability. We use data for 109
large international banks headquartered in 14 major advanced economies for the period …

One aim of post-crisis monetary policy has been to ease credit conditions for borrowers by
unlocking bank lending. We find that bank equity is an important determinant of both the …

We quantify the impact of bank market power on monetary policy transmission through
banks to borrowers. We estimate a dynamic banking model in which monetary policy affects …

We develop a model of banking industry dynamics to study the quantitative impact of
regulatory policies on bank risk‐taking and market structure. Since our model is matched to …

We study how relationship lending and transaction lending vary over the business cycle. We
develop a model in which relationship banks gather information on their borrowers, allowing …