The literature on the effectiveness of macroprudential policy tools is still in its infancy and
has so far provided only limited guidance for policy decisions. In recent years, however …

We show that negative policy rates affect the supply of bank credit in a novel way. Banks are
reluctant to pass on negative rates to depositors, which increases the funding cost of high …

The recent financial crisis has again raised the question to what extent price-stability-
oriented monetary policy frameworks should take into account financial stability objectives …

We identify the effects of monetary policy on credit risk‐taking with an exhaustive credit
register of loan applications and contracts. We separate the changes in the composition of …

We examine how the banking sector could ignite the formation of asset price bubbles when
there is access to abundant liquidity. Inside banks, to induce effort, loan officers are …

The outbreak of the 2007–2009 financial crisis and of the European sovereign debt crisis
again raised questions about the vulnerability and the behaviour of banking institutions. The …

In recent years, many countries have adopted macroprudential measures to safeguard
financial stability, in particular to deal with the credit and asset price cycles driven by global …

Optimizing banks subject to runs are introduced in a macro model to study the transmission
of monetary policy and its interplay with bank capital regulation when banks are risky. A …

We develop a dynamic macroeconomic model with heterogeneous financial intermediaries
and endogenous entry. Time-varying endogenous macroeconomic risk arises from the risk …

This paper examines the spillover effects of bankruptcy by important tech industry banks—
Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank—on the top 10 institutions …