Banking Sector Performance During the COVID-19 Crisis World Bank (2020-08-25)
This paper analyzes bank stock prices around the world to assess the impact of the COVID-19 pandemic on the banking sector. Using a global database of policy responses during the crisis, the paper also examines the role .. more |
Structuring Mortgages for Macroeconomic Stability NBER (2020-08-25)
We study mortgage design features aimed at stabilizing the macroeconomy. We model overlapping generations of mortgage borrowers and an infinitely lived risk-averse representative mortgage lender. Mortgages are priced usi .. more |
Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect CEPR (2020-08-25)
We analyze optimal monetary policy when asset prices influence aggregate demand with a lag (as is well documented). In this context, as long as the central bank's main objective is to minimize the output gap, the central .. more |