منابع مشابه
Geographic Diversification and Banks’ Funding Costs
We assess the impact of the geographic expansion of bank assets on the cost of banks’ interestbearing liabilities. Existing research suggests that expansion can both intensify agency problems that increase funding costs and facilitate risk diversification that decreases funding costs. Using a newly developed identification strategy, we discover that the geographic expansion of banks across U.S....
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This paper develops a model of a monetary economy in which individual firms are subject to idiosyncratic productivity shocks as well as general inflation. Sellers can change price only by incurring a real “menu cost.” We calibrate this cost and the variance and autocorrelation of the idiosyncratic shock using a new U.S. data set of individual prices due to Klenow and Kryvtsov. The prediction of...
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The research presented in this work is motivated by recent papers by Brigo et al. [5, 6], Burgard and Kjaer [7, 8, 10], Crépey [14, 15], Fujii and Takahashi [21], Piterbarg [38] and Pallavicini et al. [37]. Our goal is to provide a sound theoretical underpinning for some results presented in these papers by developing a unified framework for the non-linear approach to hedging and pricing of OTC...
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I n an increasingly competitive funding environment, treasurers are under growing pressure to execute their capital markets operations on accurate terms, with investment banks they can trust with their name. However, globally capable investment banks are becoming fewer, more placement capable and more powerful. So an independent ability to identify the precise terms of a funding operation has b...
متن کاملMENU COSTS AND PHILLIPS CURVES Mikhail
We have benefitted from discussions with Ariel Burstein, Ricardo Caballero, V.V. Chari, Larry Christiano, Larry Jones, Boyan Jovanovic, Patrick Kehoe, Timothy Kehoe, Bob King, Pete Klenow, Oleksiy Kryvtsov, Ellen McGrattan, Thomas Philippon, Thomas Sargent, Nancy Stokey, Julia Thomas, and Aleh Tsyvinski. Participants in seminars at Chicago, Minnesota, the Federal Reserve Bank of Minneapolis, th...
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ژورنال
عنوان ژورنال: Social Science Research Network
سال: 2022
ISSN: ['1556-5068']
DOI: https://doi.org/10.2139/ssrn.4274873