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Recapitalization, Bailout, and Long-run Welfare in a Dynamic Model of Banking
(2021-03-01)
This paper studies the dynamic trade-off between the short-run costs and the long-run benefits of bank bailouts. In the model, banks leverage thanks to their cost advantage at monitoring firms, but hold precautionary capital ...
Discount rates, debt maturity, and the fiscal theory
(2021-10-12)
This paper examines how the transmission of government portfolio risk arising from maturity operations depends on the stance of monetary/fiscal policy. Accounting for risk premia in the fiscal theory allows the government ...