John Krainer
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View article: Monetary Transmission Through Bank Securities Portfolios
Monetary Transmission Through Bank Securities Portfolios Open
We study the transmission of monetary policy through bank securities portfolios using granular supervisory data on U.S. bank securities, hedging positions, and corporate credit.Banks that experienced larger losses on their securities durin…
View article: Monetary Transmission through Bank Securities Portfolios
Monetary Transmission through Bank Securities Portfolios Open
We study the transmission of monetary policy through bank securities portfolios using granular supervisory data on U.S. bank securities, hedging positions, and corporate credit. Banks that experienced larger losses on their securities duri…
View article: Intermediary Segmentation in the Commercial Real Estate Market*
Intermediary Segmentation in the Commercial Real Estate Market* Open
Banks, life insurers, and commercial mortgage‐backed security (CMBS) lenders originate the vast majority of U.S. commercial real estate (CRE) loans. While these lenders compete in the same market, they differ in how they are funded and reg…
View article: The Credit Line Channel
The Credit Line Channel Open
Aggregate U.S. 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 supervisory data, we show that these dynamics are driven by dra…
View article: Intermediary Segmentation in the Commercial Real Estate Market
Intermediary Segmentation in the Commercial Real Estate Market Open
Banks, life insurers, and commercial mortgage-backed securities (CMBS) lenders originate the vast majority of U.S. commercial real estate (CRE) loans. While these lenders compete in the same market, they differ in how they are funded and r…
View article: Safe Collateral, Arm’s-Length Credit: Evidence from the Commercial Real Estate Market
Safe Collateral, Arm’s-Length Credit: Evidence from the Commercial Real Estate Market Open
There are two main creditors in commercial real estate: arm's-length investors and banks. We model commercial mortgage-backed securities (CMBS) as the less informed source of credit. In equilibrium, these investors fund properties with a l…
View article: From Origination to Renegotiation: A Comparison of Portfolio and Securitized Commercial Real Estate Loans
From Origination to Renegotiation: A Comparison of Portfolio and Securitized Commercial Real Estate Loans Open
We use a unique loan-level dataset to compare portfolio and securitized commercial real estate loans. The paper documents how the types of loans banks choose to hold in their portfolios differ substantially from the types of loans the same…
View article: Safe Collateral, Arm's-Length Credit: Evidence from the Commercial Real Estate Mortgage Market
Safe Collateral, Arm's-Length Credit: Evidence from the Commercial Real Estate Mortgage Market Open
When collateral is safe, there are less opportunities for things to go wrong. We examine matching between collateral and creditors in the commercial real estate mortgage market by comparing loans in commercial mortgage backed securities (C…
View article: Drilling into Bank Balance Sheets: Examining Portfolio Responses to an Oil Shock
Drilling into Bank Balance Sheets: Examining Portfolio Responses to an Oil Shock Open
We use variation in banks' loan exposure to industries adversely affected by the oil price declines of 2014 to explore how they respond to a net worth shock. Using granular data obtained under the Fed's stress testing programs we show that…
View article: Aggregation level in stress testing models
Aggregation level in stress testing models Open
We explore the question of optimal aggregation level for stress testing models when the stress test is specified in terms of aggregate macroeconomic variables, but the underlying performance data are available at a loan level. Using standa…
View article: Aggregation level in stress testing models
Aggregation level in stress testing models Open
We explore the question of optimal aggregation level for stress-testing models when the stress test is specified in terms of aggregate macroeconomic variables but the underlying performance data are available at a loan level. We ask whethe…