Nina Boyarchenko
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View article: The Theory of Financial Stability Meets Reality
The Theory of Financial Stability Meets Reality Open
A large literature at the intersection of economics and finance offers prescriptions for regulating banks to increase financial stability. This literature abstracts from the discretion that accounting standards give banks over financial re…
View article: The Theory of Financial Stability Meets Reality
The Theory of Financial Stability Meets Reality Open
A large literature at the intersection of economics and finance offers prescriptions for regulating banks to increase financial stability. This literature abstracts from the discretion that accounting standards give banks over financial re…
View article: A Hitchhiker’s Guide to Federal Reserve Participation in Fixed Income Markets
A Hitchhiker’s Guide to Federal Reserve Participation in Fixed Income Markets Open
We review US dealer-intermediated fixed income markets, including Treasuries, agency mortgage-backed securities, corporate bonds, and municipal bonds. Through the lenses of primary dealers’ positions, we show these markets’ evolution over …
View article: Corporate Debt Structure over the Global Credit Cycle
Corporate Debt Structure over the Global Credit Cycle Open
We study the determinants of active debt management through issuance and refinancing decisions for firms around the world. We leverage instrument-level data to create a comprehensive picture of the maturity, currency, and security type com…
View article: Bank Capital and Real GDP Growth
Bank Capital and Real GDP Growth Open
We study the relationship between bank capital ratios and the distribution of future real GDP growth. Growth in the aggregate bank capital ratio corresponds to a smaller left tail of GDP—smaller crisis probability—but at the cost of a smal…
View article: Financing Private Credit
Financing Private Credit Open
Using data on balance sheets of both financial and nonfinancial sectors of the economy, we use a “demand system” approach to study how lender composition and willingness to provide credit affect the relationship between credit expansions a…
View article: The Nonlinear Case Against Leaning Against the Wind
The Nonlinear Case Against Leaning Against the Wind Open
We re-examine the relationship between monetary policy and financial stability in a setting that allows for nonlinear, time-varying relationships between monetary policy, financial stability, and macroeconomic outcomes. Using novel machine…
View article: The Global Credit Cycle
The Global Credit Cycle Open
Do global credit conditions affect local credit and business cycles? Using a large cross-section of equity and corporate bond market returns around the world, we construct a novel global credit factor and a global risk factor that jointly …
View article: The Good, the Bad, and the Ugly of International Debt Market Data
The Good, the Bad, and the Ugly of International Debt Market Data Open
Comprehensive granular data on firms’ access to international credit markets and its determinants is instrumental to answering a wide set of questions in international macroeconomics and finance. We describe how to put together data on pri…
View article: Measuring Corporate Bond Market Dislocations
Measuring Corporate Bond Market Dislocations Open
We propose the Corporate Bond Market Distress Index (CMDI) to quantify corporate bond market dislocations in real time. The index takes a preponderance-of-metrics perspective to combine a broad set of measures of market functioning from pr…
View article: Financial Stability Considerations for Monetary Policy: Theoretical Mechanisms
Financial Stability Considerations for Monetary Policy: Theoretical Mechanisms Open
This paper reviews the theoretical literature at the intersection of macroeconomics and finance to draw lessons on the connection between vulnerabilities in the financial system and the macroeconomy, and on how monetary policy affects that…
View article: Financial Stability Considerations for Monetary Policy: Empirical Evidence and Challenges
Financial Stability Considerations for Monetary Policy: Empirical Evidence and Challenges Open
This paper reviews literature on the empirical relationship between vulnerabilities in the financial system and the macroeconomy, and how monetary policy affects that connection. Financial vulnerabilities build up over time, with both risk…
View article: Financial Stability Considerations for Monetary Policy: Theoretical Mechanisms
Financial Stability Considerations for Monetary Policy: Theoretical Mechanisms Open
This paper reviews the theoretical literature at the intersection of macroeconomics and finance to draw lessons on the connection between vulnerabilities in the financial system and the macroeconomy, and on how monetary policy affects that…