The Cost of Banking Regulation
We use exogenous variation in the degree of restrictions to bank competition across Italian provinces to study both the effects of bank regulation and the impact of deregulation. We find [...]
Annual Intellectual Property Report to Congress
The United States government is taking a targeted, practical, and comprehensive approach toward addressing intellectual property policy and strategy. The goal is to ensure a level playing field for American [...]
Macroeconomic Effects of Debt Relief: Consumer Bankruptcy Protections in the Great Recession
This paper argues that the debt forgiveness provided by the U.S. consumer bankruptcy system helped stabilize employment levels during the Great Recession. We document that over this period, states with [...]
Policy uncertainty, financial stability, and stress testing
Since the 2009 Supervisory Capital Assessment Program (SCAP), US regulators have employed a representative bank model as the benchmark of comparison in mandatory stress test exercises. For risk management functions, [...]
Towards a Sectoral application of the countercyclical capital buffer
In addressing the stated topics, the RTF-CCyB work stream aimed at shedding light on some of the relevant mechanisms and likely implications for bank lending and the broader economy. The [...]
Tax Policy for Innovation
A large number of countries around the world now provide some kind of tax incentive to encourage firms to undertake innovative activity. This paper presents the policy rationale for these [...]
ESTIMATING THE GAP IN AFFORDABLE AND AVAILABLE RENTAL UNITS FOR FAMILIES
"Housing is a central component of family life and can provide a foundation for family well-being. While we typically think of family households as homeowners, renters are more likely than [...]
Policy uncertainty, financial stability, and stress testing
Since the 2009 Supervisory Capital Assessment Program (SCAP), US regulators have employed a representative bank model as the benchmark of comparison in mandatory stress test exercises. For risk management functions, [...]
Financial Stability, Interest Rate Smoothing and Equilibrium Determinacy
This paper examines the interaction between monetary policy and financial stability and provides an assessment of the implications of banks’ risk management practices for monetary policy. By considering the desire [...]
Worst-case deadweight loss: Theory and disturbing real-world implications
The deadweight loss from a monopolist’s not producing at all can be much greater than from charging too high a price. The column argues that the potential for this sort [...]