Social scientists have become increasingly interested in how narratives--the stories in
fiction, politics, and life--shape beliefs, behavior, and government policies. This paper …

Social scientists have become increasingly interested in how narratives—the stories in
fiction, politics, and life—shape beliefs, behavior, and government policies. This paper …

We construct a two-country New Keynesian model in which US government debt has an
advantage as a superior collateral asset on the balance sheets of banks. The model can …

We examine the transmission of monetary policy shocks to the long-duration liabilities of
households and firms using high-frequency variation in 10-year swap rates around FOMC …

We propose that intermediaries' capital constraints cause contagion in the pricing efficiency
for assets managed by a common intermediary. We first use a simple model to demonstrate …

A vast theoretical literature claims that increasing interest rates reduces bank leverage,
therefore making banks safer. The empirical validity of this claim is critical to improving our …

The equity and debt prices of large nonbank firms contain information about the future state
of the banking system. In this sense, banks are informationally central. The amount of this …

Should monetary policy be used to support financial stability? While this question has been
hotly debated for decades, it remains unresolved. Clearly, it is not possible to resolve this …

UNIVERSITY OF CALIFORNIA SAN DIEGO Essays on Monetary Policy and Financial Stability
A dissertation submitted in partial satisfa Page 1 UNIVERSITY OF CALIFORNIA SAN DIEGO …

In light of the high levels of systemic risks and the elevated probability of a crisis occurring,
understanding the effectiveness of macro-prudential policies is becoming increasingly …