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UID:91dee89469ba2184ad5f7ced838f841d
CATEGORIES:Seminars
CREATED:20150210T191316
SUMMARY:Tobias Adrian - FED New York
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Intermediary Leverage Cycles and Financial Stability\nAbstract:\nWe present
  a theory of financial intermediary leverage cycles within a dynamic model 
 of the macroeconomy. Intermediaries face risk-based funding constraints tha
 t give rise to procyclical leverage and a procyclical share of intermediate
 d credit. The pricing of risk varies as a function of intermediary leverage
 , and asset return exposure to intermediary leverage shocks earns a positiv
 e risk premium. Relative to an economy with constant leverage, financial in
 termediaries generate higher consumption growth and lower consumption volat
 ility in normal times, at the cost of endogenous systemic financial risk. T
 he severity of systemic crisis depends on intermediaries’ leverage and net 
 worth. Regulations that tighten funding constraints affect the systemic ris
 k-return trade-off by lowering the likelihood of systemic crises at the cos
 t of higher pricing of risk.\n
DTSTAMP:20260406T002115Z
DTSTART:20140908T173000Z
DTEND:20140908T190000Z
SEQUENCE:0
TRANSP:OPAQUE
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