Browsing Robert Schuman Centre for Advanced Studies (RSCAS) by Author "GALE, Douglas"

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Title: Money, Financial Stability and Efficiency Author(s): ALLEN, Franklin; CARLETTI, Elena; GALE, Douglas Date: 2011-01-16 Type of Publication: Working Paper Series/Report no.: Wharton Financial Institutions Center Abstract: Most analyses of banking crises assume that banks use real contracts. However, in practice contracts are nominal and this is what is assumed here. We consider a standard banking model with aggregate return risk, aggregate ...
Title: Money, Financial Stability and Efficiency Author(s): ALLEN, Franklin; CARLETTI, Elena; GALE, Douglas Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Most analyses of banking crises assume that banks use real contracts. However, in practice contracts are nominal and this is what is assumed here. We consider a standard banking model with aggregate return risk, aggregate ...
Title: Interbank Market Liquidity and Central Bank Intervention Author(s): ALLEN, Franklin; CARLETTI, Elena; GALE, Douglas Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We develop a simple model of the interbank market where banks trade a long term, safe asset. We show that when there is a lack of opportunities for banks to hedge aggregate and idiosyncratic liquidity shocks, the interbank ...

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