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Articles by Pascal Paul
Bank Regulation Affects Monetary Policy Transmission
The U.S. banking system experienced stress in March 2023 when depositors suddenly withdrew funds from several regional banks. Leading up to this event, these midsize banks had built up large portfolios of long-term securities. As interest rates rose rapidly in 2022, the market value of these securities dropped, leading to unrealized losses that were widely believed to have sparked the depositor withdrawals.
Reaching for Duration
Using historical data on U.S. commercial bank balance sheets, we show that banks’ maturity mismatch has more than tripled since the mid-1980s, moving in close lockstep with declining interest rates and term premia. We rationalize these trends in a model of bank portfolio choice in which banks must cover operating costs out of current earnings. When term premia or short-term rates decline, banks extend the duration of their assets to remain profitable.
Stabilization vs. Growth
Should firms in financial distress be saved to stabilize an economy, even if less productive ones are kept alive, possibly reducing economic growth? To assess this fundamental stabilization-vs. growth trade-off, we develop a new dynamic general equilibrium model with business cycles, endogenous growth, and innovation externalities. We discipline key parameters using microeconomic data and an instrumental-variable approach that links firm productivity growth to R&D expenditure.
The Credit Line Channel
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The Credit Line Channel
Supporting Information Filename Description jofi13486-sup-0001-InternetAppendix.pdf1.7 MB Appendix S1: Internet Appendix. jofi13486-sup-0002-ReplicationCode.zip8.1 MB Replication Code. REFERENCES , , and , 2013, Aggregate risk and the choice between cash and lines of credit, Journal of Finance 68, 2059–2116. , , , and , 2014, Credit lines as monitored liquidity insurance: Theory and evidence, Journal of Financial Economics 112, 287–319.
A Macroeconomic Model of Central Bank Digital Currency
Skip to main content We thank Joseph Abadi, Katrin Assenmacher, Rhys Bidder, Markus Brunnermeier, Francois Gourio, Pengfei Jia, Todd Keister, Narayana Kocherlakota, Michael Kumhof, Ashley Lannquist, Emi Nakamura, Dirk Niepelt, Anna Orlik, Daniel Sanches, Sanjay Singh, and Jon Steinsson for useful comments and suggestions.
2025 Prep Baseball Nebraska High School Hitter of the Week: Week 4
Starting on Opening Day, our scouts will be out covering the 2025 season, publishing scout notes and additional in-season content along the way, like Power Rankings updates, Player of the Week awards, and weekly top performers included inside Diamond Notes. Interested In Attending A Prep Baseball Nebraska Event? Click Here Interested In Subscribing to Prep Baseball?
2025 Prep Baseball Nebraska High School Hitter of the Week: Week 2
Starting on Opening Day, our scouts will be out covering the 2025 season, publishing scout notes and additional in-season content along the way, like Power Rankings updates, Player of the Week awards, and weekly top performers included inside Diamond Notes. Interested In Attending A Prep Baseball Nebraska Event? Click Here Interested In Subscribing to Prep Baseball?
2024 Prep Baseball Iowa Upper Midwest World Series (Underclass 16U): Takeaways
2024 PREP BASEBALL IOWA UPPER MIDWEST WORLD SERIES (UNDERCLASS 16U) Interested In Attending A Prep Baseball Iowa Event? Click Here Interested In Subscribing to Prep Baseball? Click Here FOLLOW OUR: + X: @PrepBaseballIA + Instagram: @PrepBaseballIA + Podcast: Can O Corn Below are some notable performances as observed by our scouting staff from the Prep Baseball Iowa Upper Midwest World Series (Underclass 16U).
2024 Prep Baseball Iowa Wood Bat Exposure: Takeaways
2024 PREP BASEBALL IOWA UPPER MIDWEST WOOD BAT EXPOSURE Interested In Attending A Prep Baseball Iowa Event? Click Here Interested In Subscribing to Prep Baseball? Click Here FOLLOW OUR: + X: @PrepBaseballIA + Instagram: @PrepBaseballIA + Podcast: Can O Corn Below are some notable performances as observed by our scouting staff from the Prep Baseball Iowa Upper Midwest Wood Bat Exposure.
2024 Prep Baseball Iowa Upper Midwest Slugfest: Takeaways
2024 PREP BASEBALL IOWA UPPER MIDWEST SLUGFEST Interested In Attending A Prep Baseball Iowa Event? Click Here Interested In Subscribing to Prep Baseball? Click Here FOLLOW OUR: + X: @PrepBaseballIA + Instagram: @PrepBaseballIA + Podcast: Can O Corn Below are some notable performances as observed by our scouting staff from the Prep Baseball Iowa Upper Midwest Slugfest. | | + Carter Daluge (2028, 1B/LHP, Andover) with some funk to his profile.
2024 Prep Baseball Iowa World Series (Upperclass): Takeaways
2024 PREP BASEBALL IOWA WORLD SERIES (UPPERCLASS) Interested In Attending A Prep Baseball Iowa Event? Click Here Interested In Subscribing to Prep Baseball? Click Here FOLLOW OUR: + X: @PrepBaseballIA + Instagram: @PrepBaseballIA + Podcast: Can O Corn Below are some notable performances as observed by our scouting staff from the Prep Baseball Iowa World Series (Upperclass).
A New Class of Polyion Complex Vesicles (PIC‐somes) to Improve Antimicrobial Activity of Tobramycin in Pseudomonas Aeruginosa Biofilms
1 Introduction Pseudomonas aeruginosa (PA), an ubiquitous opportunistic bacterium, has become a significant healthcare problem.[1] The World Health Organization (WHO) has classified it as a priority for the development of new therapeutics due to its high level of antibiotic resistance.
2024 Prep Baseball Nebraska Player of the Year: Tyson Lewis
Nebraska - The 2024 Prep Baseball Nebraska Player of the Year is Millard West’s Tyson Lewis. Lewis’ year began with an appearance at the Prep Baseball Super 60 in Chicago, where the middle infielder drew plenty of attention for his elite tools, including exit velocity (reaching a max of 108 MPH) and speed (an event-best 6.4 60 time). “[H]is ceiling might be even higher than previously projected,” wrote Prep Baseball’s Vice President of Scouting, Shooter Hunt, not long after the event.
Monetary Transmission Through Bank Securities Portfolios
Skip to main content The authors have no relevant material relationships to disclose. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Related
Do Banks Lend to Distressed Firms?
Concerns emerged during the COVID-19 pandemic over banks continuing to lend to unproductive businesses that were close to default. Recent research shows that lenders have incentives to offer relatively better terms to less-productive and more-indebted firms to recover their prior investments. U.S. loan-level data confirm the empirical relevance of such lending behavior.
Monetary Transmission through Bank Securities Portfolios
Working Papers 2023-18 | July 2023 More Working Papers We study the transmission of monetary policy through bank securities portfolios for the United States using granular supervisory data on bank securities, hedging positions, and corporate credit. We find that banks that experienced larger market value losses on their securities during the monetary tightening cycle in 2022 extended relatively less credit to firms.
Prep Baseball Report > Nebraska > News
PBR Nebraska strives to be the most comprehensive source of player information across the state. The Prep Baseball Report is the No. 1 resource for high school baseball in each state we cover through our variety of events, boots-on-the-ground scouting staff, daily coverage, and multimedia platforms. Our multimedia platforms and events work in tandem, ultimately creating the most powerful source of high school baseball promotion in each state.
PBR Nebraska- Super 60 Flashback
Q&A With Northern Illinois Commit Parker Schuring RHP Parker Schuring (Huntley, 2023; Northern Illinois commit) made it a habit to show well in front of our PBR staff this past summer. He initially opened some eyes at PBR at The Rock, cruising in the high 80's with a sharp breaking ball to pair. A few months later he made his way down to Rantoul for the inaugural Illinois State Games, and came away one of the clear winners from the event - committing to Northern Illinois less than a month later.
When the Fed Raises Rates, Are Banks Less Profitable?
FRBSF Economic Letter 2022-35 | December 20, 2022 Banks limit their interest rate risk exposure by issuing adjustable-rate loans and protect their funding costs by slowly adjusting deposit rates. These actions allow banks to maintain largely stable profit margins even if monetary policy tightens unexpectedly. Evidence from the pre-pandemic tightening cycle suggests that bank profit margins could increase rather than decline over the coming months.
The credit line channel during Covid
Daniel Greenwald, John Krainer, Pascal Paul 29 July 2021 Aggregate US bank lending to firms tends to expand following adverse macroeconomic shocks, such as the outbreak of COVID-19 or a monetary policy tightening. Based on detailed loan-level supervisory data, this column shows that these responses are almost entirely explained by large firms drawing on their bank credit lines. However, funding stability for large firms may imply that smaller firms face tighter borrowing conditions.
linking academia, business and industry through research
Home Full-text access for editors Innovative management system for environmental sustainability practices among Indian auto-component manufacturers by David Arokiaraj; Chandirasekaran Ganeshkumar; Pascal Victer Paul International Journal of Business Innovation and Research (IJBIR), Vol. 23, No. 2, 2020 Abstract: The study was conducted in the practice of innovative management system (IMS) among the auto-component manufacturers in Ambattur Industrial Estate, Chennai, India.
Are Banks Exposed to Interest Rate Risk?
FRBSF Economic Letter While banks seem to face inherent risk from short-term interest rate changes, in practice they structure their balance sheets to avoid exposure to such risk. Nonetheless, recent research finds that banks cannot offload all of the interest rate risk they are naturally exposed to. Historically, banks’ profit margins reflect their compensation for taking on interest rate risk and their stock prices are highly sensitive to changes in interest rates.
Historical Patterns around Financial Crises
Pascal Paul and Joseph H. Pedtke Long-run historical data for advanced economies provide evidence to help policymakers understand specific conditions that typically lead up to financial crises. Recent research finds that rapid growth in the top income share and prolonged low labor productivity growth are robust predictors of crises. Moreover, if crises are preceded by these developments, then the subsequent recoveries are slower.
Monetary policy and household consumption
Monetary policy under the microscope: Household heterogeneity and consumption Martin Holm, Pascal Paul, Andreas Tischbirek 31 March 2020 Empirical evaluations of monetary policy have traditionally focused on the responses of macroeconomic aggregates. Instead, this column uses detailed administrative data from Norway to uncover substantial heterogeneity in the effects of monetary policy at the household level.
Historical Patterns of Inequality and Productivity around Financial Crises
Leading up to the Great Recession, the U.S. economy experienced a massive expansion of credit, a slowdown in productivity growth, and a rapid increase in income inequality. All of these developments may have contributed to an unusual buildup of financial instability. This paper explores the contribution of each of these three developments in explaining financial crises using long-run historical data for 17 advanced economies.
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