Florian Heider

Leibniz Institute for Financial Research SAFE

House of Finance

Theodor-W.-Adorno-Platz 3

Frankfurt, 60323

Germany

Goethe University Frankfurt

Finance Department

Theodor-W.-Adorno-Platz 3

Frankfurt am Main, 60323

Germany

Centre for Economic Policy Research (CEPR)

London

United Kingdom

SCHOLARLY PAPERS

28

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Top 2,429

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26,345

TOTAL CITATIONS
Rank 559

SSRN RANKINGS

Top 559

in Total Papers Citations

583

Scholarly Papers (28)

1.
Downloads 3,926 ( 5,569)
Citation 96

The Determinants of Bank Capital Structure

Review of Finance, Vol. 14, pp. 587-622, 2010 , Zentum Fuer Europaeische Wirtschaftsforschung (ZEW) - Center for European Economic Research, Vol. 8, No. 15, 2008
Number of pages: 50 Posted: 02 Mar 2007 Last Revised: 14 Jul 2011
Reint Gropp and Florian Heider
Halle Institute for Economic Research and Leibniz Institute for Financial Research SAFE
Downloads 2,846 (9,162)
Citation 19

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capital structure, corporate finance, leverage, bank capital, banking regulation

The Determinants of Bank Capital Structure

ECB Working Paper No. 1096
Number of pages: 52 Posted: 20 Oct 2009
Reint Gropp and Florian Heider
Halle Institute for Economic Research and Leibniz Institute for Financial Research SAFE
Downloads 1,080 (40,725)
Citation 77

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bank capital, capital regulation, capital structure, leverage

As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from State Tax Changes

Journal of Financial Economics (JFE), 118, 684-712 (2015)
Number of pages: 73 Posted: 18 Mar 2012 Last Revised: 24 May 2016
Leibniz Institute for Financial Research SAFE and Centre for Economic Policy Research (CEPR)Swedish House of Finance
Downloads 3,484 (6,679)
Citation 145

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Capital structure, debt policy, leverage, leverage dynamics, taxes, tradeoff theory, dynamic capital structure models, natural experiments

As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from State Tax Changes

NYU Working Paper No. 2451/31613
Number of pages: 73 Posted: 10 Sep 2013 Last Revised: 14 Oct 2014
Leibniz Institute for Financial Research SAFE and Centre for Economic Policy Research (CEPR)Swedish House of Finance
Downloads 211 (287,024)
Citation 3

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Capital structure, debt policy, leverage, leverage dynamics, taxes, trade-off theory, dynamic capital structure models, natural experiments

As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from State Tax Changes

Journal of Financial Economics (JFE), 118, 684-712 (2015), NYU Working Paper No. FIN-12-009
Number of pages: 73 Posted: 21 Sep 2012 Last Revised: 24 May 2016
Leibniz Institute for Financial Research SAFE and Centre for Economic Policy Research (CEPR)Swedish House of Finance
Downloads 143 (403,337)

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Capital structure, debt policy, leverage, leverage dynamics, taxes, tradeoff theory, dynamic capital structure models, natural experiments

As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from Exogenous State Tax Changes

NBER Working Paper No. w18263
Number of pages: 75 Posted: 28 Jul 2012 Last Revised: 28 May 2023
Leibniz Institute for Financial Research SAFE and Centre for Economic Policy Research (CEPR)Swedish House of Finance
Downloads 73 (646,468)
Citation 5

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Life Below Zero: Bank Lending Under Negative Policy Rates

Review of Financial Studies, 32, 3728-3761 (2019)
Number of pages: 65 Posted: 05 Jun 2016 Last Revised: 24 Apr 2020
Florian Heider, Farzad Saidi and Glenn Schepens
Leibniz Institute for Financial Research SAFE, Boston University - Questrom School of Business and European Central Bank (ECB)
Downloads 3,235 (7,524)
Citation 56

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negative interest rates, deposits, zero lower bound, bank balance-sheet channel, bank risk-taking channel

Life Below Zero: Bank Lending Under Negative Policy Rates

ECB Working Paper No. 2173
Number of pages: 74 Posted: 02 Aug 2018
Florian Heider, Farzad Saidi and Glenn Schepens
Leibniz Institute for Financial Research SAFE, Boston University - Questrom School of Business and European Central Bank (ECB)
Downloads 272 (222,595)
Citation 9

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negative interest rates, deposits, zero lower bound, bank balance-sheet channel, bank risk-taking channel

Life Below Zero: Bank Lending Under Negative Policy Rates

CEPR Discussion Paper No. DP13191
Number of pages: 68 Posted: 24 Sep 2018
Florian Heider, Farzad Saidi and Glenn Schepens
Leibniz Institute for Financial Research SAFE, Boston University - Questrom School of Business and European Central Bank (ECB)
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bank balance-sheet channel, bank risk-taking channel, deposits, Negative Interest Rates, zero lower bound

Liquidity Hoarding and Interbank Market Spreads: The Role of Counterparty Risk

Journal of Financial Economics (JFE), 118, 336-354 (2015)
Number of pages: 53 Posted: 22 Mar 2009 Last Revised: 24 May 2016
Florian Heider, Marie Hoerova and Cornelia Holthausen
Leibniz Institute for Financial Research SAFE, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 1,955 (16,691)
Citation 8

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Interbank market; Endogenous liquidity; Counterparty risk; Asymmetric information; Market break-down; Financial crisis

Liquidity Hoarding and Interbank Market Spreads: The Role of Counterparty Risk

ECB Working Paper No. 1126
Number of pages: 66 Posted: 12 Dec 2009
Florian Heider, Marie Hoerova and Cornelia Holthausen
Leibniz Institute for Financial Research SAFE, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 762 (65,858)
Citation 7

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Financial crisis, Interbank market, Liquidity, Counterparty risk, Asymmetric information

Liquidity Hoarding and Interbank Market Spreads: The Role of Counterparty Risk

CEPR Discussion Paper No. DP7762
Number of pages: 59 Posted: 05 Apr 2010
Florian Heider, Marie Hoerova and Cornelia Holthausen
Leibniz Institute for Financial Research SAFE, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 6 (1,225,410)
Citation 18
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Asymmetric information, Counterparty risk, Financial crisis, Interbank market, Liquidity

5.

A Theory of Bank Liquidity Requirements

Columbia Business School Research Paper No. 14-39
Number of pages: 43 Posted: 07 Aug 2014 Last Revised: 15 Apr 2015
Charles W. Calomiris, Florian Heider and Marie Hoerova
Columbia University - Columbia Business School, Leibniz Institute for Financial Research SAFE and European Central Bank (ECB)
Downloads 2,322 (12,944)
Citation 40

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Liquidity regulation, reserve requirements, bank runs, deposit insurance, moral hazard, risk management

6.
Downloads 2,033 (15,954)
Citation 24

Capital Structure, Risk and Asymmetric Information

Quarterly Journal of Finance, Vol 1 (4), 767-809 (2011)
Number of pages: 57 Posted: 21 Jul 2004 Last Revised: 25 Jul 2012
Nikolay Halov and Florian Heider
New York University - Stern School of Business and Leibniz Institute for Financial Research SAFE
Downloads 1,628 (22,256)
Citation 23

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capital structure, risk, asymmetric information, pecking-order hypothesis, adverse selection

Capital Structure with Asymmetric Information About Value and Risk: Theory and Empirical Analysis

NYU Working Paper No. S-CDM-03-17
Number of pages: 59 Posted: 05 Nov 2008
Nikolay Halov and Florian Heider
New York University - Stern School of Business and Leibniz Institute for Financial Research SAFE
Downloads 286 (211,465)

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Capital Structure with Asymmetric Information About Value and Risk: Theory and Empirical Analysis

NYU Working Paper No. FIN-03-026
Number of pages: 53 Posted: 11 Nov 2008
Nikolay Halov and Florian Heider
New York University - Stern School of Business and Leibniz Institute for Financial Research SAFE
Downloads 119 (466,490)
Citation 1

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7.

The Role of Financial Markets and Innovation in Productivity and Growth in Europe

ECB Occasional Paper No. 72
Number of pages: 51 Posted: 26 Sep 2007
European Central Bank (ECB), Leibniz Institute for Financial Research SAFE, London Business School and European Central Bank (ECB)
Downloads 1,221 (34,672)
Citation 22

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Risk-Sharing or Risk-Taking? Counterparty Risk, Incentives and Margins

Journal of Finance, 71, 1669-1698 (2016)
Number of pages: 80 Posted: 16 Mar 2010 Last Revised: 24 Apr 2020
Bruno Biais, Florian Heider and Marie Hoerova
Centre for Economic Policy Research (CEPR), Leibniz Institute for Financial Research SAFE and European Central Bank (ECB)
Downloads 629 (84,341)
Citation 27

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Hedging, Insurance, Derivatives, Moral hazard, Risk management, Counterparty risk, Contagion, Margin requirements

Risk-Sharing or Risk-Taking? Counterparty Risk, Incentives and Margins

ECB Working Paper No. 1413
Number of pages: 49 Posted: 13 Jan 2012
Bruno Biais, Florian Heider and Marie Hoerova
Centre for Economic Policy Research (CEPR), Leibniz Institute for Financial Research SAFE and European Central Bank (ECB)
Downloads 195 (307,552)
Citation 24

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insurance, moral hazard, counterparty risk, margin requirements, derivatives

Interbank Lending, Credit Risk Premia and Collateral

ECB Working Paper No. 1107
Number of pages: 46 Posted: 13 Nov 2009
Florian Heider and Marie Hoerova
Leibniz Institute for Financial Research SAFE and European Central Bank (ECB)
Downloads 367 (161,627)

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Financial crisis, Interbank market, Liquidity, Credit risk, Collateral

Interbank Lending, Credit Risk Premia and Collateral

International Journal of Central Banking, Vol. 5, pp. 1-39
Number of pages: 37 Posted: 08 Dec 2009
Florian Heider and Marie Hoerova
Leibniz Institute for Financial Research SAFE and European Central Bank (ECB)
Downloads 233 (259,777)

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Financial crisis, Interbank market, Liquidity, Credit risk, Collateral

10.
Downloads 572 (96,501)
Citation 33

Banks and Negative Interest Rates

Annual Review of Financial Economics, Vol. 13, pp. 201-218, 2021
Posted: 09 Nov 2021
Florian Heider, Farzad Saidi and Glenn Schepens
Leibniz Institute for Financial Research SAFE, Centre for Economic Policy Research (CEPR) and European Central Bank (ECB)

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Banks and Negative Interest Rates

Number of pages: 26 Posted: 24 Jan 2021
Florian Heider, Farzad Saidi and Glenn Schepens
Leibniz Institute for Financial Research SAFE, Boston University - Questrom School of Business and European Central Bank (ECB)
Downloads 382 (154,527)
Citation 1

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deposits, negative interest rates, zero lower bound, bank lending, bank risk taking, euro-area heterogeneity

Banks and Negative Interest Rates

ECB Working Paper No. 2021/2549
Number of pages: 30 Posted: 19 May 2021
Florian Heider, Farzad Saidi and Glenn Schepens
Leibniz Institute for Financial Research SAFE, University of Bonn and European Central Bank (ECB)
Downloads 190 (315,151)
Citation 32

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A Corporate Finance Perspective on Environmental Policy

Number of pages: 36 Posted: 05 Jan 2022 Last Revised: 27 Apr 2023
Florian Heider and Roman Inderst
Leibniz Institute for Financial Research SAFE and Goethe University Frankfurt
Downloads 363 (163,604)

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Financial constraints, environmental policy, emission trading rights

A Corporate Finance Perspective on Environmental Policy

SAFE Working Paper No. 345
Number of pages: 37 Posted: 24 Mar 2022
Florian Heider and Roman Inderst
Leibniz Institute for Financial Research SAFE and Goethe University Frankfurt
Downloads 200 (300,411)
Citation 1

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A Corporate Finance Perspective on Environmental Policy

CEPR Discussion Paper No. DP16878
Number of pages: 36 Posted: 04 Feb 2022
Florian Heider and Roman Inderst
Leibniz Institute for Financial Research SAFE and Goethe University Frankfurt
Downloads 3 (1,264,429)
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climate change, Financing, Pigou Tax

Variation Margins, Fire Sales, and Information-Constrained Optimum

Review of Economic Studies, accepted for publication
Number of pages: 78 Posted: 30 Nov 2015 Last Revised: 24 Apr 2020
Bruno Biais, Florian Heider and Marie Hoerova
University of Toulouse 1 - Toulouse School of Economics (TSE), Leibniz Institute for Financial Research SAFE and European Central Bank (ECB)
Downloads 538 (102,844)
Citation 2

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variation margins, fire sales, pecuniary externality, moral hazard, constrained efficiency, regulation

Variation Margins, Fire Sales, and Information-Constrained Optimality

CEPR Discussion Paper No. DP13192
Number of pages: 63 Posted: 24 Sep 2018
Bruno Biais, Florian Heider and Marie Hoerova
University of Toulouse 1 - Toulouse School of Economics (TSE), Leibniz Institute for Financial Research SAFE and European Central Bank (ECB)
Downloads 1 (1,290,890)
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constrained efficiency, fire sales, macro-prudential regulation, Pecuniary externalities, variation margins

The Benefit and Cost of Winner-Picking: Redistribution Vs. Incentives

Journal of Institutional and Theoretical Economics, Vol.165, pp. 622-649, 2009
Number of pages: 33 Posted: 04 Jul 2001 Last Revised: 15 Jul 2010
Axel Gautier and Florian Heider
University of Liège - Research Center on Public and Population Economics and Leibniz Institute for Financial Research SAFE
Downloads 465 (122,735)
Citation 4

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Internal Capital Markets, Conglomerate Discount, Transfers, Moral-hazard

The Benefit and Cost of Winner-Picking: Redistribution vs. Incentives

NYU Working Paper No. FIN-02-015
Posted: 03 Nov 2008
Axel Gautier and Florian Heider
University of Liège - Research Center on Public and Population Economics and Leibniz Institute for Financial Research SAFE

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Lending-of-Last-Resort Is as Lending-of-Last-Resort Does: Central Bank Liquidity Provision and Interbank Market Functioning in the Euro Area

Journal of Financial Intermediation, Forthcoming
Number of pages: 58 Posted: 23 Sep 2015 Last Revised: 24 May 2016
European Central Bank (ECB), Leibniz Institute for Financial Research SAFE, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 276 (219,421)
Citation 25

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Lender-of-last-resort, Interbank Markets, Financial Crisis, Sovereign Debt Crisis, Central Bank Policy

Lending-of-Last-Resort is as Lending-of-Last-Resort Does: Central Bank Liquidity Provision and Interbank Market Functioning in the Euro Area

ECB Working Paper No. 1886
Number of pages: 62 Posted: 25 Feb 2016
European Central Bank (ECB), Leibniz Institute for Financial Research SAFE, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 73 (646,468)

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lender-of-last-resort, interbank markets, financial crisis, sovereign debt

Lending-of-Last-Resort is as Lending-of-Last-Resort Does: Central Bank Liquidity Provision and Interbank Market Functioning in the Euro Area

CEPR Discussion Paper No. DP10901
Number of pages: 62 Posted: 28 Oct 2015
European Central Bank (ECB), Leibniz Institute for Financial Research SAFE, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 3 (1,264,429)
Citation 2
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central bank policy, financial crisis, interbank markets, lender-of-last-resort, sovereign debt crisis

15.

Market-Based Compensation, Price Informativeness and Short-Term Trading

ECB Working Paper No. 735
Number of pages: 45 Posted: 31 Mar 2007
Riccardo Calcagno and Florian Heider
Politecnico di Torino and Leibniz Institute for Financial Research SAFE
Downloads 349 (172,196)

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Executive compensation, moral hazard, liquidity, trading, stock price informativeness

The Role of Financial Stability Considerations in Monetary Policy and the Interaction with Macroprudential Policy in the Euro Area

ECB Occasional Paper No. 2021272
Number of pages: 142 Posted: 23 Sep 2021 Last Revised: 18 Nov 2021
ECB -DG Monetary Policy, Banque de France, European Central Bank (ECB), De Nederlandsche Bank, European Central Bank (ECB), Deutsche Bundesbank - Economics Department, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Banque de France, European Central Bank (ECB), European Central Bank, Bank of Slovenia, Leibniz Institute for Financial Research SAFE, Banco de España, Banque de France - Centre de Recherche, Bank of Italy, Banco de España, Deutsche Bundesbank, Central Bank of Malta, Bank of Greece, Bank of Greece, European Central Bank (ECB), Banco de Portugal, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, Bank of Finland, European Central Bank (ECB)CEPR, Bank of Slovenia, National Bank of Belgium, Central Bank of Cyprus, Latvijas Banka, De Nederlandsche Bank, Oesterreichische Nationalbank (OeNB), Deutsche Bundesbank, Bank of Italy, De Nederlandsche Bank - Monetary and Economic Policy Department, European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, University of Giessen - Department of Economics and Bank of Slovenia
Downloads 177 (336,066)

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financial frictions, Monetary policy, systemic risk

The Role of Financial Stability Considerations in Monetary Policy and the Interaction with Macroprudential Policy in the Euro Area

ECB Occasional Paper No. 2023/272
Number of pages: 142 Posted: 16 May 2023
ECB -DG Monetary Policy, Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI), Banque de France, European Central Bank (ECB), De Nederlandsche Bank, European Central Bank (ECB), Deutsche Bundesbank - Economics Department, European Central Bank (ECB), European Central Bank (ECB), Research Centre, European Central Bank (ECB), Bank of Portugal, European Central Bank (ECB), European Central Bank (ECB), Banque de France, European Central Bank (ECB), European Central Bank, Bank of Slovenia, Banque de FranceMassachusetts Institute of Technology (MIT) - Sloan School of Management, Deutsche Bundesbank - Economic Research Centre, Leibniz Institute for Financial Research SAFE, Banco de España, Banque de France - Centre de Recherche, Bank of Italy, Banco de España, Deutsche Bundesbank - Economic Research Centre, Suomen Pankki – Finlands Bank, Central Bank of Malta, Bank of Greece, Bank of Greece, European Central Bank (ECB), Banca d’Italia, Bank of Portugal, Oesterreichische Nationalbank (OeNB), European Central Bank (ECB), European Central Bank (ECB), Banco de España, European Central Bank (ECB), Central Bank of Ireland, European Central Bank (ECB), Deutsche Bundesbank - Economic Research Centre, Suomen Pankki – Finlands Bank, European Central Bank (ECB), European Central Bank (ECB)CEPR, Deutsche Bundesbank - Economic Research Centre, Banka Slovenije, Banque Nationale de Belgique, Central Bank of Cyprus, European Central Bank (ECB), Latvijas Banka, De Nederlandsche Bank, Oesterreichische Nationalbank (OeNB), Deutsche Bundesbank - Economic Research Centre, Banca d’Italia, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Oesterreichische Nationalbank (OeNB), Deutsche Bundesbank - Economic Research Centre, Deutsche Bundesbank - Economic Research Centre and Národná banka Slovenska
Downloads 139 (412,635)

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financial frictions, Monetary policy, systemic risk

17.
Downloads 313 (193,418)
Citation 15

Loan Prospecting

Review of Financial Studies, 25, 2381-2415
Number of pages: 48 Posted: 26 Feb 2011 Last Revised: 15 Apr 2015
Roman Inderst and Florian Heider
Goethe University Frankfurt and Leibniz Institute for Financial Research SAFE
Downloads 199 (301,790)

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Banking, Soft Information, Loan Officers, Multi-task Moral-hazard, Competition

Loan Prospecting

ECB Working Paper No. 1439
Number of pages: 52 Posted: 09 Jul 2012
Florian Heider and Roman Inderst
Leibniz Institute for Financial Research SAFE and Goethe University Frankfurt
Downloads 114 (482,366)
Citation 15

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Banking, soft information, loan officers, multi-task moral-hazard, competition

The Augmented Bank Balance-Sheet Channel of Monetary Policy

Deutsche Bundesbank Discussion Paper No. 22/2022
Number of pages: 68 Posted: 27 Aug 2022
Deutsche Bundesbank, Banco de Portugal, Leibniz Institute for Financial Research SAFE, University of Bonn, European Central Bank (ECB) and Bank of Portugal
Downloads 28 (963,163)
Citation 2

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transmission of monetary policy, bank lending, bank risk taking, bank balance sheets, euro-area heterogeneity

The Augmented Bank Balance-Sheet Channel of Monetary Policy

CEPR Discussion Paper No. DP17056
Number of pages: 68 Posted: 29 Mar 2022
Deutsche Bundesbank, Banco de Portugal, Bank of Portugal, Leibniz Institute for Financial Research SAFE, Boston University - Questrom School of Business and European Central Bank (ECB)
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bank balance sheets, bank lending, bank risk taking, euro-area heterogeneity, Transmission of monetary policy

The Augmented Bank Balance-Sheet Channel of Monetary Policy

Number of pages: 64 Posted: 28 Mar 2022
Deutsche Bundesbank, Banco de Portugal, Leibniz Institute for Financial Research SAFE, University of Bonn, European Central Bank (ECB) and Bank of Portugal
Downloads 134 (424,871)
Citation 1

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transmission of monetary policy, bank lending, bank risk taking, bank balance sheets, euro-area heterogeneity

The Augmented Bank Balance-Sheet Channel of Monetary Policy

ECB Working Paper No. 2022/2745
Number of pages: 68 Posted: 12 Nov 2022
Deutsche Bundesbank, Banco de Portugal, Leibniz Institute for Financial Research SAFE, University of Bonn, European Central Bank (ECB) and Bank of Portugal
Downloads 121 (460,462)

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bank balance sheets, bank lending, bank risk taking, euro-area heterogeneity, transmission of monetary policy

19.

Monetary Policy in a Low Interest Rate Environment: Reversal Rate and Risk-Taking

ECB Working Paper No. 2021/2593
Number of pages: 57 Posted: 02 Oct 2021
Florian Heider and Agnese Leonello
Leibniz Institute for Financial Research SAFE and European Central Bank, Financial Research Division
Downloads 278 (219,205)
Citation 1

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bank lending, deposits, equity multiplier, zero-lower bound

20.

Stressed Interbank Markets: Evidence from the European Financial and Sovereign Debt Crisis

ECB Working Paper No. 1925
Number of pages: 50 Posted: 29 Jun 2016
Banco de España, European Central Bank (ECB), Leibniz Institute for Financial Research SAFE and European Central Bank (ECB)
Downloads 270 (225,699)
Citation 1

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interbank markets, financial crisis, European sovereign debt crisis, payment systems, Furfine algorithm

Leverage and Risk-Taking in a Dynamic Model

Number of pages: 53 Posted: 11 Dec 2022
Tobias Berg and Florian Heider
Goethe University Frankfurt and Leibniz Institute for Financial Research SAFE
Downloads 221 (273,299)

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leverage, risk-taking incentives, dynamic model JEL: G3, G31, G32, G33

Leverage and Risk-Taking in a Dynamic Model

SAFE Working Paper No. 423
Number of pages: 55 Posted: 02 Jul 2024
Tobias Berg and Florian Heider
Goethe University Frankfurt and Leibniz Institute for Financial Research SAFE
Downloads 40 (854,210)

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leverage, risk-taking incentives, G31, G32, G33, dynamic model

22.

On Collateral: Implications for Financial Stability and Monetary Policy

ECB Working Paper No. 2107
Number of pages: 51 Posted: 10 Nov 2017
Stefano Corradin, Florian Heider and Marie Hoerova
European Central Bank (ECB), Leibniz Institute for Financial Research SAFE and European Central Bank (ECB)
Downloads 260 (234,355)
Citation 4

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Repo, Haircuts, Margins, Central-Clearing Counterparties, Central Bank Policies

23.

Clearing, Counterparty Risk and Aggregate Risk

ECB Working Paper No. 1481
Number of pages: 49 Posted: 18 Oct 2012
Bruno Biais, Florian Heider and Marie Hoerova
University of Toulouse 1 - Toulouse School of Economics (TSE), Leibniz Institute for Financial Research SAFE and European Central Bank (ECB)
Downloads 135 (421,314)
Citation 6

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Risk-sharing, moral hazard, optimal contracting, counterparty risk, central clearing counterparty, mutualization, aggregate and idiosyncratic risk

How Do Banks Manage Liquidity? Evidence from the ECB's Tiering Experiment

ECB Working Paper No. 2022/2732
Number of pages: 42 Posted: 27 Sep 2022
Bank of Italy, Leibniz Institute for Financial Research SAFE, European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 115 (479,091)

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bank liquidity, central bank reserves, government bonds, monetary policy implementation, money markets

How Do Banks Manage Liquidity? Evidence from the Ecb's Tiering Experiment

Number of pages: 42 Posted: 21 Sep 2024
affiliation not provided to SSRN, Bank of Italy, Leibniz Institute for Financial Research SAFE, affiliation not provided to SSRN and European Central Bank (ECB)
Downloads 15 (1,110,617)

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Bank liquidity, central bank reserves, money markets, government bonds, monetary policy implementation

25.

Stock-Based Pay, Liquidity, and the Role of Market Making

Journal of Economic Theory, Forthcoming
Number of pages: 34 Posted: 25 Sep 2019 Last Revised: 11 Aug 2021
Riccardo Calcagno and Florian Heider
Politecnico di Torino and Leibniz Institute for Financial Research SAFE
Downloads 102 (520,013)

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stock-based pay, liquidity, information trading, market making, stock-market efficiency

26.

Variation margins, fire sales, and information-constrained optimality

ECB Working Paper No. 2191
Number of pages: 69 Posted: 31 Oct 2018
Bruno Biais, Florian Heider and Marie Hoerova
University of Toulouse 1 - Toulouse School of Economics (TSE), Leibniz Institute for Financial Research SAFE and European Central Bank (ECB)
Downloads 60 (702,069)
Citation 2

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variation margins, fire sales, pecuniary externalities, constrained efficiency, macro-prudential regulation

27.

Environmental Policy with Financial Frictions

Number of pages: 37 Posted: 11 Apr 2024
Roman Inderst and Florian Heider
Goethe University Frankfurt and Leibniz Institute for Financial Research SAFE
Downloads 22 (995,821)

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Financial constraints, environmental policy, emission trading rights

28.

Liquidity, Information Aggregation, and Market-Based Pay in an Efficient Market

CEPR Discussion Paper No. DP11298
Number of pages: 45 Posted: 01 Jun 2016
Riccardo Calcagno and Florian Heider
Politecnico di Torino and Leibniz Institute for Financial Research SAFE
Downloads 1 (1,236,092)
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efficient markets, information aggregation, liquidity, market-based pay