Alexandros Vardoulakis

Board of Governors of the Federal Reserve System

Principal Economist

20th Street and Constitution Avenue NW

Washington, DC 20551

United States

SCHOLARLY PAPERS

30

DOWNLOADS
Rank 13,086

SSRN RANKINGS

Top 13,086

in Total Papers Downloads

7,759

TOTAL CITATIONS
Rank 4,885

SSRN RANKINGS

Top 4,885

in Total Papers Citations

171

Scholarly Papers (30)

1.

Minsky’s Financial Instability Hypothesis and the Leverage Cycle

London School of Economics FMG Special Paper
Number of pages: 44 Posted: 02 Mar 2011 Last Revised: 06 Dec 2011
London School of Economics, University of Oxford - Said Business School and St. Edmund Hall, London School of Economics & Political Science (LSE) - Financial Markets Group and Board of Governors of the Federal Reserve System
Downloads 1,100 (42,344)
Citation 24

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Financial Instability, Minsky, Leverage, Optimism, Relative Performance

2.
Downloads 1,036 (46,045)
Citation 7

Financial Regulation in General Equilibrium

Chicago Booth Research Paper No. 12-11, Fama-Miller Working Paper
Number of pages: 50 Posted: 06 Mar 2012 Last Revised: 04 Apr 2013
London School of Economics & Political Science (LSE) - Financial Markets Group, University of Chicago, Booth School of Business, University of Oxford - Said Business School and St. Edmund Hall and Board of Governors of the Federal Reserve System
Downloads 642 (86,130)

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Financial Regulation in General Equilibrium

Banque de France Working Paper No. 372
Number of pages: 53 Posted: 05 Apr 2012
London School of Economics & Political Science (LSE) - Financial Markets Group, University of Chicago, Booth School of Business, University of Oxford - Said Business School and St. Edmund Hall and Board of Governors of the Federal Reserve System
Downloads 225 (282,484)
Citation 1

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Price setting, changeover, euro, inflation

Financial Regulation in General Equilibrium

NBER Working Paper No. w17909
Number of pages: 51 Posted: 10 Mar 2012 Last Revised: 09 Jun 2023
London School of Economics & Political Science (LSE) - Financial Markets Group, University of Chicago, Booth School of Business, University of Oxford - Said Business School and St. Edmund Hall and Board of Governors of the Federal Reserve System
Downloads 169 (368,981)
Citation 6

Abstract:

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3.

The Financial Stability Implications of Digital Assets

FRB of New York Staff Report No. 1034
Number of pages: 31 Posted: 03 Oct 2022
Federal Reserve Banks - Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, University of Michigan at Ann Arbor - Law School - SJD Candidate, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Bank of Italy, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 691 (79,444)

Abstract:

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digital assets, stablecoins, DeFi, financial stability, financial vulnerabilities, systemic risk

4.
Downloads 524 (112,806)
Citation 6

Leverage and Stablecoin Pegs

Number of pages: 77 Posted: 28 Dec 2022 Last Revised: 13 Jan 2025
Yale School of Management, Federal Reserve Board of Governors, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 507 (115,943)
Citation 4

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E40, E51, G12, N21 money, leverage, stablecoins, cryptocurrencies, global games, speculation

Leverage and Stablecoin Pegs

NBER Working Paper No. w30796
Number of pages: 50 Posted: 26 Dec 2022 Last Revised: 14 Apr 2023
Gary B. Gorton, Elizabeth Klee, Chase P. Ross, Sharon Ross and Alexandros Vardoulakis
Yale School of Management, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Office of Financial Research, US Department of the Treasury and Board of Governors of the Federal Reserve System
Downloads 17 (1,179,612)
Citation 2

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Optimal Bank Regulation in the Presence of Credit and Run Risk

FEDS Working Paper No. 2017-097
Number of pages: 66 Posted: 26 Sep 2017
Anil K. Kashyap, Dimitrios P. Tsomocos and Alexandros Vardoulakis
University of Chicago, Booth School of Business, University of Oxford - Said Business School and St. Edmund Hall and Board of Governors of the Federal Reserve System
Downloads 174 (359,477)

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Bank runs, Capital, Credit risk, Limited liability, Liquidity, Regulation

Optimal Bank Regulation in the Presence of Credit and Run Risk

Saïd Business School WP 2017-17
Number of pages: 66 Posted: 06 Oct 2017
Anil K. Kashyap, Dimitrios P. Tsomocos and Alexandros Vardoulakis
University of Chicago, Booth School of Business, University of Oxford - Said Business School and St. Edmund Hall and Board of Governors of the Federal Reserve System
Downloads 168 (370,894)
Citation 3

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Bank Runs, Credit Risk, Limited Liability, Regulation, Capital, Liquidity

Optimal Bank Regulation in the Presence of Credit and Run-Risk

NBER Working Paper No. w26689
Number of pages: 82 Posted: 28 Jan 2020 Last Revised: 02 Feb 2023
Anil K. Kashyap, Dimitrios P. Tsomocos and Alexandros Vardoulakis
University of Chicago, Booth School of Business, University of Oxford - Said Business School and St. Edmund Hall and Board of Governors of the Federal Reserve System
Downloads 95 (582,388)
Citation 1

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6.
Downloads 435 (141,057)
Citation 15

Collateral Runs

Number of pages: 59 Posted: 16 Jan 2018 Last Revised: 30 Jan 2019
Sebastian Infante and Alexandros Vardoulakis
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 305 (207,342)
Citation 7

Abstract:

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runs, repo, rehypothecation, dealer, liquidity, default, collateral

Collateral Runs

FEDS Working Paper No. 2018-22
Number of pages: 55 Posted: 06 Jun 2018 Last Revised: 29 Apr 2020
Sebastian Infante and Alexandros Vardoulakis
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 130 (459,738)
Citation 8

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Capital Regulation in a Macroeconomic Model with Three Layers of Default

Banque de France Working Paper No. 533
Number of pages: 63 Posted: 03 Jan 2015
Banque de France, Czech National Bank (CNB) - Monetary Department, European Central Bank (ECB) - Directorate General Research, Deutsche Bundesbank - Research Centre, European Central Bank (ECB), European Central Bank (ECB), Centre for Monetary and Financial Studies (CEMFI) and Board of Governors of the Federal Reserve System
Downloads 263 (241,872)
Citation 81

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Macroprudential policy; Financial frictions; Default risk

Capital Regulation in a Macroeconomic Model with Three Layers of Default

ECB Working Paper No. 1827
Number of pages: 60 Posted: 11 Jul 2015
Banque de France, Czech National Bank (CNB) - Monetary Department, European Central Bank (ECB) - Directorate General Research, Deutsche Bundesbank - Research Centre, European Central Bank (ECB), European Central Bank (ECB), Centre for Monetary and Financial Studies (CEMFI) and Board of Governors of the Federal Reserve System
Downloads 152 (404,515)
Citation 12

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Default risk; Financial frictions; Macroprudential policy

The Financial Stability Implications of Digital Assets

Economic Policy Review , Vol. 30, No. 2, 1-48, https://doi.org/10.59576/epr.30.2.1-48
Number of pages: 50 Posted: 21 Nov 2024
Federal Reserve Banks - Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, University of Michigan at Ann Arbor - Law School - SJD Candidate, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Bank of Italy, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 293 (216,257)

Abstract:

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digital assets, stablecoins, DeFi, financial stability, financial vulnerabilities

The Financial Stability Implications of Digital Assets

FEDS Working Paper No. 2022-58
Number of pages: 31 Posted: 05 May 2023
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Bank of Italy, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 74 (677,922)

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digital assets, financial stability, financial vulnerabilities, stablecoins, systemic risk, defi

The Financial Stability Implications of Digital Assets

Economic Policy Review (Federal Reserve Bank of New York), volume 30, issue 2, 2024[10.59576/epr.30.2.1-48]
Number of pages: 31 Posted: 24 Jan 2025
Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System, affiliation not provided to SSRN, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Bank of Italy and Board of Governors of the Federal Reserve System
Downloads 43 (886,185)

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Digital assets, stablecoins, DeFi, financial stability, financial vulnerabilities, systemic risk

9.

Principles for Macroprudential Regulation

Chicago Booth Research Paper No. 14-19
Number of pages: 10 Posted: 01 Jul 2014
Anil K. Kashyap, Dimitrios P. Tsomocos and Alexandros Vardoulakis
University of Chicago, Booth School of Business, University of Oxford - Said Business School and St. Edmund Hall and Board of Governors of the Federal Reserve System
Downloads 390 (159,823)
Citation 1

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10.
Downloads 314 (202,439)
Citation 3

The Non-Bank Credit Cycle

Number of pages: 33 Posted: 08 Aug 2018 Last Revised: 21 Oct 2018
Esti Kemp, René van Stralen, Alexandros Vardoulakis and Peter Wierts
University of Cape Town (UCT), Students, De Nederlandsche Bank, Board of Governors of the Federal Reserve System and Bank for International Settlements (BIS)
Downloads 181 (347,021)
Citation 2

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non-bank credit, credit cycle, leading indicator, financial crisis

The Non-Bank Credit Cycle

FEDS Working Paper No. 2018-76
Number of pages: 35 Posted: 27 Nov 2018 Last Revised: 21 Feb 2019
Esti Kemp, René van Stralen, Alexandros Vardoulakis and Peter Wierts
University of Cape Town (UCT), Students, De Nederlandsche Bank, Board of Governors of the Federal Reserve System and Bank for International Settlements (BIS)
Downloads 133 (451,203)
Citation 1

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credit cycles, Financial crisis, leading indicators, Non-bank credit

Secondary Market Liquidity and the Optimal Capital Structure

FEDS Working Paper No. 2015-31
Posted: 09 Jul 2021 Last Revised: 23 Jun 2022
David M. Arseneau, David E. Rappoport and Alexandros Vardoulakis
Board of Governors of the Federal Reserve System, affiliation not provided to SSRN and Board of Governors of the Federal Reserve System

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Capital structure, market liquidity, quantitative easing, secondary markets

Secondary Market Liquidity and the Optimal Capital Structure

FEDS Working Paper No. 2015-031, http://dx.doi.org/10.17016/FEDS.2015.031
Number of pages: 68 Posted: 31 May 2015
David M. Arseneau, David E Rappoport W and Alexandros Vardoulakis
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 183 (343,550)

Abstract:

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Capital structure, Market liquidity, Quantitiative easing, Secondary markets

Secondary Market Liquidity and the Optimal Capital Structure

Number of pages: 69 Posted: 16 Apr 2015 Last Revised: 19 May 2016
David M. Arseneau, David E Rappoport W and Alexandros Vardoulakis
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 131 (456,842)
Citation 1

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Market liquidity, secondary markets, capital structure, quantitative easing

How Does Macroprudential Regulation Change Bank Credit Supply?

Chicago Booth Research Paper No. 14-18, Saïd Business School WP 2014-6
Number of pages: 52 Posted: 01 Jul 2014 Last Revised: 18 Feb 2017
Anil K. Kashyap, Dimitrios P. Tsomocos and Alexandros Vardoulakis
University of Chicago, Booth School of Business, University of Oxford - Said Business School and St. Edmund Hall and Board of Governors of the Federal Reserve System
Downloads 253 (251,678)
Citation 2

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Risk taking, Limited Liability, Bank Runs, Regulation, Capital, Liquidity

How Does Macroprudential Regulation Change Bank Credit Supply?

NBER Working Paper No. w20165
Number of pages: 51 Posted: 02 Jun 2014 Last Revised: 06 Feb 2022
Anil K. Kashyap, Dimitrios P. Tsomocos and Alexandros Vardoulakis
University of Chicago, Booth School of Business, University of Oxford - Said Business School and St. Edmund Hall and Board of Governors of the Federal Reserve System
Downloads 39 (922,711)

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13.
Downloads 203 (313,029)
Citation 2

Banks, Non Banks, and Lending Standards

FEDS Working Paper No. 2020-86
Number of pages: 52 Posted: 13 Oct 2020 Last Revised: 16 Jan 2023
Matthew Darst, Ehraz Refayet and Alexandros Vardoulakis
Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury and Board of Governors of the Federal Reserve System
Downloads 136 (443,022)
Citation 1

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Banks, Non banks, and Lending Standards

Number of pages: 51 Posted: 10 Nov 2020
Matthew Darst, Ehraz Refayet and Alexandros Vardoulakis
Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury and Board of Governors of the Federal Reserve System
Downloads 67 (716,128)
Citation 1

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lending standards, credit cycles, asymmetric information, non-banks, regulation

14.

Financial Stability Implications of CBDC

FEDS Working Paper No. 2024-21
Number of pages: 48 Posted: 30 Apr 2024
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Independent, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 202 (315,885)

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CBDC, Financial stability, Runs, Stablecoins, Central bank liabilities, Regulation

15.

On the Limitations of Monetary Policy

Number of pages: 59 Posted: 07 Nov 2011
Udara Peiris and Alexandros Vardoulakis
Oberlin College - Department of Economics and Board of Governors of the Federal Reserve System
Downloads 144 (422,395)

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monetary policy, inflation, collateral

16.

Debt Deflation Effects of Monetary Policy

FEDS Working Paper No. 2014-37, Saïd Business School WP 2014-7
Number of pages: 39 Posted: 23 May 2014 Last Revised: 18 Jun 2015
Li Lin, Dimitrios P. Tsomocos and Alexandros Vardoulakis
International Monetary Fund (IMF), University of Oxford - Said Business School and St. Edmund Hall and Board of Governors of the Federal Reserve System
Downloads 115 (503,595)
Citation 3

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Default, collateral, debt deflation

17.

Optimal Macroprudential Policy and Asset Price Bubbles

IMF Working Paper No. 19/184
Number of pages: 52 Posted: 23 Sep 2019
Nina Biljanovska, Lucyna Górnicka and Alexandros Vardoulakis
International Monetary Fund (IMF), International Monetary Fund (IMF) and Board of Governors of the Federal Reserve System
Downloads 108 (527,527)

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WP, marginal utility, real asset, transition probability, Collateral constraints, rational bubbles, macroprudential regulation, optimal policy, asset price bubble, collateral constraint, credit imbalance, equilibrium asset pricing, bubble component, Collateral, Asset bubbles, Asset prices, Credit, C

18.

Savings and Default

Number of pages: 50 Posted: 07 Nov 2011
Udara Peiris and Alexandros Vardoulakis
Oberlin College - Department of Economics and Board of Governors of the Federal Reserve System
Downloads 102 (549,880)

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Uninsurable Risk, Credit, Default, Endogenous Contracts, Precautionary Savings

Sudden Stops and Optimal Policy in a Two-Agent Economy

IMF Working Paper No. 2022/147
Number of pages: 54 Posted: 02 Aug 2022
Nina Biljanovska and Alexandros Vardoulakis
International Monetary Fund (IMF) and Board of Governors of the Federal Reserve System
Downloads 60 (758,471)
Citation 1

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Sudden Stops, agent heterogeneity, macroprudential policy, payroll tax policy

Sudden Stops and Optimal Policy in a Two-Agent Economy

Number of pages: 52 Posted: 04 Jul 2022
Nina Biljanovska and Alexandros Vardoulakis
International Monetary Fund (IMF) and Board of Governors of the Federal Reserve System
Downloads 29 (1,026,579)

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Sudden Stops, agent heterogeneity, macroprudential policy, payroll tax policy

20.

A Macroprudential Perspective on the Regulatory Boundaries of U.S. Financial Assets

FEDS Working Paper No. 2022-2
Number of pages: 26 Posted: 21 Jan 2022
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Independent, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 83 (626,136)

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Regulation, Regulatory reach, Boundary problem, Financial institutions

21.

Private and Public Liquidity Provision in Over-the-Counter Markets

FEDS Working Paper No. 2017-33
Number of pages: 72 Posted: 03 Apr 2017
David M. Arseneau, David E Rappoport W and Alexandros Vardoulakis
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 71 (682,713)

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22.

On Default and Uniqueness of Monetary Equilibria

FEDS Working Paper No. 2015-034, http://dx.doi.org/10.17016/FEDS.2015.034
Number of pages: 31 Posted: 26 Jul 2015
Li Lin, Dimitrios P. Tsomocos and Alexandros Vardoulakis
International Monetary Fund (IMF), University of Oxford - Said Business School and St. Edmund Hall and Board of Governors of the Federal Reserve System
Downloads 56 (769,121)
Citation 5

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Collateral, Default, Determinacy, Liquid wealth, Monetary policy

23.

Macroprudential Policy: Results from a Tabletop Exercise

FRB of Cleveland Working Paper No. 19-11, May 2019
Number of pages: 31 Posted: 17 Jul 2019
Federal Reserve Bank of Cleveland, Federal Reserve Bank of Cleveland, Federal Reserve Banks - Federal Reserve Bank of Richmond, Federal Reserve Banks - Federal Reserve Bank of Dallas, Federal Reserve Banks - Federal Reserve Bank of Cleveland, Federal Reserve Bank of Chicago - Economic Research, Federal Reserve Banks - Federal Reserve Bank of Minneapolis, Board of Governors of the Federal Reserve System, Federal Reserve Bank of New York and Board of Governors of the Federal Reserve System
Downloads 51 (803,268)

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financial stability, macroprudential policy, monetary policy

24.

Designing a Main Street Lending Facility

FEDS Working Paper No. 2020-052
Number of pages: 24 Posted: 16 Jul 2020
Alexandros Vardoulakis
Board of Governors of the Federal Reserve System
Downloads 50 (810,323)
Citation 1

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Main Street, Central bank lending facilities, Monitoring, Small business, Sufficient statistics, COVID-19

25.

Financial Amplification of Labor Supply Shocks

IMF Working Paper No. 20/189
Number of pages: 35 Posted: 30 Oct 2020
Nina Biljanovska and Alexandros Vardoulakis
International Monetary Fund (IMF) and Board of Governors of the Federal Reserve System
Downloads 49 (817,675)

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Labor supply, Collateral, Labor taxes, Supply shocks, Labor, WP, graphic tag0, inline-graphic tag0, utility function, math xmlns, quantitative analysis

26.

Strategic Bidding and IPO Underpricing

Number of pages: 32 Posted: 28 Mar 2024
Alexandros Vardoulakis
Board of Governors of the Federal Reserve System
Downloads 42 (873,298)

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IPO underpricing, Strategic Market Games, Rationing, Coalitions, Sealed bid auctions, Price-range

27.

Capital Taxation with Heterogeneous Discounting and Collateralized Borrowing

FEDS Working Paper No. 2017-053
Number of pages: 27 Posted: 22 May 2017
Nina Biljanovska and Alexandros Vardoulakis
International Monetary Fund (IMF) and Board of Governors of the Federal Reserve System
Downloads 36 (927,354)
Citation 3

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Ramsey taxation, Collateral constraint, Heterogeneous discount factors, Tax on capital

28.

Central Bank Liquidity Facilities Around the World

FEDS Notes No. 2025-02-26-1
Posted: 13 Mar 2025
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Independent, Board of Governors of the Federal Reserve System, Independent, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Federal Reserve Bank of Minneapolis, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Independent and Board of Governors of the Federal Reserve System

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29.

Lessons from the History of the U.S. Regulatory Perimeter

FEDS Notes No. 2021-10-15-1
Posted: 19 Nov 2021
Board of Governors of the Federal Reserve System, Independent, Independent, Independent, Independent, Independent, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve, Independent, University of Michigan Law School, Independent, Independent, Independent, U.S. Department of the Treasury, Independent and Independent

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30.

Monitoring Risk From Collateral Runs

FEDS Notes No. 2020-07-31-2
Posted: 21 Aug 2020
Sebastian Infante and Alexandros Vardoulakis
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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