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Author:Allen, Franklin 

Conference Paper
The role of liquidity in financial crises

Proceedings - Economic Policy Symposium - Jackson Hole

Conference Paper
Commentary: the ‘big C”: identifying and mitigating contagion

Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
On Interest Rate Policy and Asset Bubbles

In a provocative paper, Gal (2014) showed that a policymaker who raises interest rates to rein in a potential bubble will only make a bubble bigger if one exists. This poses a challenge to advocates of lean-against-the-wind policies that call for raising interest rates to mitigate potential bubbles. In this paper, we argue there are situations in which the lean-against-the wind view is justified. First, we argue Gal?s framework abstracts from the possibility that a policymaker who raises rates will crowd out resources that would have otherwise been spent on the bubble. Once we modify Gal?s ...
Working Paper Series , Paper WP-2017-16

Journal Article
Commentary on Monetary policy and financial market evolution

Review , Volume 85 , Issue Jul , Pages 27-30

Working Paper
Credit market competition and capital regulation

Market discipline for financial institutions can be imposed not only from the liability side, as has often been stressed in the literature on the use of subordinated debt, but also from the asset side. This will be particularly true if good lending opportunities are in short supply, so that banks have to compete for projects. In such a setting, borrowers may demand that banks commit to monitoring by requiring that they use some of their own capital in lending, thus creating an asset market-based incentive for banks to hold capital. Borrowers can also provide banks with incentives to monitor ...
Finance and Economics Discussion Series , Paper 2006-11

Conference Paper
Bank competition and the role of regulation

Market discipline for financial institutions can be imposed not only from the liability side, as has often been stressed in the literature on the use of subordinated debt, but also from the asset side. This will be particularly true if good lending opportunities are in short supply, so that banks have to compete for projects. In such a setting, borrowers may demand that banks commit to ?monitoring? by requiring that they use some of their own capital in lending, thus creating a market-based incentive for banks to hold capital that stems purely from the asset side of the bank?s balance sheet. ...
Proceedings , Paper 977

Working Paper
Financial markets, intermediaries, and intertemporal smoothing

Working Papers , Paper 95-4

Working Paper
Enhancing prudential standards in financial regulations

The financial crisis has generated fundamental reforms in the financial regulatory system in the U.S. and internationally. Much of this reform was in direct response to the weaknesses revealed in the precrisis system. The new ?macroprudential? approach to financial regulations focuses on risks arising in financial markets broadly, as well as the potential impact on the financial system that may arise from financial distress at systemically important financial institutions. Systemic risk is the key factor in financial stability, but our current understanding of systemic risk is rather limited. ...
Working Papers , Paper 14-36

Working Paper
The Interplay Among Financial Regulations, Resilience, and Growth

Interconnectedness has been an important source of market failures, leading to the recent financial crisis. Large financial institutions tend to have similar exposures and thus exert externalities on each other through various mechanisms. Regulators have responded by putting more regulations in place with many layers of regulatory complexity, leading to ambiguity and market manipulation. Mispricing risk in complex models and arbitrage opportunities through regulatory loopholes have provided incentives for certain activities to become more concentrated in regulated entities and for other ...
Working Papers , Paper 18-9

Working Paper
A welfare comparison of intermediaries and financial markets in Germany and the U.S

Working Papers , Paper 95-3

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