Central Bank Policy and the Concentration of Risk: Empirical Estimates
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Before the 2008 crisis, the cross-sectional skewness of banks leverage went up and macro risk concentrated in the balance sheets of large banks. Using a model of prot-maximizing banks with heterogeneous Value-at-Risk constraints, we extract the distribution of banks risk-taking parameters from
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美国国家经济研究局创建时间：
2021-06-01
