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Too Big to Fail, Too Small to Survive: How Safer National Banks Undermine Regional Banks' Stability
This paper extends the framework of global game modeling and identifies a novel bank-run externality. Regulations strengthening large banks can inadvertently increase the fragility of smaller …
Redouane Elkamhi, Yilin (David) Yang
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What Quantity of Reserves Is Sufficient?
What quantity of reserves should the Fed supply to support effective monetary policy implementation and an efficient interbank payment system? To answer this question, I construct a model linking …
Yilin (David) Yang
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What Quantity of Reserves Is Sufficient?
Trading with High-Dimensional Data
We study a trading game with agents who face a high-dimensional estimation problem. In the presence of a curse of dimensionality, we show rational expectations equilibrium is ε-approximated by a …
Anirudha Balasubramanian, Yilin (David) Yang
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Trading with High-Dimensional Data