Nicola Cetorelli| www.newyorkfed.org
Founded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, and business professionals.| NBER
Analysis of market reaction to COVID-19 and the FSB’s work programme to address non-bank financial intermediation risks.| Financial Stability Board
This post examines the joint evolution of banks and nonbanks within the organizational structure of bank holding companies.| Liberty Street Economics
In response to the financial crisis nearly a decade ago, a number of regulations were passed to improve the safety and soundness of the financial system. In this post and our related staff report, we provide a new perspective on the effect of these regulations by estimating the cost of capital for banks over the past two decades. We find that, while banks’ cost of capital soared during the financial crisis, after the passage of the Dodd-Frank Act (DFA), banks experienced a greater decrease ...| Liberty Street Economics
The first post in this series discussed the potential exposure of banks to the open-end funds sector, by virtue of commonalities in asset holdings that expose banks to balance sheet losses in the event of an asset fire sale by these funds. In this post, we summarize the findings reported in a recent paper of ours, in which we expand the analysis to consider a broad cross section of non-bank financial institution (NBFI) segments. We unveil an innovative monitoring insight: the network of inter...| Liberty Street Economics
The authors consider the systemic implications of the observed build-up of bank-NBFI connections associated with the growth of NBFIs.| Liberty Street Economics
Nicola Cetorelli is the head of Financial Intermediation. Prior to joining the New York Fed, he was a Senior Economist at the Federal Reserve Bank of Chicago. His research has focused on financial intermediation activities, both banks and nonbanks. He has published extensively in scholarly journals, among which The Journal of Finance, Journal of Economic Theory, American Economic Review, Journal of International Economics. He has also written many articles in various policy journals and book ...| www.newyorkfed.org
