“Owe your banker £1,000 and you are at his mercy; owe him £1 million and the position is reversed.” Keynes. We evaluate this idea (with Miguel Faria e Castro Pascal Paul) using data on bank-firm relationships and incorporating it into a dynamic model. Published!! sciencedirect.com/science/articl…

Very excited to see Evergreening published in the JFE 😃

Really nice paper!

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Banks facing losses on their securities portfolios cut lending to firms, but mainly when those losses tighten their capital requirements, from Dan Greenwald 🇺🇦, John Krainer, and Pascal Paul nber.org/papers/w32449

🚨📣 Macro-Finance Conference 📣🚨 October 11 Federal Reserve Bank of San Francisco, Keynote: Sydney Ludvigson Submission deadline: June 30 More infos here: frbsf.org/news-and-media…

🚨Call for papers 🚨 Swiss Conference on Financial Intermediation, to be held at Study Center Gerzensee, March 30-April 2, 2025. Submissions due October 31! Supported by Bank for International Settlements, CEPR, SFI mailchi.mp/cepr/bis-cepr-…

📢 We're excited to welcome Pascal Paul from Federal Reserve Bank of San Francisco next Tuesday for a seminar in macroeconomics. He'll present: "A Macroeconomic Model of Central Bank Digital Currency". Don't miss this insightful discussion!🌟#UnilEcon #ThisIsEconomics 👉 Details: bit.ly/4ewgM3X

We’re excited to announce the launch of the Center for Monetary Research at the SF Fed.

Launched today🚀The new Center for Monetary Research Federal Reserve Bank of San Francisco 🚀 Check out the website with data, research, and events on monetary economics and macro-finance 👇 founded together with my colleagues Michael Bauer, Thomas M Mertens, and sylvainecon 👏

This has been a while in the making but now we're live! You can check out our research, events and data products at frbsf.org/CMR and subscribe to our mailing list to stay in the loop. Thanks to sylvainecon Thomas M Mertens and Pascal Paul for making this possible!

Great conference! Consider submitting your best macro-finance papers🙏 Also check out the new Janet Yellen Award for outstanding contributions to macro-finance/monetary economics 👇

Very excited to present some new work on evergreening with Pascal Paul and Juan M. Sánchez 🇺🇦 in Session 121, the dreaded saturday morning SED session. Also check out Session 3 for exciting new work on finance and misallocation with Julian Kozlowski and Jeremy Majerovitz (draft coming very soon)

🚨Friendly reminder that Saturday, May 31 is the deadline to submit (a) papers to our fall macro-finance conference and (b) nominations for the new Janet Yellen Award for Monetary Research. Details are here: frbsf.org/news-and-media… Federal Reserve Bank of San Francisco Thomas M Mertens Pascal Paul

Developing a quantitative New Keynesian dynamic stochastic general equilibrium model with monopolistic banks to study the macroeconomic effects of introducing a central bank digital currency, from Pascal Paul, Mauricio Ulate, and @jcynthiawu nber.org/papers/w33968

Many countries are currently considering the introduction of a CBDC, but there is much uncertainty around the macroeconomic effects. In a recent paper with Mauricio Ulate and Cynthia Wu, we explore those. VoxEU summary👇

Starting Sept 2025: CEPR & Federal Reserve Bank of San Francisco launch a monthly Virtual Seminar on Monetary Economics. Focus: central bank goals, policy design, transmission, & international dimensions. 🗓 First session: 4 Sept | 5PM CET Details 👉 cepr.org/events/event-s… Organisers: Michael Bauer

Great conference this Friday on macro-finance research Federal Reserve Bank of San Francisco 👇 drop me a message if you're in the Bay area and want to join! frbsf.org/news-and-media…