Essays on financial intermediation
Abstract/Contents
- Abstract
- This thesis studies several topical areas in financial intermediation research. In the first chapter, I focus on the roles of financial intermediaries in monetary policy transmission to answer the question of reserve sufficiency. I construct a model linking interbank intraday payment timing with monetary policy implementation. In the second chapter, which is joint work with Darrell Duffie and Adam Copeland, we empirically identify the ten largest repo-active dealer banks as financial intermediaries crucial to the well-functioning of the repo market. We document that repo rates rose above efficient-market levels when the total reserve balances of the ten largest dealer banks declined, and that repo rate spikes are strongly associated with delayed intraday payments of reserves to these large banks. In the third chapter, which is joint work with Anirudha Balasubramanian, we study a trading game with agents who face a high-dimensional estimation problem. Our model addresses the situation faced by key financial intermediaries whose trading strategies involve big data and computational problems.
Description
| Type of resource | text |
|---|---|
| Form | electronic resource; remote; computer; online resource |
| Extent | 1 online resource. |
| Place | California |
| Place | [Stanford, California] |
| Publisher | [Stanford University] |
| Copyright date | 2022; ©2022 |
| Publication date | 2022; 2022 |
| Issuance | monographic |
| Language | English |
Creators/Contributors
| Author | Yang, Yilin |
|---|---|
| Degree supervisor | Duffie, Darrell |
| Thesis advisor | Duffie, Darrell |
| Thesis advisor | Hebert, Benjamin |
| Thesis advisor | Krishnamurthy, Arvind |
| Degree committee member | Hebert, Benjamin |
| Degree committee member | Krishnamurthy, Arvind |
| Associated with | Stanford University, Graduate School of Business |
Subjects
| Genre | Theses |
|---|---|
| Genre | Text |
Bibliographic information
| Statement of responsibility | Yilin (David) Yang. |
|---|---|
| Note | Submitted to the Graduate School of Business. |
| Thesis | Thesis Ph.D. Stanford University 2022. |
| Location | https://purl.stanford.edu/bn300rr8336 |
Access conditions
- Copyright
- © 2022 by Yilin Yang
- License
- This work is licensed under a Creative Commons Attribution Non Commercial 3.0 Unported license (CC BY-NC).
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