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Research Highlight: Oksana Leukhina

Side by side images of the cover of the Journal of Monetary Economics and a photo of Oksana Leukhina

Economist and Research officer Oksana Leukhina has a new paper published in the March 2021 Journal of Monetary Economics. The publication, co-authored with Nicolás Figueroa of the Pontificia Universidad Católica de Chile and Carlos Ramírez of the Federal Reserve Board, explores "Imperfect information transmission from banks to investors: Macroeconomic implications."  

The "popular narrative" of the 2007-2008 financial crisis is that banks' standards for screening potential borrowers' creditworthiness declined as they raced to generate and sell more loan-backed securities. This paper looks more closely at information asymmetry in the loan-based asset markets and its impact on the wider economy, particularly the role played by asset ratings and their disclosure, and by screening intensity at the stage of loan origination.   

Full text of the article is available from the journal's website for free until April 29, 2021. The 2018 working paper is available on our site here