September 2020 issue contents

Cover and contents

Aggregation Level in Stress-Testing Models
by Galina Hale, John Krainer, and Erin McCarthy

The Information Content and Statistical Properties of Diffusion Indexes
by Santiago Pinto, Pierre-Daniel Sarte, and Robert Sharp

Bank Standalone Credit Ratings
by Michael R. King, Steven Ongena, and Nikola Tarashev

Narrow Banking with Modern Depository Institutions: Is There a Reason to Panic?
by Hugo Rodríguez Mendizábal

The Limits of Central Bank Forward Guidance under Learning
by Stephen J. Cole

Regulating the Doom Loop
by Spyros Alogoskoufis and Sam Langfield
Online appendix

Systemic Risk and the Fallacy of Composition: Empirical Evidence from Japanese Regional Banks
by Naohisa Hirakata, Yosuke Kido, and Jie Liang Thum

Finite Horizons and the Monetary/Fiscal Policy Mix
by Kostas Mavromatis