▽himaginaryの日記 ●01/04 05:50 2025-01-02銀行の金利ﾘｽｸというNBER論文が上がっている（ungated版へのﾘﾝｸがある著者の一人のﾍﾟｰｼﾞ）｡原題は｢Interest Rate Risk in Banking｣で､著者はPeter M. DeMarzo（ｽﾀﾝﾌｫｰﾄﾞ大）､Arvind Krishnamurthy（同）､Stefan Nagel（ｼｶｺﾞ大）｡以下はその要旨｡We develop a framework to estimate bank franchise value. Contrary to existing models, sticky deposits and low deposit rate betas do not imply negative duration. While operating costs could generate negative duration,
