Board of Governors of the Federal Reserve System

K.7 Owe a Bank Millions, the Bank Has a Problem: Credit Concentration in Bad Times Agarwal, Sumit, Ricardo Correa, Bernardo Morais, Jessica

H. Axilrod Lyle E. Gramley Robert Solomon Edward G. Boehne * Ralph C. ...15 calendar days or less, at rates that, unless otherwise expressly authorized

15 a.m. (EST) December 15, 2023 INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION...1.5 Nonindustrial supplies 99.8 100.0 100.1 100.3 99.9 99.9 -.2 .2 .1

15 a.m. (EST) December 15, 2023 INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION...1.5 Nonindustrial supplies 99.8 100.0 100.1 100.3 99.9 99.9 -.2 .2 .1

15 a.m. (EST) December 15, 2023 INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION...1.5 Nonindustrial supplies 99.8 100.0 100.1 100.3 99.9 99.9 -.2 .2 .1

15 -10 -5 0 5 10 15 t – 12 t – 10 t – 8 t – 6 t – 4 t – 2 Peak=t t + 2...15 20 t – 12 t – 10 t – 8 t – 6 t – 4 t – 2 Peak=t t + 2 t + 4 t + 6 t

K.7 A Macroeconomic Model with Financial Panics Gertler, Mark, Nobuhiro Kiyotaki, and Andrea Prestipino International Finance Discussion Papers

H1 and 2017:H1 All proposals 2013 2014 2015 2016 2016:H1 2017:H1 Dispositions...15% 20% 23% 22% 22% 22% Processing time (days) Average 56 60 71 59 59

H. Axilrod Lyle E. Gramley Robert Solomon Edward G. Boehne Ralph C. Bryant...15 calendar days or less, at rates that, unless otherwise expressly authorized

Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Limited