Credit cards are one of the most ubiquitous consumer financial products in the United States, with more than 75 percent of households owning at least one general purpose credit card in 2019. According to the G.19 Consumer Credit Statistical release, revolving consumer credit, which mainly...

One of the surprising characteristics of the economic downturn induced by the COVID-19 pandemic is that delinquency rates in most consumer credit markets have remained low both during the downturn and the subsequent recovery. The existing literature has emphasized the roles that forbearance...

We show that since 2007, there was a large and persistent shift in the composition of lenders to small firms. Large banks impacted by the real estate prices collapse systematically contracted their credit to all small firms throughout the U.S.. However, healthy banks expanded their operations...

We show that since 2007, there was a large and persistent shift in the composition of lenders to small firms. Large banks impacted by the collapse of real estate prices systematically contracted their credit to all small firms throughout the U.S.. However, healthy banks expanded their operations...

We consider the liquidity shock banks experienced following the collapse of the asset-backed commercial paper market in the fall of 2007 to investigate whether banks' liquidity condition affect their ability to provide liquidity to corporations. We find that banks that borrowed more from the...

We show that since 2007, there was a large and persistent shift in the composition of lenders to small firms. Large banks impacted by the real estate prices collapse systematically contracted their credit to all small firms throughout the U.S.. However, healthy banks expanded their operations...

The consumer credit card market has experienced dramatic, unprecedented changes in the wake of the COVID-19 shutdown of the U.S. economy. Revolving credit in the G.19 Consumer Credit statistical release fell by an annualized rate of 32 percent in the second quarter of 2020

We investigate whether the securitization of corporate loans affected banks' lending standards. We find that during the boom years of the CLO business, loans sold to CLOs at the time of their origination underperform matched unsecuritized loans originated by the same bank. This finding is robust...