This paper provides direct evidence on the effect of quantitative easing (QE) policies on bank lending through the liquidity channel. By looking at changes in banks' liquidity-lending sensitivity in different rounds of QE, our results show that banks with higher levels of cash & reserve holding...

Property appraisers can purposefully inflate valuation estimates by misreporting the underlying attributes of subjects as well as comparable transactions selected to base their estimate. A property-level panel of appraiser reported attributes associated with 3.5 million loan applications from...

This paper studies the capital allocation decisions of firms that are comparable except for ownership under a unique setting using investment level data. We find allocative inefficiency across ownership to be exacerbated under policy distortions through subsidized credits targeted at state-owned...

We introduce an index of urban amenities based on hotel night stays that can rank most U.S. metros in levels and changes for the years 1990 through 2015. This naive index can be used on its own to study changes in total amenity level or with other measures to reduce omitted variable bias....

The possibility that local consumption amenities provided by bars, restaurants, and other retail services improve neighborhood or city attractiveness has received increasing attention in the literature. Empirical research thus far has focused on the number of establishments in an area. This...

Exploiting the staggered expansion of China's passenger-dedicated high-speed rail (HSR) network, we study the relationship between HSR connection and firm performance. By highlighting the importance of firm location and face-to-face interactions, we test the differential impact of HSR connection...

Banks' ability to convert liquidity into lending depends crucially on the various regulatory constraints they face. This paper investigates the differential lending responses of banks with varying levels of reserves, and their impact on the real economy. The distribution of reserves within the...

Banks' ability to convert liquidity into lending depends crucially on the various regulatory constraints they face. This paper investigates the differential lending responses of banks with varying levels of reserves, and their impact on the real economy. The distribution of reserves within the...

This paper examines the spatial impact of high-speed rail (HSR) connection on firm performance in China at the micro level using a unique administrative dataset. Connected firms benefit from agglomeration economies and improved market access, but the redistribution of production inputs towards...