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Competition or collaboration? The reciprocity effect in loan syndication

Cai, Jian - Federal Reserve Bank of Cleveland - 2009

loans are reciprocal in the sense that lead arrangers also participate in loans that are led by their participant lenders. I … monitoring effort enhances lead arrangers' ability to profit from participating in loans led by others. The model generates ….3% less of the loans with reciprocity than those without reciprocity, (ii) the average interest spread over LIBOR on drawn …

Persistent link: https://www.econbiz.de/10008636221

SBA-loan guarantees and local economic growth

Craig, Ben R.; William E. Jackson, III; Thomson, James B. - Federal Reserve Bank of Cleveland - 2005

-guarantee program. Using a panel data set of SBA-guaranteed loans we assess whether SBA-guaranteed lending has an observable impact on …

Persistent link: https://www.econbiz.de/10005729077

Bridging the gap? Government subsidized lending and access to capital

Cortés, Kristle Romero; Lerner, Josh - Federal Reserve Bank of Cleveland - 2012

The consequences of providing public funds to financial institutions remain controversial. We examine the Community Development Financial Institution (CDFI) Fund’s impact on credit union activity, using hitherto little studied U.S. Treasury data. The CDFI Fund grants increase lending at credit...

Persistent link: https://www.econbiz.de/10011133734

On SBA-guaranteed lending and economic growth

Craig, Ben R.; William E. Jackson, III; Thomson, James B. - Federal Reserve Bank of Cleveland - 2004

-guarantee program. Using a panel data set of SBA-guaranteed loans we assess whether SBA-guaranteed lending has an observable impact on …

Persistent link: https://www.econbiz.de/10005428333

Incomplete markets and households’ exposure to interest rate and inflation risk: implications for the monetary policy maker

Pescatori, Andrea - Federal Reserve Bank of Cleveland - 2007

The present paper studies optimal monetary policy when the representative agent assumption is abandoned and financial wealth heterogeneity across households is introduced. Incomplete markets make households incapable of perfectly insuring against interest rate and inflation risk, creating a...

Persistent link: https://www.econbiz.de/10005729043

Bankruptcy in the life-cycle consumption model

Kowalewski, K.J. - Federal Reserve Bank of Cleveland - 1988

An analysis assessing the sensitivity of consumption to income using a life-cycle model of consumption that incorporates the possibility of bankruptcy.

Persistent link: https://www.econbiz.de/10005729082

Moving to a job: The role of home equity, debt, and access to credit

Demyanyk, Yuliya; Hryshko, Dmytro; Luengo-Prado, María … - Federal Reserve Bank of Cleveland - 2013

Using credit report data from two of the three major credit bureaus in the United States, we infer with high certainty whether households move to other labor markets defined by metropolitan areas. We estimate how moving patterns relate to labor market conditions, personal credit, and...

Persistent link: https://www.econbiz.de/10011133758

Household Debt and Local Public Finances

Whitaker, Stephan; Cheung, Ron; Cunningham, Christopher R. - Federal Reserve Bank of Cleveland - 2014

In the wake of the Great Recession, steep declines in state and local government expenditures and employment were a large and persistent source of economic weakness. The business cycle was also characterized by large increases and decreases in household debt. We estimate the extent to which...

Persistent link: https://www.econbiz.de/10011093783

A model of money and credit, with application to the credit card debt puzzle

Telyukova, Irina A.; Wright, Randall - Federal Reserve Bank of Cleveland - 2007

Many individuals simultaneously have significant credit card debt and money in the bank. The credit card debt puzzle is: given high interest rates on credit cards and low rates on bank accounts, why not pay down debt? While some economists go to elaborate lengths to explain this, we argue it is...

Persistent link: https://www.econbiz.de/10005428326