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Credit Supply and House Prices : Evidence from Mortgage Market Segmentation
Adelino, Manuel - 2012
We show that easier access to credit significantly increases house prices by using exogenous changes in the conforming …
Persistent link: https://www.econbiz.de/10012460826
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Estimating the Elasticity of Intertemporal Substitution Using Mortgage Notches
Best, Michael Carlos - 2018
Elasticity of Intertemporal Substitution (EIS). In the UK, the mortgage interest rate features discrete jumps - notches - at …
Persistent link: https://www.econbiz.de/10012480601
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Political Borders and Bank Lending in Post-Crisis America
Chavaz, Matthieu - 2016
mortgage and small business lending by 23% to 60% more in areas located inside their home-representative's district than … influences on American banks' lending. We show that recipients of the 2008 public capital injection program (TARP) increased … considerations influence credit allocation in a politically mature system like the United States without the formal possibility of …
Persistent link: https://www.econbiz.de/10012455874
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Violating the Law of One Price : Should We Make a Federal Case Out of It?
Engel, Charles - 1999
We use new disaggregated data on consumer prices to determine why there is variability in prices of similar goods across U.S. cities. We address questions similar to those that have arisen in the international context: is this variability purely a result of market segmentation or do sticky...
Persistent link: https://www.econbiz.de/10012471548
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Money and Interest Rates with Endogeneously Segmented Markets
Alvarez, Fernando - 1999
This paper analyses the effects of open market operations on interest rates in a model in which agents must pay a fixed cost to exchange assets and cash. Asset markets are endogenously segmented in that some agents choose to pay the fixed cost and some do not. When the fixed cost is zero, the...
Persistent link: https://www.econbiz.de/10012471741
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Strategic Fragmented Markets
Babus, Ana; Parlatore, Cecilia - National Bureau of Economic Research - 2021
We study the determinants of asset market fragmentation in a model with strategic investors that disagree about the value of an asset. Investors' choices determine the market structure. Fragmented markets are supported in equilibrium when disagreement between investors is low. In this case,...
Persistent link: https://www.econbiz.de/10012510608
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Market Segmentation and Competition in Health Insurance
Dickstein, Michael J.; Ho, Katherine; Mark, Nathaniel D. - National Bureau of Economic Research - 2021
In the United States, households obtain health insurance through distinct market segments. We explore the economics of this segmentation by comparing coverage provided through small employers versus the individual marketplace. Using data from Oregon, we find households with group coverage spend...
Persistent link: https://www.econbiz.de/10012660084
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From Scarcity to Abundance : Government and Private Initiatives to Manage the Allocation of N95 Masks in the U.S. During the COVID-19 Pandemic
Joskow, Paul L. - National Bureau of Economic Research - 2022
This paper examines the structure, behavior and performance of the N95 respirator market in the U.S. before and during the COVID-19 pandemic (2020-early 2022). It focuses on the behavior and performance of government and private sector organizations in the allocation of scarce supplies of N95...
Persistent link: https://www.econbiz.de/10013172175
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Market Fragmentation
Chen, Daniel - 2020
We model a simple market setting in which fragmentation of trade of the same asset across multiple exchanges improves allocative efficiency. Fragmentation reduces the inhibiting effect of price-impact avoidance on order submission. Although fragmentation reduces market depth on each exchange, it...
Persistent link: https://www.econbiz.de/10012479351
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Does a Currency Union Need a Capital Market Union? Risk Sharing via Banks and Markets
Martinez, Joseba - 2019
We compare risk sharing in response to demand and supply shocks in four types of currency unions: segmented markets; a banking union; a capital market union; and complete financial markets. We show that a banking union is efficient at sharing all domestic demand shocks (deleveraging, fiscal...
Persistent link: https://www.econbiz.de/10012479975