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The Last Mile of Monetary Policy : Inattention, Reminders, and the Refinancing Channel
Byrne, Shane; Devine, Kenneth; King, Michael; McCarthy, … - National Bureau of Economic Research - 2023
Under-refinancing limits the transmission of accommodative monetary policy to the household sector and costs mortgage … likelihood mortgage holders are attentive by over 60%, from 24% to 39%. A conservative back-of-the-envelope cost …
Persistent link: https://www.econbiz.de/10014247964
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FinTech Lending with LowTech Pricing
Johnson, Mark J.; Ben-David, Itzhak; Lee, Jason; Yao, … - National Bureau of Economic Research - 2023
FinTech lending--known for using big data and advanced technologies--promised to break away from the traditional credit scoring and pricing models. Using a comprehensive dataset of FinTech personal loans, our study shows that loan rates continue to rely heavily on conventional credit scores,...
Persistent link: https://www.econbiz.de/10014250171
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The Role of Intermediaries in Selection Markets : Evidence form Mortgage Lending
Allen, Jason; Clark, Robert; Houde, Jean-François; Li, … - National Bureau of Economic Research - 2023
We study the role of brokers in selection markets. We find broker-clients in the Canadian mortgage market are … estimate a model of mortgage demand to disentangle three possible explanations for these riskier product choices: (i) selection …
Persistent link: https://www.econbiz.de/10014447310
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Customer Data Access and Fintech Entry : Early Evidence from Open Banking
Babina, Tania; Bahaj, Saleem; Buchak, Greg; De Marco, … - National Bureau of Economic Research - 2024
Open banking (OB) empowers bank customers to share transaction data with fintechs and other banks. 49 countries have adopted OB policies. Consumer trust in fintechs predicts OB policy adoption and adoption spurs investment in fintechs. UK microdata shows that OB enables: i) consumers to access...
Persistent link: https://www.econbiz.de/10014468288
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The Deposit Business at Large vs. Small Banks
Avernas, Adrien d'; Eisfeldt, Andrea L.; Huang, Can; … - National Bureau of Economic Research - 2023
The deposit business differs at large versus small banks. We provide a parsimonious model and extensive empirical evidence supporting the idea that much of the variation in deposit-pricing behavior between large and small banks reflects differences in "preferences and technologies." Large banks...
Persistent link: https://www.econbiz.de/10014436996
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Monetary Policy Transmission Through Online Banks
Erel, Isil; Liebersohn, Jack; Yannelis, Constantine; … - National Bureau of Economic Research - 2023
Financial technology has reshaped commercial banking. It has the potential to radically alter the transmission of monetary policy by lowering search costs and expanding bank markets. This paper studies the reaction of online banks to changes in federal fund rates. We find that these banks...
Persistent link: https://www.econbiz.de/10014322768
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The Industrial Organization of Financial Markets
Clark, Robert; Houde, Jean-François; Kastl, Jakub - National Bureau of Economic Research - 2021
This chapter discusses recent developments in the literature involving applications of industrial organization methods to finance. We structure our discussion around a simple model of a financial intermediary that concentrates its attention either on (i) the retail market and hence engages in a...
Persistent link: https://www.econbiz.de/10012616630
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Mortgage Market Design
Campbell, John Y. - 2012
This paper explores the causes and consequences of cross-country variation in mortgage market structure. It draws on …. It discusses lessons from the credit boom, the challenges of mortgage modification in the aftermath of the boom, consumer … financial protection, and alternative mortgage forms and funding models. The paper argues that the US has much to learn from …
Persistent link: https://www.econbiz.de/10012460325
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Advertising Expensive Mortgages
Gurun, Umit G. - 2013
exploit the richness of our data and measure the relative expensiveness of a given mortgage as the excess rate of a mortgage … after accounting for a broad set of borrower, contract, and regional characteristics associated with a given mortgage … mortgage advertising induced by the entry of Craigslist across different regions to demonstrate that the relation between …
Persistent link: https://www.econbiz.de/10012459751
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Stress Testing Structural Models of Unobserved Heterogeneity : Robust Inference on Optimal Nonlinear Pricing
Bodoh-Creed, Aaron L.; Hickman, Brent R.; List, John A.; … - National Bureau of Economic Research - 2023
In this paper, we provide a suite of tools for empirical market design, including optimal nonlinear pricing in intensive-margin consumer demand, as well as a broad class of related adverse-selection models. Despite significant data limitations, we are able to derive informative bounds on demand...
Persistent link: https://www.econbiz.de/10014337879