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Applications or Approvals : What Drives Racial Disparities in the Paycheck Protection Program?

Chernenko, Sergey; Kaplan, Nathan; Sarkar, Asani; … - National Bureau of Economic Research - 2023

We use the 2020 Small Business Credit Survey to study the sources of racial disparities in use of the Paycheck Protection Program (PPP). Black-owned firms are 8.9 percentage points less likely than observably similar white-owned firms to receive PPP loans. About 55% of this take-up disparity is...

Persistent link: https://www.econbiz.de/10014250189

Bankruptcy Exemption of Repo Markets : Too Much Today for Too Little Tomorrow?

Acharya, Viral V.; Anshuman, V. Ravi; Viswanathan, S. - National Bureau of Economic Research - 2024

We examine the desirability of granting "safe harbor" provisions to creditors of financial intermediaries in sale-and-repurchase (repo) contracts. Exemption from an automatic stay in bankruptcy enables financial intermediaries to raise greater liquidity and induces entry of intermediaries with...

Persistent link: https://www.econbiz.de/10014468227

Inflation and Treasury Convenience

Cieślak, Anna; Li, Wenhao; Pflueger, Carolin E. - National Bureau of Economic Research - 2024

Using a century of data, we show that Treasury convenience yield and inflation comove positively during the inflationary 1970s-1980s, but negatively pre-WWII and post-2000. An inflation decomposition reveals that higher supply inflation predicts higher convenience, while lower demand inflation...

Persistent link: https://www.econbiz.de/10015056207

Loans for the "Little Fellow : " Credit, Crisis, and Recovery in the Great Depression

Quincy, Sarah - National Bureau of Economic Research - 2023

This paper identifies how bank branching benefited local economies during the Great Depression. Using archival data and narrative evidence, I show how Bank of America's branch network in 1930s California created an internal capital market to diversify away local liquidity shortfalls, allowing it...

Persistent link: https://www.econbiz.de/10014421204

Crisis Risk and Risk Management

Stulz, René M. - National Bureau of Economic Research - 2023

This paper assesses the current state of knowledge about crisis risk and its implications for risk management. Better data that became available since the Global Financial Crisis (GFC) has improved our understanding of crisis risk. These data have been used to show that some types of crises...

Persistent link: https://www.econbiz.de/10014287353

Peer Effects in European Primary Schools : Evidence from PIRLS

Ammermueller, Andreas - 2006

We estimate peer effects for fourth graders in six European countries. The identification relies on variation across classes within schools. We argue that classes within primary schools are formed roughly randomly with respect to family background. Similar to previous studies, we find sizeable...

Persistent link: https://www.econbiz.de/10012466488

The "Austerity Myth" : Gain Without Pain?

Perotti, Roberto - 2011

Eurozone countries today) and two - Finland and Sweden - after floating the currency … driver of growth was exports. In Ireland this occurred because the sterling coincidentally appreciated. In Finland and Sweden … detailed case studies, two - Denmark and Ireland - undertaken under fixed exchange rates (the most relevant case for many …

Persistent link: https://www.econbiz.de/10012461087

Were Trade and Factor Mobility Substitutes in History?

Collins, William J. - 1997

Trade theorists have come to understand that their theory is ambiguous on the question: Are trade and factor flows substitutes? While this sounds like an open invitation for empirical research, hardly any serious econometric work has appeared in the literature. This paper uses history to fill...

Persistent link: https://www.econbiz.de/10012472755

Global Trends in Income Inequality and Income Dynamics : New Insights from GRID

Guvenen, Fatih; Pistaferri, Luigi; Violante, Giovanni L. - National Bureau of Economic Research - 2022

The Global Repository of Income Dynamics (GRID) is a new open-access, cross- country database that contains a wide range of micro statistics on income inequality, dynamics, and mobility. It has four key characteristics: it is built on micro panel data drawn from administrative records; it fully...

Persistent link: https://www.econbiz.de/10013388880

Know Your Customer : Informed Trading by Banks

Haselmann, Rainer; Leuz, Christian; Schreiber, Sebastian - National Bureau of Economic Research - 2022

This study analyzes information production and trading behavior of banks with lending relationships. We combine trade-by-trade supervisory data and credit-registry data to examine banks' proprietary trading in borrower stocks around a large number of corporate events. We find that relationship...

Persistent link: https://www.econbiz.de/10013388877

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