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Firms’ Precautionary Savings and Employment during a Credit Crisis
Melcangi, Davide - 2019
Can the macroeconomic effects of credit supply shocks be large even when a small share of firms are credit-constrained? I use U.K. firm-level accounting data to discipline a heterogeneous-firm model in which the interaction between real and financial frictions induces precautionary cash...
Persistent link: https://www.econbiz.de/10012858740
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Household Debt and Saving During the 2007 Recession
Chakrabarti, Rajashri - 2011
to have been widespread, affecting large shares of households across all age, income, and education groups. In response … increase in saving - at least in 2009 - did not materialize through an increase in contributions to retirement and savings …
Persistent link: https://www.econbiz.de/10013131523
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Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-09
Adrian, Tobias - 2012
The financial crisis of 2007-09 has sparked keen interest in models of financial frictions and their impact on macro activity. Most models share the feature that borrowers suffer a contraction in the quantity of credit. However, the evidence suggests that although bank lending contracted during...
Persistent link: https://www.econbiz.de/10013113163
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Who Pays the Price? Overdraft Fee Ceilings and the Unbanked
Dlugosz, Jennifer; Melzer, Brian; Morgan, Donald P. - 2021
Nearly 25 percent of low-income households in the United States are unbanked. High fees are often cited as a reason … preemption of state limits on overdraft fees to study the impact of fee ceilings on low-income households. After preemption … also provide more overdraft credit and bounce a smaller share of checks following preemption. The share of low-income …
Persistent link: https://www.econbiz.de/10013220886
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The Role of Technology in Mortgage Lending
Fuster, Andreas - 2018
Technology-based (“FinTech”) lenders increased their market share of U.S. mortgage lending from 2 percent to 8 percent from 2010 to 2016. Using market-wide, loan-level data on U.S. mortgage applications and originations, we show that FinTech lenders process mortgage applications about 20...
Persistent link: https://www.econbiz.de/10012927007
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How Do Mortgage Refinances Affect Debt, Default, and Spending? Evidence from HARP
Abel, Joshua - 2019
We use quasi-random access to the Home Affordable Refinance Program (HARP) to identify the causal effect of refinancing into a lower-rate mortgage on borrower balance sheet outcomes. Refinancing substantially reduces borrower default rates on mortgages and other debt. Refinancing also causes...
Persistent link: https://www.econbiz.de/10012899906
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Competition and Adverse Selection in the Small-Dollar Loan Market : Overdraft versus Payday Credit
Melzer, Brian; Morgan, Donald P. - 2010
We find that competition from payday lenders leads depository institutions to raise overdraft fees and reduce the availability of “free” checking accounts. We attribute this rise in prices partly to adverse selection created by banks’ practice of charging a flat fee regardless of the...
Persistent link: https://www.econbiz.de/10014204039
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Run Equilibria in a Model of Financial Intermediation
Ennis, Huberto M. - 2008
We study the Green and Lin (2003) model of financial intermediation with two new features: traders may face a cost of contacting the intermediary, and consumption needs may be correlated across traders. We show that each feature is capable of generating an equilibrium in which some (but not all)...
Persistent link: https://www.econbiz.de/10012725783
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Gender and the Availability of Credit to Privately Held Firms : Evidence from the Surveys of Small Business Finances
Cole, Rebel A. - 2018
This study analyzes differences by gender in the ownership of privately held U.S. firms and examines the role of gender in the availability of credit. Using data from the nationally representative Surveys of Small Business Finances, which span a period of sixteen years, we document a series of...
Persistent link: https://www.econbiz.de/10012940483
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The Financial Crisis at the Kitchen Table : Trends in Household Debt and Credit
Brown, Meta - 2011
The Federal Reserve Bank of New York (FRBNY) Consumer Credit Panel, created from a sample of U.S. consumer credit reports, is an ongoing panel of quarterly data on individual and household debt. The panel shows a substantial run-up in total consumer indebtedness between the first quarter of 1999...
Persistent link: https://www.econbiz.de/10013131886