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monetary policy. The theory unifies an endogenous supply of illiquid local loans and risk-sharing among subsidiaries of bank …
Persistent link: https://www.econbiz.de/10012995512
This working paper presents Chapter 7 of a book to be published for the National Bureau of Economic Research by the University of Chicago Press. The point of the book is to compare taxes on income from capital in four countries,accounting for corporate, personal, and property taxes, and...
Persistent link: https://www.econbiz.de/10013224427
We investigate how labor and investment demand at the firm level (gross as well as net and replacement investment separately) differs in French, German and U.S. manufacturing, and has changed since the 1974-75 crisis. We use three consistent panel data samples of large firms for1970-79, and rely...
Persistent link: https://www.econbiz.de/10013235901
This working paper presents Chapter 2 of a book that has been submitted to the University of Chicago Press for publication consideration. The point of the book is to compare taxes on income from capital infour countries,accounting for corporate, personal, and property taxes, and including...
Persistent link: https://www.econbiz.de/10013226949
We estimate the degree of amp;apos;stickinessamp;apos; in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies. We find that, after controlling for measurement error, consumption growth has a high degree of autocorrelation, with a...
Persistent link: https://www.econbiz.de/10012772369
accounts). We use survey data on household portfolios for the U.S., Canada, Australia, the U.K., Germany, France, Italy, and …
Persistent link: https://www.econbiz.de/10013054868
Voters punish incumbent Presidential candidates for contractions in the local (county-level) supply of mortgage credit during market-wide contractions of credit, but they do not reward them for expansions in mortgage credit supply in boom times. Our primary focus is the Presidential election of...
Persistent link: https://www.econbiz.de/10012922978
The reawakening of interest in links between price flexibility and fluctuations in economic activity calls for a reconsideration of models of price and quantity adjustment. We examine relationships between credit disturbances and real activity under flexible prices, using monthly data on real...
Persistent link: https://www.econbiz.de/10013230403
we examine retail bank lending in Germany using a unique data set of German savings banks during the period 2006 through … bank lending and find that the US financial crisis induced a contraction in the supply of retail lending in Germany. While … compared with consumer loans. We also find that bank-depositor relationships help mitigate these supply side effects …
Persistent link: https://www.econbiz.de/10013126215
We review studies of the impact of credit constraints on the accumulation of human capital. Evidence suggests that credit constraints are increasingly important for schooling and other aspects of households' behavior. We highlight the importance of early childhood investments, since their...
Persistent link: https://www.econbiz.de/10013120281