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Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775
Grubb, Farley - National Bureau of Economic Research (NBER) - 2012
Purposes of their internal Commerce... Paper Bills called Bills of Credit or Paper Money have therefore in the colonies long … of Credit in America,..." (Benjamin Franklin, 13 Feb. 1767)</i> …
Persistent link: https://www.econbiz.de/10011254927
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Wintertime for Deceptive Advertising?
Zinman, Jonathan; Zitzewitz, Eric - National Bureau of Economic Research (NBER) - 2012
Casual empiricism suggests that deceptive advertising about product quality is prevalent, and several classes of theories explore its causes and consequences. We provide some unusually sharp empirical evidence on the extent, mechanics, and dynamics of deceptive advertising. Ski resorts...
Persistent link: https://www.econbiz.de/10009652811
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Banks as Secret Keepers
Gorton, Gary; Holmstrom, Bengt; Ordonez, Guillermo L.; … - National Bureau of Economic Research (NBER) - 2014
Banks are optimally opaque institutions. They produce debt for use as a transaction medium (bank money), which requires that information about the backing assets - loans - not be revealed, so that bank money does not fluctuate in value, reducing the efficiency of trade. This need for opacity...
Persistent link: https://www.econbiz.de/10010969202
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The Effects of the Saving and Banking Glut on the U.S. Economy
Primiceri, Giorgio; Tambalotti, Andrea; Justiniano, … - National Bureau of Economic Research (NBER) - 2013
We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...
Persistent link: https://www.econbiz.de/10010969208
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Some Simple Economics of Crowdfunding
Agrawal, Ajay K.; Goldfarb, Avi; Catalini, Christian - National Bureau of Economic Research (NBER) - 2013
It is not surprising that the financing of early-stage creative projects and ventures is typically geographically localized since these types of funding decisions are usually predicated on personal relationships and due diligence requiring face-to-face interactions in response to high levels of...
Persistent link: https://www.econbiz.de/10010969219
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Why Do Banks Practice Regulatory Arbitrage? Evidence from Usage of Trust Preferred Securities
Boyson, Nicole; Fahlenbrach, Rüdiger; Stulz, René M. - National Bureau of Economic Research (NBER) - 2014
amount of regulatory capital, and therefore, more adversely affected by the credit crisis. Our empirical evidence supports …
Persistent link: https://www.econbiz.de/10010969238
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Uncertainty as Commitment
Ordonez, Guillermo L.; Nosal, Jaromir - National Bureau of Economic Research (NBER) - 2013
Time-inconsistency of no-bailout policies can create incentives for banks to take excessive risks and generate endogenous crises when the government cannot commit. However, at the outbreak of financial problems, usually the government is uncertain about their nature, and hence it may delay...
Persistent link: https://www.econbiz.de/10010969240
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The Great Mortgaging: Housing Finance, Crises, and Business Cycles
Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz - National Bureau of Economic Research (NBER) - 2014
This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for … course of the 20th century, driven by a sharp rise of mortgage lending to households. Household debt to asset ratios have …
Persistent link: https://www.econbiz.de/10010969257
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Lending to Lemons: Landschafts-Credit in 18th Century Prussia
Wandschneider, Kirsten - National Bureau of Economic Research (NBER) - 2013
The following paper describes the emergence of cooperative mortgage credit associations, called "Landschaften" in 18th … century Prussia, and thereby tells the history of mortgage-covered bonds. Landschaften facilitated the refinancing of loans … to lending. Their emergence serves as an example for financial innovation in historical mortgage markets. Pfandbriefe …
Persistent link: https://www.econbiz.de/10010969304
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A New Look at Second Liens
Mayer, Christopher; Tracy, Joseph; Lee, Donghoon - National Bureau of Economic Research (NBER) - 2012
year while remaining seriously delinquent on their first mortgage. By comparison, about 40 percent of credit card borrowers …We use data from credit report and deeds records to better understand the extent to which second liens contributed to … of home equity lines of credit (HELOCs) were originated to relatively high quality borrowers and originations were …
Persistent link: https://www.econbiz.de/10010969314