recession. Consistent with the theory, the increase in bank credit in 2020Q1 and 2020Q2 came almost entirely from drawdowns by … times; and (v) pay higher spreads, even conditional on other firm characteristics. We present a theory of loan terms that …-level measures of exposure to the COVID recession. Finally, we match the bank data to a list of participants in the Paycheck …

monetary policy. The theory unifies an endogenous supply of illiquid local loans and risk-sharing among subsidiaries of bank …

locations of large-bank branches have demographics typically associated with greater financial sophistication, large-bank …

Standard economic theory says that unsecured, high-interest, short-term debt -- such as borrowing via credit cards and … bank overdraft facilities -- helps individuals smooth consumption in the event of transitory income shocks. This paper …

positions, was an important reason that a majority of banks tightened bank lending standards during the Great Recession. Our … significant portion of fluctuations in bank loans and aggregate output …

affects their default risk, their systematic risk, and their stock prices. In a typical CDO transaction a bank retains through … the bank sells loans in a true sale transaction, it may use the proceeds to expand its loan business, thereby affecting …

Research on leverage and asset-price fluctuations focuses on the direct effect of lax bank lending enabling financially … encouraged a bank/brokerage-credit-fueled stock-market bubble. The direct effect is a 25 cent increase in a stock's market …

credit limits to show that a bank's MPL depends on a small number of "sufficient statistics" that capture forces such as … highlights the importance of frictions in bank-borrower interactions for understanding the pass-through of credit expansions …