Narrow search
Showing 1 - 10 of 325
Cover Image
An IV Hazard Model of Loan Default with an Application to Subprime Mortgage Cohorts
Palmer, Christopher J. - National Bureau of Economic Research - 2023
asymptotically normal. Applying my estimator to the subprime mortgage crisis, I quantify what caused the foreclosure rate to triple … standards, with a 10% decline in home prices increasing subprime mortgage default rates by 50% …
Persistent link: https://www.econbiz.de/10014447321
Cover Image
The Last Mile of Monetary Policy : Inattention, Reminders, and the Refinancing Channel
Byrne, Shane; Devine, Kenneth; King, Michael; McCarthy, … - National Bureau of Economic Research - 2023
Under-refinancing limits the transmission of accommodative monetary policy to the household sector and costs mortgage … likelihood mortgage holders are attentive by over 60%, from 24% to 39%. A conservative back-of-the-envelope cost …
Persistent link: https://www.econbiz.de/10014247964
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
Where Do Banks End and NBFIs Begin?
Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce - National Bureau of Economic Research - 2024
In recent years, assets of non-bank financial intermediaries (NBFIs) have grown significantly relative to those of banks. These two sectors are commonly viewed either as operating in parallel, performing different activities, or as substitutes, performing substantially similar activities, with...
Persistent link: https://www.econbiz.de/10014528356
Cover Image
Monetary Policy Transmission under Financial Repression
Chen, Kaiji; Xiao, Yiqing; Zha, Tao - National Bureau of Economic Research - 2023
According to the conventional bank lending channel of monetary policy, wholesale funding in economies with well-developed financial markets moves negatively with retail deposits in response to changes in the monetary policy rate, thereby weakening the transmission of monetary policy. We present...
Persistent link: https://www.econbiz.de/10014322783
Cover Image
Housing Speculation, GSEs, and Credit Market Spillovers
Amornsiripanitch, Natee; Strahan, Philip E.; Zhang, Song; … - National Bureau of Economic Research - 2024
result, GSE purchases fell by about 20 percentage points. The policy reduced credit to speculative investors in housing, but … increased credit to unaffected parts of the conforming-mortgage market. Banks responded by reallocating provision of speculative … mortgage credit across their local markets, which in turn affected their provision of small business credit. These adjustments …
Persistent link: https://www.econbiz.de/10014512063
Cover Image
Optimal Mortgage Refinancing with Inattention
Berger, David; Milbradt, Konstantin; Tourre, Fabrice; … - National Bureau of Economic Research - 2024
We build a model of optimal fixed-rate mortgage refinancing with fixed costs and inattention and derive a new …
Persistent link: https://www.econbiz.de/10014544725
Cover Image
Florida (Un)Chained
Calomiris, Charles W.; Jaremski, Matthew S. - National Bureau of Economic Research - 2023
To understand a price boom, it is helpful to take account of: (1) observable indicators of changes in ex ante risk tolerance, (2) what information exists and when, and (3) the incentives lenders face. This paper takes such an approach to the Florida land boom of the mid-1920s, the U.S.' first...
Persistent link: https://www.econbiz.de/10014226111