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The Secular Decline of Bank Balance Sheet Lending
Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit - National Bureau of Economic Research - 2024
balance sheet loans with debt securities in response to these policies explains why we observe only a fairly modest decline in …
Persistent link: https://www.econbiz.de/10014486266
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Bank Branch Density and Bank Runs
Benmelech, Efraim; Yang, Jun; Zator, Michal - National Bureau of Economic Research - 2023
Bank branch density, defined as the number of bank branches to total deposits, has significantly declined over the past decade, fueled by a confluence of branch closings and the almost doubling of deposits between 2016 and 2022. During this period, banks with low branch density benefited from...
Persistent link: https://www.econbiz.de/10014322849
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Demand Stimulus as Social Policy
Auerbach, Alan J.; Gorodnichenko, Yuriy; Murphy, Daniel P. - National Bureau of Economic Research - 2022
We exploit a panel of city-level data with rich demographic information to estimate the distributional effects of Department of Defense spending and its effects on a range of social outcomes. The income generated by defense spending accrues predominantly to households without a bachelor's...
Persistent link: https://www.econbiz.de/10013388854
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The Effect of Inequality on Redistribution : An Econometric Analysis
Boskin, Michael J.; Elnahal, Kareem; Zhang, Adam - National Bureau of Economic Research - 2024
Using data on U.S. state and federal taxes and transfers over a quarter century, we estimate a regression model that yields the marginal effect of any shift of market income share from one quintile to another on the entire post tax, post-transfer income distribution. We identify exogenous income...
Persistent link: https://www.econbiz.de/10014544770
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Are Inflationary Shocks Regressive?$bA Feasible Set Approach
Del Canto, Felipe N.; Grigsby, John R.; Qian, Eric; … - National Bureau of Economic Research - 2023
We develop a framework to measure the welfare impact of inflationary shocks throughout the distribution. The first-order impact of a shock is summarized by the induced movements in agents' feasible sets: their budget constraint and borrowing constraints. To measure this impact, we combine...
Persistent link: https://www.econbiz.de/10014250142
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It's Baaack : The Surge in Inflation in the 2020s and the Return of the Non-Linear Phillips Curve
Benigno, Pierpaolo; Eggertsson, Gauti B. - National Bureau of Economic Research - 2023
This paper proposes a non-linear New Keynesian Phillips curve (Inv-L NK Phillips Curve) to explain the surge of inflation in the 2020s. Economic slack is measured as firms' job vacancies over the number of unemployed workers. After showing empirical evidence of statistically significant...
Persistent link: https://www.econbiz.de/10014250214
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A Fiscal Theory of Trend Inflation
Bianchi, Francesco; Faccini, Renato; Melosi, Leonardo - National Bureau of Economic Research - 2022
We develop a new class of general equilibrium models with partially unfunded debt to propose a fiscal theory of trend … debt. However, the central bank accommodates unfunded fiscal shocks, causing persistent movements in inflation, output, and …
Persistent link: https://www.econbiz.de/10013477219
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Dynamic Identification in VARs
Beaudry, Paul; Collard, Fabrice; Fève, Patrick; Guay, Alain - National Bureau of Economic Research - 2024
Most macroeconomic models view economic outcomes as being generated by a combination of endogenous and exogenous dynamic forces. In particular, the exogenous forces are generally modelled as a set of independent dynamics processes. In this paper we begin by showing that this dual dynamic...
Persistent link: https://www.econbiz.de/10014576627
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Monetary Policy Wedges and the Long-term Liabilities of Households and Firms
Binsbergen, Jules H. van; Grotteria, Marco - National Bureau of Economic Research - 2024
We examine the transmission of monetary policy shocks to the long-duration liabilities of households and firms using high-frequency variation in 10-year swap rates around FOMC announcements. We find that four weeks after the announcement mortgage rates move one-for-one with 10-year swap rates,...
Persistent link: https://www.econbiz.de/10014486229
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Central Bank Credibility and Fiscal Responsibility
Schreger, Jesse; Yared, Pierre; Zaratiegui, Emilio - National Bureau of Economic Research - 2023
commitment. The impact of central bank hawkishness on debt issuance is non-monotonic because increased hawkishness reduces the … benefit from fiscal stimulus while simultaneously increasing real debt capacity. Starting from high levels of hawkishness … (dovishness), a marginal increase in the central bank's anti-inflation bias decreases (increases) debt issuance …
Persistent link: https://www.econbiz.de/10014287347