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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
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Sales Force and Competition in Financial Product Markets : The Case Of Mexico’s Social Security Privatization
Hastings, Justine S. - 2013
This paper examines how sales force impact competition and equilibrium prices in the context of a privatized pension … foster competition in social safety net markets with large segments of inelastic consumers …
Persistent link: https://www.econbiz.de/10012459780
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Evolution of Debt Financing toward Less-Regulated Financial Intermediaries in the United States
Erel, Isil; Inozemtsev, Eduard - National Bureau of Economic Research - 2024
Nonbank lenders have been playing an increasing role in supplying debt, especially after the Great Recession. How important are the distortions in the greater regulation of banks that differentially limit risk-taking across alternative providers of credit? How might the growing role of nonbanks...
Persistent link: https://www.econbiz.de/10014486206
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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
The traditional model of bank-led financial intermediation, where banks issue demandable deposits to savers and make informationally sensitive loans to borrowers, has seen a dramatic decline since 1970s. Instead, private credit is increasingly intermediated through arms-length transactions, such...
Persistent link: https://www.econbiz.de/10014486266
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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
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Housing Speculation, GSEs, and Credit Market Spillovers
Amornsiripanitch, Natee; Strahan, Philip E.; Zhang, Song; … - National Bureau of Economic Research - 2024
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
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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
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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
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The Impact of Minority Representation at Mortgage Lenders
Frame, W. Scott; Huang, Ruidi; Mayer, Erik J.; Sunderam, Adi - National Bureau of Economic Research - 2022
We study links between the labor market for loan officers and access to mortgage credit. Using novel data matching the … (near) universe of mortgage applications to loan officers, we find that minorities are significantly underrepresented among … loan officers. Minority borrowers are less likely to complete mortgage applications, have completed applications approved …
Persistent link: https://www.econbiz.de/10013334344
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The Value of Intermediaries for GSE Loans
Bosshardt, Joshua; Kakhbod, Ali; Kermani, Amir - National Bureau of Economic Research - 2023
We analyze the costs and benefits of intermediaries for government-sponsored enterprise (GSE) mortgages using regulatory data. We find evidence of lenders pricing for observable and unobservable default risk independently from the GSEs. These findings are explained using a model of competitive...
Persistent link: https://www.econbiz.de/10014337808