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Modigliani meets Minsky: Inequality, debt, and financial fragility in America, 1950-2016
Bartscher, Alina Kristin; Kuhn, Moritz; Schularick, Moritz - 2020
This paper studies the secular increase in U.S. household debt and its relation to growing income inequality and …
Persistent link: https://www.econbiz.de/10012619501
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Defaults and losses on commercial real estate bonds
Wiggers, Tyler; Ashcraft, Adam B. - 2012
We employ a unique data set of public commercial real estate (CRE) bonds issued during the Great Depression era (1920-32) to determine their frequency of default and total loss given default. Default rates on these bonds far exceeded those originated in subsequent periods, driven in part by the...
Persistent link: https://www.econbiz.de/10010287031
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Reducing moral hazard at the expense of market discipline: The effectiveness of double liability before and during the Great Depression
Anderson, Haelim Park; Barth, Daniel; Choi, Dong Beom - 2018
Prior to the Great Depression, regulators imposed double liability on bank shareholders to ensure financial stability and protect depositors. Under double liability, shareholders of failing banks lost their initial investment and had to pay up to the par value of the stock in order to compensate...
Persistent link: https://www.econbiz.de/10012144712
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Information management in times of crisis
Anderson, Haelim Park; Copeland, Adam - 2019
How does information management and control affect bank stability? Following a national bank holiday in 1933, New York state bank regulators suspended the publication of balance sheets of state-charter banks for two years, whereas the national-charter bank regulator did not. We use this...
Persistent link: https://www.econbiz.de/10012144750
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Business cycle fluctuations and the distribution of consumption
De Giorgi, Giacomo; Gambetti, Luca - 2015
consumption and that the shocks we analyze reduce consumption inequality on impact. …
Persistent link: https://www.econbiz.de/10011340992
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Educational assortative mating and household income inequality
Eika, Lasse; Mogstad, Magne; Zafar, Basit - 2014
income inequality. To these ends, we use rich data from the United States and Norway over the period 1980-2007. We find … educational assortative mating accounts for a non-negligible part of the cross-sectional inequality in household income. However …, changes in assortative mating over time barely move the time trends in household income inequality. The reason is that the …
Persistent link: https://www.econbiz.de/10011341003
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The capital structure and governance of a mortgage securitization utility
Mosser, Patricia C.; Tracy, Joseph; Wright, Joshua - 2013
We explore the capital structure and governance of a mortgage-insuring securitization utility operating with government reinsurance for systemic or 'tail' risk. The structure we propose for the replacement of the GSEs focuses on aligning incentives for appropriate pricing and transfer of...
Persistent link: https://www.econbiz.de/10010333600
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A private lender cooperative model for residential mortgage finance
Dechario, Toni; Mosser, Patricia; Tracy, Joseph; … - 2010
We describe a set of six design principles for the reorganization of the U.S. housing finance system and apply them to one model for replacing Fannie Mae and Freddie Mac that has so far received frequent mention but little sustained analysis - the lender cooperative utility. We discuss the pros...
Persistent link: https://www.econbiz.de/10010287061
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Uncertain booms and fragility
Lee, Michael Junho - 2018
I develop a framework of the buildup and outbreak of financial crises in an asymmetric information setting. In equilibrium, two distinct economic states arise endogenously: "normal times", periods of modest investment, and "booms", periods of expansionary investment. Normal times occur when the...
Persistent link: https://www.econbiz.de/10012144704
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Capital management and wealth inequality
Best, James; Dogra, Keshav - 2023
on long-run wealth inequality. Incorporating capital management into a standard RamseyCass-Koopmans model generates … substantial long-run inequality: the majority of the population works and holds no capital, while a small minority holds a large … differentials increase long-run wealth inequality. Egalitarian steady states may exist, but are inefficient and unstable: a small …
Persistent link: https://www.econbiz.de/10014480426