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; Collateral ; Income risk ; Bankruptcy …. Furthermore, we establish two quantitative results. Firstly, modest levels of risk aversion are necessary to match observed debt …
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In November 2008, the Federal Reserve announced the first of a series of unconventional monetary policies, which would include asset purchases and forward guidance, to reduce long-term interest rates. We investigate the behavior of shorts, considered sophisticated investors, before and after a...
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effect on consumption. This builds on the literature studying the role of the collateral and housing wealth effects on … shock drives consumption via both the collateral and housing wealth channels, a foreign housing demand shock operates mainly …
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We show that lenders join a U.S. commercial credit bureau when information asymmetries between incumbents and entrants create an adverse selection problem that hinders market entry. Lenders also delay joining when information asymmetries protect them from competition in existing markets,...
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