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Persistent link: https://www.econbiz.de/10014443128
How do firms mitigate the impact of rising temperatures on employment? Using establishment-level data, we show that … firms operating in multiple counties in the United States respond to heat shocks by reducing employment in the affected … employment but induces a spatial redistribution of economic activity …
Persistent link: https://www.econbiz.de/10014447288
We use portfolio theory to quantify the efficiency of state-level sectoral patterns of production in the United States. On the basis of observed growth in sectoral value-added output, we calculate for each state the efficient frontier for investments in the real economy. We study how rapidly...
Persistent link: https://www.econbiz.de/10005858336
In August of 2007, banks faced a freeze in funding liquidity from the asset-backed commercial paper (ABCP) market. We investigate how banks scrambled for liquidity in response to this freeze and its implications for corporate borrowing. Commercial banks in the United States raised deposits and...
Persistent link: https://www.econbiz.de/10010333602
This paper is an attempt to explain the changes to finance sector reforms under the Dodd-Frank Act in the United States and Basel III requirements globally; their unintended consequences; and lessons for currently fast-growing emerging markets concerning finance sector reforms, government...
Persistent link: https://www.econbiz.de/10010397320
capital expenditures, and lower employment. Overall, our results suggest that banks' capital constraints at the time of an …
Persistent link: https://www.econbiz.de/10011994210
borrowers, leading to lower payouts, capital expenditures and employment. Overall, our results suggest that banks' capital …
Persistent link: https://www.econbiz.de/10012156604
the sluggish adjustment of credit ratings in downgrading after M&A and adversely affecting competitors' employment and …
Persistent link: https://www.econbiz.de/10013330019
We address the paradox that financial innovations aimed at risk-sharing appear to have made the world riskier. Financial innovations facilitate hedging idiosyncratic risks among agents; however, aggregate risks can be hedged only with liquid assets. When risk-sharing is primitive, agents...
Persistent link: https://www.econbiz.de/10012611389
We show that "zombie credit" - cheap credit to impaired firms - has a disinflationary effect. By helping distressed firms to stay afloat, such credit creates excess production capacity, thereby putting downward pressure on product prices. Granular European data on inflation, firms, and banks...
Persistent link: https://www.econbiz.de/10012619532