mortgage tax from being levied on borrowers to being levied on banks; (ii) some areas, for historical reasons, were exempt from … – tax pass-through. Second, there is a large heterogeneity in such pass-through: larger for borrowers with lower income, a … smaller number of lending relationships, not working for the lender, or facing less banks in their zip-code, thereby …

-15 period focusing on the time of a loan application and its granting. First, when VIX is low (proxying for good times) banks …: (i) banks with less capital (proxying for moral hazard problems between bank owners and taxpayers/debtholders); (ii) non …-listed banks (proxying for moral hazard problems between bank management and shareholders); (iii) loans to firms in geographical …

mortgage tax from being levied on borrowers to being levied on banks; (ii) some areas, for historical reasons, were exempt from … - tax pass-through. Second, there is a large heterogeneity in such pass-through: larger for borrowers with lower income, a … smaller number of lending relationships, not working for the lender, or facing less banks in their zip-code, thereby …