In this report, the JPMorgan Chase Institute measures the impacts of Daylight Saving Time (DST) on consumer spending. Using a sample of over 380 million daily credit and debit card transactions, made by over 2.5 million de-identified customers, we compared consumer spending in Los Angeles, a...

In this report, we examine how a sample of US homeowners changed their credit card spending in response to a predictable drop in their mortgage payment driven by the Federal Reserve's low interest rate policy that followed the Great Recession. Using a de-identified sample of Chase customers who...

Rather than taking on more risk, US insurers hit hard by the crisis pulled back from risk taking, relative to insurers hit less hard by the crisis. Capital requirements alone do not explain this risk reduction: insurers hit hard reduced risk within assets with identical regulatory treatment....

While some credit booms are followed by economic underperformance, many are not. Can lending standards help separate good credit booms from bad credit booms contemporaneously? To observe lending standards internationally, I use information from primary debt capital markets. I construct the...

How do private equity firms impact their portfolio companies? We study this question using comprehensive data on their investments in the life insurance industry, which grew ten-fold from $23 billion to $250 billion between 2009 and 2014. Private equity-backed insurers exhibit superior returns....

Given their pegged exchange rate regimes, Gulf Cooperation Council (GCC) countries usually adjust their policy rates to match shifting U.S. monetary policy. This raises the important question of how changes in U.S. monetary policy affect banks in the GCC. We use bank-level panel data, exploiting...

What is the precise role of reference rates? Why does it matter if LIBOR was manipulated? To address these questions, I analyze the use of reference rates in floating-rate loans and interest rate derivatives in the context of lending relationships. I develop a simple framework combining maturity...