This paper studies the efficiency of financial intermediation through securitization in a model with heterogeneous …

securitization during the 2002-2006 period on the severity of the 2007-2009 recession in the United States. I construct a novel … activity across counties to construct county level measures of exposure to securitization and balance sheet lending activity … during the 2002-2006 period that are orthogonal to local economic conditions. Results show that 2002-2006 securitization …

We develop a new theory of information production during credit booms. In our model, entrepreneurs need credit to …

This paper develops a theory of the credit cycle to account for recent evidence that capital is increasingly allocated …

This paper develops a theory of the secondary market trading of financial securitities in which endogenous asset market …

, focusing on the links between 'Repo-and-Securitization' and the crisis. In contrast, WPs in macroeconomics-related programs …

idiosyncratic and aggregate shocks. We focus on the role of securitization, whereby borrowers can reduce idiosyncratic asset risk …, which enables increased leverage and investment. In the absence of frictions in the securitization process, we show that the …

that securitization improves financial stability if the securitized assets are held by capital market participants, rather …-backed securities (MBS) to evaluate this claim for subprime securitization during the Great Recession. I find that output in the U … subsequent deleveraging amplifies business cycles. My findings suggest that the existence of the securitization market stabilizes …

years preceding the crisis, has been highly financed by securitization. The paper investigates how borrowers with subprime … characteristics influence the transmission mechanism of business cycles in the economy and whether the securitization of subprime … borrowers makes the economy more responsive to different shocks and that under certain circumstances the securitization of …