This paper examines whether and how housing market prices affect entrepreneurship ac- tivities. To this end, we empirically test the hypothetical collateral channel, exploiting a large-scale household-level survey from China. We find that a higher growth rate of house prices is associated with a...

How does gaining access to expensive credit affect the well-being of credit-constrained households? I use plausibly exogenous zip code level variation in the temporal accessibility of payday loans to examine the causal effects of access to payday loans on household well-being. Using suicide...

This paper examines whether, when, and why job seekers use firms’ financial information in the job search process. We find first evidence of financial information’s relevance to job seekers by documenting a substantial increase in job search activity around earnings announcements in the...

The distribution of asset holdings among US banks is increasingly concentrated toward a few large banks at the top. Concurrently, the household wealth inequality has increased. This paper provides a theoretical link between these empirical facts, by developing a novel quantitative general...

This paper conducts a macroeconomic welfare analysis of securitization in a real business cycle model with a banking sector. I model securitization as an optional interbank funding channel that credibly reduces the diversion ability on borrowed funds and increases operation costs on loan assets....

US Small Business Administration (SBA) temporarily expanded its loan subsidy program from 2009 to 2010 in an effort to stimulate loans to small businesses. We explore the heterogeneous bank responses following this policy change. Using a novel data that merges the quarterly bank-level call...

This study examines how credit supply affects a household’s long-term well-being, measured by suicide deaths. Using the banking deregulation in the U.S. as a quasi-natural experiment, we find that enhanced credit supply reduces households’ suicide deaths. The effects are more remarkable in...