• Shock absorbers and transmitters: the dual facets of bank specialization

  Iyer, Rajkamal; Michaelides, Alexander; Kokas, Sotirios; Peydró, José-Luis (2022-11-25)

  This paper highlights the dual facets of bank specialization. After negative industry-specific shocks, banks specializing in an affected sector act as shock absorbers by increasing their lending to firms in that sector at ...
• Household leverage and mental health fragility

  Andersen, Asger Lau; Iyer, Rajkamal; Johannesen, Niels; Jørgensen, Mia; Peydró, José-Luis (2022-11)

  We use detailed administrative records to show that high household leverage increases mental health fragility, with persistent negative economic effects. After adverse life events, e.g. heart attacks or job losses, individuals ...
• Borrower versus bank channels in lending: experimental- and administrative-based evidence

  Michelangeli, Valentina; Peydró, José-Luis; Sette, Enrico (2021-12)

  We identify the relative importance for bank lending of borrower (demand-side) versus bank (supply-side) factors. We submit thousands of fictitious mortgage applications, changing one borrower-level factor at time, to the ...
• Capital controls, corporate debt and real effects

  Fabiani, Andrea; López Piñeros, Martha; Peydró, José-Luis; Soto, Paul Eduardo (2021-09)

  Non-US firms have massively borrowed dollars (foreign currency, FX), which may lead to booms and crises. We show the real effects of capital controls, including prudential benefits, through a firm-debt mechanism. Our ...
• Monetary policy, labor income redistribution and the credit channel: evidence from matched employer-employee and credit registers

  Jasova, Martina; Mendicino, Caterina; Panetti, Ettore; Peydró, José-Luis; Supera, Dominik (2023-03)

  We document the heterogeneous effects of monetary policy on labor market outcomes via credit channel. Using employee-employer and credit registers in Portugal, we show that falling rates increase wages, hours worked and ...
• Screening and loan origination time: lending standards, loan defaults and bank failures

  Bedayo, Mikel; Jiménez, Gabriel; Peydró, José-Luis; Vegas, Raquel (2022-08)

  We show that loan origination time is crucial for bank lending standards over the credit cycle, as well as for ex-post loan-level defaults and bank-level failures. We use the credit register in Spain for the business loans ...
• Media capture by banks

  Durante, Ruben, 1978-; Fabiani, Andrea; Laeven, Luc; Peydró, José-Luis (2022-03)

  Do media slant news in favor of the banks they borrow from? We study how lending connections affect news coverage of banks earnings reports and of the Eurozone sovereign debt crisis on major European newspapers. We find ...
• Capital controls, domestic macroprudential policy and the bank lending channel of monetary policy

  Fabiani, Andrea; López Piñeros, Martha; Peydró, José-Luis; Soto, Paul Eduardo (2021-08)

  We study how capital controls and domestic macroprudential policy tame credit supply booms, respectively targeting foreign and domestic bank debt. For identification, we exploit the simultaneous introduction of capital ...
• Global financial cycle, household credit, and macroprudential policies

  Epure, Mircea; Mihai, Irina; Minoiu, Camelia; Peydró, José-Luis (2021-09-04)

  We show that macroprudential policies dampen the impact of global financial conditions on local credit cycles. For identification, we exploit exogenous variation in the U.S. VIX and household and business credit registers ...
• Management schemes in the public Catalan hospital system

  Ortún Rubio, Vicente; Serra Burriel, Miquel; Manganelli, Anton-Giulio (2017-04-04)

  Background: The Results Centre (CdR) of the Integrated Public Use Healthcare System of Catalonia (SISCAT) is a comprehensive network of public information about healthcare utilization and results at all levels. The aim ...
• From finance to fascism

  Doerr, Sebastian; Gissler, Stefan; Peydró, José-Luis; Voth, Hans-Joachim (2020-11-17)

  Do financial crises radicalize voters? We study Germany’s banking crisis of 1931, when two major banks collapsed and voting for radical parties soared. We collect new data on bank branches and firm-bank connections of over ...
• Monetary policy and inequality

  Andersen, Asger Lau; Johannesen, Niels; Jørgensen, Mia; Peydró, José-Luis (2021-03)

  We analyze the distributional effects of monetary policy on income, wealth and consumption. We use administrative household-level data covering the entire population in Denmark over the period 1987-2014 and exploit a ...
• Who truly bears (bank) taxes? : evidence from only shifting statutory incidence

  Jiménez, Gabriel; Martínez-Miera, David; Peydró, José-Luis (2020-12)

  We show strong overall and heterogeneous economic incidence effects, as well as distortionary effects, of only shifting statutory incidence (i.e., the agent on which taxes are levied), without any tax rate change. For ...
• Risk mitigating versus risk shifting : evidence from banks security trading in crises

  Peydró, José-Luis; Polo, Andrea, 1983-; Sette, Enrico; Vanasco, Victoria (2023-02)

  We show that risk-mitigating incentives dominate risk-shifting incentives in fragile banks. We study security trading by banks, as banks can easily and quickly change their risk exposure within their security portfolio. ...
• Credit demand versus supply channels : experimental- and administrative-based evidence

  Michelangeli, Valentina; Peydró, José-Luis; Sette, Enrico (2021-07)

  (July 2020) This paper identifies and quantifies –for the first time– the relative importance of borrower (credit demand) versus bank (supply) balance-sheet channels. We submit fictitious applications (varying households’ ...
• Production and financial networks in interplay : crisis evidence from supplier-customer and credit registers

  Huremovic, Kenan; Jiménez Zambrano, Gabriel; Moral-Benito, Enrique; Peydró, José-Luis; Vega-Redondo, Fernando (2020-07-09)

  We show that bank shocks originating in the financial sector propagate upstream and downstream along the production network and triple the impact of direct bank shocks. Our identification relies on the universe of both ...
• Macroprudential policy, mortgage cycles and distributional effects : evidence from the UK

  Peydró, José-Luis; Rodríguez Tous, Francesc; Tripathy, Jagdish; Uluc, Arzu (2020-06)

  Macroprudential regulators worldwide have introduced regulations to limit household leverage in light of existing evidence which suggests that high leverage is associated with household distress during crisis. We analyse ...
• Forward looking loan provisions : credit supply and risk-taking

  Morais, Bernardo; Ormazabal, Gaizka; Peydró, José-Luis; Roa, Mónica; Sarmiento, Miguel (2020-08)

  We show corporate-level real, financial, and (bank) risk-taking effects associated with calculating loan provisions based on expected—rather than incurred—credit losses. For identification, we exploit unique features of a ...
• Heterogeneous transmission mechanism : monetary policy and financial fragility in the Eurozone

  Ciccarelli, Matteo; Maddaloni, Angela; Peydró, José-Luis (2013-03)

  The Euro area economic activity and banking sector have shown substantial fragility over the last years with remarkable country heterogeneity. Using detailed data on lending conditions and standards, we analyse how financial ...
• Bank risk-taking, securitization, supervision, and low interest rates: evidence from the Euro-area and the U.S. lending standards

  Maddaloni, Angela; Peydró, José-Luis (2010-10)

  Using a unique dataset of the Euro area and the U.S. bank lending standards, we find that low (monetary policy) short-term interest rates soften standards, for household and corporate loans. This softening – especially for ...

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