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Browsing Informes (Departament d'Economia i Empresa) by Title

Browsing Informes (Departament d'Economia i Empresa) by Title

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  • 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 ...
  • 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 ...
  • Blanco Barroso, João Barata R.; Gonzalez, Rodrigo Barbone; Peydró, José-Luis; Doornik, Bernardus F. Nazar Van (2020)
    We show that countercyclical liquidity policy smooths credit supply cycles, with stronger crisis effects. For identification, we exploit the Brazilian supervisory credit register and liquidity policy changes on reserve ...
  • Peydró, José-Luis (2013)
  • 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’ ...
  • Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; Saurina, Jesús (2017)
    We analyze the impact of balance-sheet strength on credit availability. Bank balance sheets are weak in crisis times, but so are those of firms, and credit demand is then also weak. For identification, we exploit an ...
  • Bottero, Margherita; Minoiu, Camelia; Peydró, José-Luis; Polo, Andrea, 1983-; Presbitero, Andrea F.; Sette, Enrico (2020-09-15)
    We show that negative interest rate policy (NIRP) has expansionary effects on bank credit supply—and the real economy—through a portfolio rebalancing channel, and that, by shifting down and flattening the yield curve, NIRP ...
  • 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 ...
  • 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 ...
  • Doerr, Sebastian; Gissler, Stefan; Peydró, José-Luis; Voth, Hans-Joachim (2020-04-24)
    Do financial crises radicalize voters? We analyze a canonical case – Germany during the Great Depression. After a severe banking crisis in 1931, caused by foreign shocks and political inaction, radical voting increased ...
  • 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 ...
  • Fendoğlu, Salih; Gülsen, Eda; Peydró, José-Luis (2019-11)
    We show that global liquidity limits the effectiveness of local monetary policy on credit markets. The mechanism is via a bank carry trade in international markets when local monetary policy tightens. For identification, ...
  • Galí, Jordi, 1961-; Gambetti, Luca (2020)
    The deep and prolonged recession triggered by the global financial crisis of 2007–2009 led to a large increase in the unemployment rate in most advanced economies. Ten years later, at the time of writing this paper, the ...
  • Gonzalez, Rodrigo Barbone; Khametshin, Dmitry; Peydró, José-Luis; Polo, Andrea, 1983- (2022-11)
    We show that FX interventions attenuate global financial cycle (GFC)’s spillovers. We exploit GFC shocks and Brazilian central bank interventions in FX derivatives using three matched administrative registers: credit, ...
  • 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 ...
  • 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 ...
  • Inoue, Atsushi; Kuo, Chun-Hung; Rossi, Barbara, 1971- (Centre for Economic Policy Research, 2014-09)
    In this paper we propose empirical methods for detecting and identifying misspecifications in DSGE models. We introduce wedges in a DSGE model and identify potential misspecification via forecast error variance decomposition ...
  • Abbassi, Puriya; Bräuning, Falk; Fecht, Falko; Peydró, José-Luis (2018)
    We analyze how international financial integration is affected by the recent financial and sovereign crises, exploiting euro-area proprietary interbank data, crisis and monetary shocks, and loan terms to the same borrower ...
  • Malmendier, Ulrike; Pouzo, Demian; Vanasco, Victoria (2019-07-05)
    How do macro financial shocks affect investor behavior and market dynamics? Recent evidence on experience effects suggests a long-lasting influence of personally experienced outcomes on investor beliefs and investment but ...
  • Botsch, Matthew; Vanasco, Victoria (2018-03-09)
    This paper studies bank learning through repeated interactions with borrowers from a new per-spective. To understand learning by lending, we adapt a methodology from labor economics to analyze how loan contract terms evolve ...

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