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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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  • 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 ...
  • Dassatti Camors, Cecilia; Peydró, José-Luis; Rodríguez Tous, Francesc (2019)
    We analyze the impact of reserve requirements on the supply of credit to the real sector. For identification, we exploit a tightening of reserve requirements in Uruguay during a global capital in ows boom, where the change ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • Peydró, José-Luis; Polo, Andrea, 1983-; Sette, Enrico (2020-04)
    Monetary policy transmission may be impaired if banks rebalance their portfolios towards securities to pursue e.g. risk-shifting or liquidity hoarding. We identify the bank lending and risk-taking channels by exploiting – ...
  • 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 ...
  • Bottero, Margherita; Minoiu, Camelia; Peydró, José-Luis; Polo, Andrea, 1983-; Presbitero, Andrea F.; Sette, Enrico (2019)
    We study negative interest rate policy (NIRP) exploiting ECB’s NIRP introduction and administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply—and hence the real ...
  • Bubeck, Johannes; Maddaloni, Angela; Peydró, José-Luis (2020-03-27)
    We show that negative monetary policy rates induce systemic banks to reach-for-yield. For identification, we exploit the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities ...
  • Elliott, David, 1947-; Meisenzahl, Ralf R.; Peydró, José-Luis; Turner, Bryce C. (2022)
    We show that nonbanks (funds, shadow banks, fintech) affect the transmission of monetary policy to output, prices and the distribution of risk via credit supply. For identification, we exploit exhaustive US loan-level data ...
  • 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 ...
  • Giambona, Erasmo; Matta, Rafael; Peydró, José-Luis; Wang, Ye (2020-10-25)
    We show that Quantitative Easing (QE) stimulates investment via a corporate-bond lending channel. Fed’s large-scale asset purchases of MBS and treasuries through QE creates a vacuum of safe assets, prompting safer firms ...

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