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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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  • Albert, Christoph, 1988-; Glitz, Albrecht Christian Ekkehard, 1978-; Llull, Joan (2022-06)
    This paper shows that the wage assimilation of immigrants is the result of the intricate interplay between individual skill accumulation and dynamic labor market equilibrium effects. When immigrants and natives are imperfect ...
  • 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 ...
  • 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. ...
  • 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 ...
  • Daley, Brendan; Green, Brett; Vanasco, Victoria (2019-06-20)
    We develop a framework to explore the effect of credit ratings on loan origination and securitization. In the model, banks privately screen and originate loans and then issue securities that are backed by loan cash flows. ...
  • 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 ...
  • Abbassi, Puriya; Rajkamal, Iyer; Peydró, José-Luis; Soto, Paul Eduardo (2023-01)
    We study short-term and medium-term changes in bank risk-taking as a result of supervision, and the associated real effects. For identification, we exploit the European Central Bank’s asset-quality-review (AQR) in conjunction ...
  • Bekkum, Sjoerd Van; Gabarro, Marc; Irani, Rustom M.; Peydró, José-Luis (2022-02-14)
    We analyze the effects of borrower-based macroprudential policy at the household-level. For identification, we exploit administrative Dutch tax-return and property data linked to the universe of housing transactions, and ...

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