Informes (Departament d'Economia i Empresa): Recent submissions

  • Bustos, Paula; Castro-Vincenzi, Juan; Monràs, Joan; Ponticelli, Jacopo (2023-09)
    Labor-saving technologies in agriculture can foster structural transformation by releasing workers who find jobs in manufacturing. The traditional view is that factor reallocation towards manufacturing generates innovation ...
  • 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 ...
  • Albert, Christoph; Bustos, Paula; Ponticelli, Jacopo (2024-03)
    Climate change is expected to reduce agricultural productivity in developing countries. Classic international trade and geography models predict that the optimal adaptation response is a reallocation of capital and labor ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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. ...
  • 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’ ...
  • 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 ...
  • 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 ...

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