Informes (Departament d'Economia i Empresa)

 

Recent Submissions

  • 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 (2020-11)
    We show that risk mitigating incentives dominate risk shifting incentives in fragile banks. Risk shifting could be particularly severe in banking since it is the most opaque industry and banks are one of the most leveraged ...
  • Michelangeli, Valentina; Peydró, José-Luis; Sette, Enrico (2020-07)
    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’ characteristics) ...
  • 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; Rodriguez-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 ...
  • Martín Vicente-Ruiz, Mercè; Bastida Vialcanet, Ramon; Piqué i Anguera, Ferran (2020-10)
    Estudi sobre els efectes de l’ús del teletreball en la satisfacció i les condicions laborals. La crisi de coronavirus s'ha convertit en un factor d'acceleració de canvis que, en alguns casos, ja s'estaven produint en les ...
  • 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 ...
  • 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 ...
  • 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 ...
  • Kalemli-Ozcan, Sebnem; Papaioannou, Elias; Peydró, José-Luis (2010-06)
    Although recent research shows that the euro has spurred cross-border financial integration, the exact mechanisms remain unknown. We investigate the underlying channels of the euro’s effect on financial integration using ...
  • 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 ...
  • 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 ...
  • 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. ...
  • 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 ...
  • Ciccarelli, Matteo; Maddaloni, Angela; Peydró, José-Luis (2014-06)
    Credit supply and demand changes are mostly unobserved, thus identifying completely the transmission of monetary policy through the credit channel is unfeasible. Bank lending surveys by central banks, however, contain ...
  • Giambona, Erasmo; Matta, Rafael; Peydró, José-Luis; Wang, Ye (2020-05-05)
    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 ...
  • Abassi, Puriya; Rajkamal, Iyer; Peydró, José-Luis; Soto, Paul Eduardo (2020-02)
    Regulation needs effective supervision; but regulated entities may deviate with unobserved actions. For identification, we analyze banks, exploiting ECB’s asset-quality-review (AQR) and supervisory security and credit ...
  • 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 ...

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