• Forward looking loan provisions : credit supply and risk-taking

  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 ...
• Heterogeneous transmission mechanism : monetary policy and financial fragility in the Eurozone

  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 ...
• Bank risk-taking, securitization, supervision, and low interest rates: evidence from the Euro-area and the U.S. lending standards

  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 ...
• What lies beneath the euro's effect on financial integration? currency risk, legal harmonization, or trade?

  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 ...
• Has the U.S. wage Phillips curve flattened? : a semi-structural exploration

  Galí, Jordi; 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 ...
• Investor experiences and financial market dynamics

  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 ...
• Securitization, ratings, and credit supply

  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. ...
• Learning by lending

  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 ...
• Optimal transport networks in spatial equilibrium

  Fajgelbaum, Pablo; Schaal, Edouard (2019-12)

  We study optimal transport networks in spatial equilibrium. We develop a framework consisting of a neoclassical trade model with labor mobility in which locations are arranged on a graph. Goods must be shipped through ...
• The evolution of inequity in the access to health care in Spain: 1987-2001

  García Gómez, Pilar; López, Ángel (2004-03-01)

  This paper reports an analysis of the evolution of equity in access to health care in Spain over the period 1987-2001, a time span covering the development of the modern Spanish National Health System. Our measures of ...
• Media persuasion through slanted language: Evidence from the coverage of immigration

  Djourelova, Milena (2020-05-02)

  Can the language used by mass media to cover policy relevant issues affect readers' policy preferences? I examine this question for the case of immigration, exploiting an abrupt ban on the term "illegal immigrant" in wire ...
• Transaction-tax evasion in the housing market

  Garcia Montalvo, José; Piolatto, Amedeo; Raya, Josep M. (2019-03-01)

  We model the behaviour of a buyer trying to evade the real estate transfer tax. We identify over-appraisal as a key, easily-observable element that is inversely related with tax evasion. We conclude that the tax authority ...
• Implicit collusion on wide spreads

  Biais, Bruno; Foucault, Thierry; Salani, François (1995-12-01)

  Recent empirical findings suggest that spreads quoted in dealership markets might be uncompetitive. This paper analyzes theoretically if price competition between risk--averse market--makers leaves room for implicit collusive ...
• Dual decision processes: retrieving preferences when some choices are automatic

  Cerigioni, Francesco (2019-10-11)

  Evidence from the cognitive sciences suggests that some choices are conscious and reflect individual volition while others tend to be automatic, being driven by analogies with past experiences. Under these circumstances, ...
• Social spending and demographics: The role of public policies in the intergenerational redistribution of income. Empirical evidence from Spain and Catalonia

  López, Guillem; Mosterin, Ana (2006-11-01)

  The demographic shift underway in Southern Europe requires a revision of some of the fundamental principles of the traditional welfare state. We analyze the evolution of several aspects of welfare and social expenditure ...
• The quasi-judicial role of large retailers: An efficiency hypothesis of their relation with suppliers

  Arruñada, Benito (2000-01-01)

  The paper explores an efficiency hypothesis regarding the contractual process between large retailers, such as Wal-Mart and Carrefour, and their suppliers. The empirical evidence presented supports the idea that large ...
• Existence of sparsely supported correlated equilibria

  Germano, Fabrizio; Lugosi, Gábor (2005-10-01)

  We show that every finite N-player normal form game possesses a correlated equilibrium with a precise lower bound on the number of outcomes to which it assigns zero probability. In particular, the largest games with a ...
• The political economy of transportation investment

  Ponzetto, Giacomo A. M.; Glaeser, Edward L. (2017-01-01)

  Will politics lead to over-building or under-building of transportation projects? In this paper, we develop a model of infrastructure policy in which politicians overdo things that have hidden costs and underperform tasks ...
• Gender and credit risk: a view from the loan officer's desk

  Garcia Montalvo, José; Reynal-Querol, Marta (2019-03-01)

  In this paper we analyze the effect of loan offcers' gender on the approval of loans and, in particular, on their subsequent performance. Using detailed bank information on a sample of close to half a million loans, we ...
• An overall perspective on banking regulation

  Freixas, Xavier (2003-02-01)

  We survey the theory of banking regulation from the general perspective of regulatory theory. Starting by considering the different justifications of financial intermediation, we proceed to identify the market failures ...

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