• Banks, Government Bonds, and Default: What do the Data Say?

  Gennaioli, Nicola; Martin, Alberto; Rossi, Stefano (Elsevier, 2018)

  This paper analyzes sovereign bondholdings by 20,000 banks in 191 countries and 20 sovereign default episodes over 1998–2012, establishing two robust facts. First, banks hold many government bonds (on average 9% of assets) ...
• The Geography of development

  Desmet, Klaus; Nagy, Dávid Krisztián; Rossi-Hansberg, Esteban (University of Chicago Press, 2018)

  We develop a dynamic spatial growth theory with realistic geography. We characterize the model and its balanced-growth path and propose a methodology to analyze equilibria with different levels of migration frictions. ...
• Stagnation traps

  Benigno, Gianluca; Fornaro, Luca (Oxford University Press, 2018)

  We provide a Keynesian growth theory in which pessimistic expectations can lead to very persistent, or even permanent, slumps characterized by high unemployment and weak growth. We refer to these episodes as stagnation ...
• International debt deleveraging

  Fornaro, Luca (Oxford University Press, 2018)

  This paper provides a framework to understand the adjustment triggered by an episode of debt deleveraging among financially integrated countries. During a period of international deleveraging, world consumption demand is ...
• Monetary policy and bank lending in developing countries: loan applications, rates, and real effects

  Abuka, Charles; Alinda, Ronnie K; Minoiu, Camelia; Peydró, José-Luis; Presbitero, Andrea F. (Elsevier, 2019)
• Political connections: evidence from insider trading around TARP

  Akin, Ozlem; Coleman, Nicholas S.; Fons-Rosen, Christian; Peydró, José-Luis (Wiley, 2018)

  To test for private information leakages from government to corporate executives, we exploit the 2008-2010 bank bailouts after Lehman’s failure using insider trading and political connections. In politically-connected ...
• The Real effects of the bank lending channel

  Jiménez, Gabriel; Mian, Atif; Peydró, José-Luis; Saurina, Jesús (Elsevier, 2019)

  We study bank credit booms, exploiting the Spanish matched credit register over 2001-2009. We extend Khwaja and Mian (2008)’s loan-level estimator by incorporating firm-level general equilibrium adjustments. Higher ex-ante ...
• Securities trading by banks and credit supply: micro-evidence from the crisis

  Abbassi, Puriya; Iyer, Rajkama; Peydró, José-Luis; Rodríguez-Tous, Francesc (Elsevier, 2016)

  We analyze securities trading by banks during the crisis and the associated spillovers to the supply of credit. We use a proprietary data set that has the investments of banks at the security level for 2005–2012 in conjunction ...
• Double bank runs and liquidity risk management

  Ippolito, Filippo; Peydró, José-Luis; Polo, Andrea, 1983-; Sette, Enrico (Elsevier, 2016)

  By providing liquidity to depositors and credit-line borrowers, banks can be exposed to double-runs on assets and liabilities. For identification, we exploit the 2007 freeze of the European interbank market and the Italian ...
• Macroprudential policy, countercyclical bank capital buffers and credit supply: evidence from the spanish dynamic provisioning experiments

  Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; Saurina, Jesús (University of Chicago Press, 2017)

  To study the impact of macroprudential policy on credit supply cycles and real effects, we analyze dynamic provisioning. Introduced in Spain in 2000, revised four times, and tested in its countercyclicality during the ...
• Monetary policy and bank profitability in a low interest rate environment

  Altavilla, Carlo; Boucinha, Miguel; Peydró, José-Luis (Oxford University Press, 2018)

  We analyse the impact of standard and non-standard monetary policy on bank profitability. We use both proprietary and commercial data on individual euro area bank balance-sheets and market prices. Our results show that a ...
• The International bank lending channel of monetary policy rates and quantitative easing: credit supply, reach-for-yield, and real effects

  Morais, Bernardo; Peydró, José-Luis; Roldán-Peña, Jessica; Ruiz-Ortega, Claudia (Wiley, 2018)

  We identify the international credit channel by exploiting Mexican supervisory data sets and foreign monetary policy shocks in a country with a large presence of European and U.S. banks. A softening of foreign monetary ...
• Estimating the income loss of disabled individuals: the case of Spain

  Cervini-Plá, Maria; Silva, Jose I.; Vall Castelló, Judit (Springer, 2016)

  In this paper, we present a theoretical model along with an empirical model to identify the effects of disability on wages. From the theoretical model, we derive the hypothesis that only the temporary component of the wage ...
• Formación de precios en un mercado artificial de doble subasta continua

  Gil-Bazo, Javier; Moreno, David; Tapia, Mikel; Abad, David (Taylor & Francis, 2007)

  En este trabajo se estudia la formación de precios en un mercado artificial de doble subasta continua con agentes heterogéneos, tanto en términos de eficiencia informativa como en términos de sus propiedades estadísticas. ...
• Confidence intervals for half-life deviations from purchasing power parity

  Rossi, Barbara (Taylor & Francis, 2005)

  Existing point estimates of half-life deviations from purchasing power parity (PPP), around 3–5 years, suggest that the speed of convergence is extremely slow. This article assesses the degree of uncertainty around these ...
• Organized vs. competitive corruption

  Celentani, Marco; Ganuza, Juan-José (Springer, 2002)

  We study bureaucratic corruption in a model in which a constituency sets required levels for a given set of activities. Each activity is carried out by an external provider and its realization is supervised by a bureaucrat. ...
• Recursive predictability tests for real-time data

  Inoue, Atsushi; Rossi, Barbara, 1971- (Taylor & Francis, 2005)

  We propose a sequential test for predictive ability for recursively assessing whether some economic variables have explanatory content for another variable. In the forecasting literature it is common to assess predictive ...
• Do technology shocks drive hours up or down? A little evidence from an agnostic procedure

  Pesavento, Elena; Rossi, Barbara, 1971- (Cambridge University Press, 2005)

  This paper analyzes the robustness of the estimate of a positive productivity shock on hours to the presence of a possible unit root in hours. Estimations in levels or in first differences provide opposite conclusions. We ...
• Immigration, family responsibilities and the labor supply of skilled native women

  Farré, Lídia; González, Libertad; Ortega, Francesc (De Gruyter, 2011)

  We investigate the effect of immigration on the labor supply of skilled women, using data on Spain’s large recent immigration wave. We adopt a spatial correlations approach and instrument for current immigration using ...
• Competing engines of growth: innovation and standardization

  Acemoglu, Daron; Gancia, Gino; Zilibotti, Fabrizio (Elsevier, 2010)

  We study a dynamic general equilibrium model where innovation takes the form of the introduction of new goods whose production requires skilled workers. Innovation is followed by a costly process of standardization, where ...

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