The Role of Regulation and Bank Competition in Small Firm Financing: Evidence from the Community Reinvestment Act [0.03%]
关于监管、银行竞争与小型企业融资作用机制的研究——来自社区再投资法案的证据
Panagiotis Avramidis,George Pennacchi,Konstantinos Serfes et al.
Panagiotis Avramidis et al.
This paper analyzes how regulation that promotes greater access to bank credit, such as the Community Reinvestment Act (CRA), impacts the financing of small firms. It finds that when areas become CRA-eligible, the likelihood of bank lending...
Inflation Expectations, Inflation Target Credibility, and the COVID-19 Pandemic: Evidence from Germany [0.03%]
德国的通胀预期、通胀目标可信度与新冠疫情：来自德国的证据
Winnie Coleman,Dieter Nautz
Winnie Coleman
Using the exact wording of the European Central Bank's definition of price stability, we started a representative online survey of German citizens in January 2019 that is designed to measure long-term inflation expectations and the credibil...
Brett A McCully,Karen M Pence,Daniel J Vine
Brett A McCully
Previous research indicates that changes in housing wealth affect consumer spending on cars. We find that home equity extraction plays only a small role in this relationship. Consumers rarely use funds from equity extraction to purchase a c...
Sumit Agarwal,John C Driscoll,David I Laibson
Sumit Agarwal
We derive the first closed-form optimal refinancing rule: Refinance when the current mortgage interest rate falls below the original rate by at least [Formula: see text] In this formula W(.) is the Lambert W-function, [Formula: see text]ρ ...
Precautionary Saving and Consumption Smoothing Across Time and Possibilities [0.03%]
时点与选择间的预防性储蓄及消费smooth-ing
Miles Kimball,Philippe Weil
Miles Kimball
This paper examines how aversion to risk and aversion to intertemporal substitution determine the strength of the precautionary saving motive in a two-period model with Selden/Kreps-Porteus preferences. For small risks, we derive a measure ...