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作者：Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit
作者单位：Northwestern University; National Bureau of Economic Research; Stanford University
摘要：We empirically document two adjustment margins that are usually absent from the predominant bank balance sheet lending view of financial intermediation. For the shadow bank substitution margin, shadow banks substitute for traditional banks among loans that are easily sold. For the balance sheet retention margin, banks switch between balance sheet lending and selling loans based on their balance sheet strength. Estimates from a structural model show that these margins significantly shape policy...
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作者：Low, Corinne
作者单位：University of Pennsylvania
摘要：Throughout the twentieth century, the relationship between women's human capital and men's income was nonmonotonic: while college-educated women married richer spouses than high school-educated women, graduate-educated women married poorer spouses than college-educated women. This can be rationalized by a bidimensional matching framework where women's human capital is negatively correlated with another valuable trait: fertility, or reproductive capital. Such a model predicts nonmonotonicity in...
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作者：Alfaro, Ivan; Bloom, Nicholas; Lin, Xiaoji
作者单位：BI Norwegian Business School; Stanford University; University of Minnesota System; University of Minnesota Twin Cities
摘要：We show how real and financial frictions amplify, prolong, and propagate the negative impact of uncertainty shocks. We use a novel instrumentation strategy to address endogeneity in estimating the impact of uncertainty by exploiting differential firm exposure to exchange rate, policy, and energy price volatility. We show that financially constrained firms cut investment more than unconstrained firms following an uncertainty shock. We then build a general equilibrium heterogeneous firms model w...
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作者：Argente, David; Lee, Munseob; Moreira, Sara
作者单位：Yale University; University of California System; University of California San Diego; Northwestern University
摘要：We document that sales of individual products decline steadily throughout most of the product life cycle. Products quickly become obsolete as they face competition from newer products sold by competing firms and the same firm. We build a dynamic model that highlights an innovation-obsolescence cycle, where firms need to introduce new products to grow; otherwise, their portfolios become obsolete as rivals introduce their own new products. By introducing new products, however, firms accelerate t...
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作者：Berger, Allen N.; Bouwman, Christa H. S.; Norden, Lars; Roman, Raluca A.; Udell, Gregory F.; Wang, Teng
作者单位：University of South Carolina System; University of South Carolina Columbia; Texas A&M University System; Texas A&M University College Station; University of Pennsylvania; Getulio Vargas Foundation; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Indiana University System; Indiana University Bloomington; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We build a bridge between relationship lending and transactions lending-investigating relationship effects on contract terms for credit cards, a relatively pure transactions-lending technology. Using more than 1 million accounts, we find that during normal times, consumers with relationships obtain better terms but small businesses with relationships do not. Both groups obtain improved terms during COVID-19, consistent with intertemporal smoothing-relationship borrowers obtain more favorable t...
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作者：Martellini, Paolo; Schoellman, Todd; Sockin, Jason
作者单位：University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; United States Department of the Treasury
摘要：We measure college graduate quality-the average human capital of a college's graduates-for graduates from 2,800 colleges in 48 countries. Graduates of colleges in the richest countries have 50% more human capital than graduates of colleges in the poorest countries. Migration reinforces these differences: emigrants from poorer countries are highly positively selected on human capital. Finally, we show that these stocks and flows matter for growth and development by showing that college graduate...
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作者：di Giovanni, Julian; Levchenko, Andrei A.; Mejean, Isabelle
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Centre for Economic Policy Research - UK; University of Michigan System; University of Michigan; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：This paper uses a dataset covering the universe of French firm-level value-added, imports, and exports and a quantitative multicountry heterogeneous firm model to study the propagation of foreign shocks to the domestic economy. Foreign shocks are transmitted primarily through large firms as they are the most likely to trade internationally. At the micro level, the majority of the GDP impact of foreign shocks is accounted for by the foreign granular residual, a statistic capturing larger firms'...
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作者：Diercks, Anthony M.; Hsu, Alex; Tamoni, Andrea
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University System of Georgia; Georgia Institute of Technology; Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark
摘要：The effects of uncertainty shocks are superadditive. On the basis of local projections, we find that the combination of nearby positive shocks can be multiple times more powerful than the sum of their stand-alone effects. In a standard New Keynesian dynamic stochastic general equilibrium model, uncertainty shocks are proven to be superadditive only when the model is solved under fourth- (or higher-)order perturbation. The fourth-order solution unlocks the fourth derivative of marginal utility,...
