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作者：Kamenica, Emir
作者单位：University of Chicago
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作者：Hortacsu, Ali
作者单位：University of Chicago
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作者：Cohen, Lauren; Coval, Joshua; Malloy, Christopher
作者单位：Harvard University; National Bureau of Economic Research
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作者：Myerson, Roger
作者单位：University of Chicago
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作者：Vishny, Robert; Zingales, Luigi
作者单位：University of Chicago
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作者：Jimenez, Gabriel; Ongena, Steven; Peydro, Jose-Luis; Saurina, Jesus
作者单位：Banco de Espana; University of Zurich; Swiss Finance Institute (SFI); Centre for Economic Policy Research - UK; Pompeu Fabra University; ICREA; Centre de Recerca en Economia Internacional (CREI); Imperial College London
摘要：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 crisis, it affected banks differentially. We find that dynamic provisioning smooths credit supply cycles and, in had times, supports firm performance. A 1 percentage point increase in capital buffers extends credit to firms by 9 percentage points, increasing firm employment (6 pe...
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作者：Stantcheva, Stefanie
作者单位：Harvard University; National Bureau of Economic Research
摘要：This paper derives optimal income tax and human capital policies in a life cycle model with risky human capital. The government faces asymmetric information regarding agents' ability, its evolution, and labor supply. When the wage elasticity with respect to ability is increasing in human capital, the optimal subsidy involves less than full deductibility of human capital expenses on the tax base and falls with age. Income contingent loans or a deferred deductibility scheme can implement the opt...
