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作者：Fishman, Michael J.; Parker, Jonathan A.; Straub, Ludwig
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作者：Fishman, Michael J.; Parker, Jonathan A.; Straub, Ludwig
作者单位：Northwestern University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We analyze a dynamic credit market where banks choose lending standards, modeled as costly effort to screen out bad borrowers. Tighter standards worsen the borrower pool, increasing banks' incentives to employ tight standards in the future. This dynamic complementarity in lending standards can amplify and prolong downturns, decreasing lending and increasing credit spreads. Because lending standards have negative externalities, the market can converge to a steady state with inefficiently tight ...
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作者：Mitra, Indrajit; Xu, Yu
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Delaware
摘要：We present a theory in which the interaction between limited sharing of idiosyncratic labor income risk and labor adjustment costs (that endogenously arise through search frictions) determines interest rate dynamics. In the general equilibrium, the interaction of these two ingredients relates bond risk premiums, cross-sectional skewness of income growth, and labor market tightness. Our model rationalizes an upward-sloping average yield curve and predicts a negative relation between labor marke...
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作者：Barrot, Jean-Noel; Martin, Thorsten; Sauvagnat, Julien; Vallee, Boris
作者单位：Hautes Etudes Commerciales (HEC) Paris; Bocconi University; Frankfurt School Finance & Management; Harvard University
摘要：We investigate the labor market effects of a loan guarantee program targeting French SMEs during the financial crisis. Exploiting differences in regional treatment intensity in a border discontinuity design, we uncover a central trade-off for such interventions. While the program has a positive impact on workers' employment and earnings trajectories that translates into positive aggregate employment effects, it dampens the worker reallocation toward more productive firms that happens following...
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作者：Daminato, Claudio; Filippini, Massimo; Haufler, Fabio
作者单位：Lund University; Swiss Federal Institutes of Technology Domain; ETH Zurich; Universita della Svizzera Italiana
摘要：Retirement savings decisions are increasingly mediated by digital technologies that promise to help individuals plan adequately for their retirement. We exploit a natural experiment to show that introducing a digital pension application increases the probability of making a voluntary retirement contribution by 1.8 percentage points, from an average pretreatment contribution rate of 2.8%. Men and higher-income earners are more likely to respond to the app introduction. We then leverage a field ...
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作者：Gryglewicz, Sebastian; Mayer, Simon; Morellec, Erwan
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Carnegie Mellon University
摘要：How much of a loan should a lender retain, and how do loan sales affect loan performance? We address these questions in a model in which a lender originates loans that it can sell to investors. The lender reduces default risk through screening at origination and monitoring after origination, but is subject to moral hazard. The optimal lender-investor contract can be implemented by requiring the lender to initially retain a share of the loan that it gradually sells to investors, rationalizing l...
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作者：Agarwal, Sumit; Ghosh, Pulak; Li, Jing; Ruan, Tianyue
作者单位：National University of Singapore; Indian Institute of Management (IIM System); Indian Institute of Management Bangalore; Singapore Management University
摘要：We study how consumer spending responds to digital payments, using the differential switch to digital payments across consumers induced by the sudden 2016 Indian Demonetization for identification. Digital payment use rose by 2.94 percentage points and monthly spending increased by 2.38% for an additional 10 percentage points in prior cash dependence. Spending remained elevated even when cash availability recovered. Robustness analyses show that the spending response is not driven by purchase s...
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作者：Gelman, Michael; Roussanov, Nikolai
作者单位：University of Delaware; University of Pennsylvania; National Bureau of Economic Research
摘要：Does mental accounting matter for total consumption expenditures? We exploit a unique setting in which individuals exogenously receive a new payment card, without requesting one. Using random variation in the time of receipt, we show that individuals temporarily increase total consumption expenditure by making purchases with the new card without reducing spending on the others. We do not observe a corresponding increase in indebtedness. Total consumption expenditure rises even for the least li...
