The use of order flow information by financial firms has come to the forefront of the regulatory debate. A central question is: Should a dealer who acquires information by taking [...]
I develop a dynamic stochastic general equilibrium model to examine the impact of macroprudential regulation on banks’ financial decisions and the implications for the real sector. I model an occasionally [...]
Economic theory provides conflicting views on a basic question in banking: does the geographic expansion of a bank’s activities reduce risk? Textbook portfolio theory suggests that geographic expansion will lower [...]
This paper investigates the effectiveness of nine non-interest rate policies on house prices and housing credit using data from 57 economies and periods of up to three decades. We find [...]
Economic policy uncertainty affects decisions of households, businesses, policy makers and financial intermediaries. We first examine the impact of economic policy uncertainty on aggregate bank credit growth. Then we analyze [...]
Although there is broad recognition that cities differ in their tendency to experience house price bubbles, most studies assume away any possibility of within-city heterogeneity in response to a bubble. [...]
So although the Vanguard literature may estimate 0.25% for the adviser’s fee, nothing prevents an adviser from collecting more—0.50% or even 1%—to advise a plan. How big a difference is [...]
There have been increasing concerns about the potential of larger banks acquiring community banks and the declining number of community banks, which would significantly reduce small business lending (SBL) and [...]
Since 2010, U.S. GDP growth has been anemic, averaging 2.1% a year, and this despite interest rates very close to zero. Historically, one would have expected such low sustained rates [...]
This paper measures the impact of individual-level housing capital gains on transitions into and out of self-employment. Drawing on special features of the 1985–2013 American Housing Survey (AHS) panel, our [...]