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Displaying results 1 to 11 of 11.

  1. The Credit Supply Channel of Monetary Policy Tightening and its Distributional Impacts
    Author: Bosshardt, Joshua; Di Maggio, Marco; Kakhbod, Ali; Kermani, Amir
    Published: July 2023
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    This paper studies how tightening monetary policy transmits to the economy through the mortgage market and sheds new light on the distributional consequences at both the individual and regional levels. We find that credit supply factors, specifically... more

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    This paper studies how tightening monetary policy transmits to the economy through the mortgage market and sheds new light on the distributional consequences at both the individual and regional levels. We find that credit supply factors, specifically restrictions on the debt-to-income (DTI) ratio, account for the majority of the decline in mortgages. These effects are even more pronounced for young and middle-income borrowers who find themselves excluded from the credit market. Also, regions with historically high DTI ratios exhibited greater reductions in mortgage originations, house prices, and consumption

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w31464
    Subjects: Geldpolitik; Geldpolitische Transmission; Kreditgeschäft; Kreditmarkt; Hypothek; Verteilungswirkung; General; Monetary Policy, Central Banking, and the Supply of Money and Credit; Monetary Policy; Household Finance; Household Saving, Borrowing, Debt, and Wealth
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers
  2. Life after default
    dealer intermediation and recovery in defaulted corporate bonds
    Author: Baumann, Friedrich; Livdan, Dmitry; Kakhbod, Ali; Nazemi, Abdolreza; Schürhoff, Norman
    Published: 25 September 2023
    Publisher:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP18482
    Subjects: corporate default; corporate bonds; recovery rates; over-the-counter markets; dealernetworks
    Scope: 1 Online-Ressource (circa 54 Seiten)
  3. Advising the management
    a theory of shareholder engagement
    Author: Kakhbod, Ali; Loginova, Uliana; Malenko, Andrey; Malenko, Nadya
    Published: 06 June 2022
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17363
    Subjects: shareholder engagement; communication; Advice; Managerial learning; cheap talk; heterogeneous beliefs; Ownership Structure; passive funds; advisory voting
    Scope: 1 Online-Ressource (circa 57 Seiten)
  4. Liquidity regulation and bank risk taking on the horizon
    Author: Bosshardt, Joshua; Kakhbod, Ali; Saidi, Farzad
    Published: 16 January 2023
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17811
    Subjects: bank risk taking; insurance sector; LCR
    Scope: 1 Online-Ressource (circa 95 Seiten), Illustrationen
  5. Life after default: dealer intermediation and recovery in defaulted corporate bonds
    Author: Baumann, Friedrich; Kakhbod, Ali; Livdan, Dmitry; Nazemi, Abdolreza; Schürhoff, Norman
    Published: [2023]
    Publisher:  Swiss Finance Institute, Geneva

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    Source: Union catalogues
    Language: English
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    Series: Swiss Finance Institute research paper series ; no 23, 85
    Subjects: corporate default; corporate bonds; recovery rates; over-the-counter markets; dealer networks
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  6. The Value of Intermediaries for GSE Loans
    Author: Bosshardt, Joshua; Kakhbod, Ali; Kermani, Amir
    Published: August 2023
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We analyze the costs and benefits of intermediaries for government-sponsored enterprise (GSE) mortgages using regulatory data. We find evidence of lenders pricing for observable and unobservable default risk independently from the GSEs. These... more

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    We analyze the costs and benefits of intermediaries for government-sponsored enterprise (GSE) mortgages using regulatory data. We find evidence of lenders pricing for observable and unobservable default risk independently from the GSEs. These findings are explained using a model of competitive lending in which lenders have skin-in-the-game and acquire information beyond the GSEs' underwriting criteria, but also charge markups. We find that most borrowers are better off in a counterfactual in which the GSEs' underwriting criteria are implemented passively. Finally, the observed differences between banks and nonbanks are more consistent with differences in their skin-in-the-game rather than screening quality

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w31575
    Subjects: Bank; Öffentliches Unternehmen; Kreditgeschäft; Hypothek; Informeller Finanzsektor; USA; Banks; Depository Institutions; Micro Finance Institutions; Mortgages; Non-bank Financial Institutions; Financial Instruments; Institutional Investors; Household Finance
    Scope: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  7. Inventor Gender and Patent Undercitation
    Evidence from Causal Text Estimation
    Author: Hochberg, Yael V.; Kakhbod, Ali; Li, Peiyao; Sachdeva, Kunal
    Published: August 2023
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    Implementing a state-of-the-art machine learning technique for causal identification from text data (C-TEXT), we document that patents authored by female inventors are under-cited relative to those authored by males. Relative to what the same patent... more

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Implementing a state-of-the-art machine learning technique for causal identification from text data (C-TEXT), we document that patents authored by female inventors are under-cited relative to those authored by males. Relative to what the same patent would be predicted to receive had the lead inventor instead been male, patents with a female lead inventor receive 10% fewer citations. Patents with male lead inventors tend to undercite past patents with female lead inventors, while patent examiners of both genders appear to be more even-handed in the citations they add to patent applications. For female inventors, market-based measures of patent value load significantly on the citation counts that would be predicted by C-TEXT, but do not load significantly on actual forward citations. The under-recognition of female-authored patents likely has implications for the allocation of talent in the economy

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w31592
    Subjects: Erfindung; Geschlecht; Patent; Zitationsanalyse; Geschlechterdiskriminierung; Estimation: General; Economics of Gender; Non-labor Discrimination; Human Capital; Skills; Occupational Choice; Labor Productivity; Discrimination; General
    Scope: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  8. Optimal contracting in networks
    Author: Jadbabaie, Ali; Kakhbod, Ali
    Published: June 27, 2016
    Publisher:  MIT Sloan School of Management, [Cambridge, MA]

    We study optimal contracting between a firm selling a divisible good that exhibits positive externality and a group of agents in a social network. The extent of externality that each agent receives from the consumption of neighboring agents is... more

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    We study optimal contracting between a firm selling a divisible good that exhibits positive externality and a group of agents in a social network. The extent of externality that each agent receives from the consumption of neighboring agents is privately held and is unknown to the firm. By explicitly characterizing the optimal multilateral contract, we demonstrate how inefficiency in an agent’s trade propagates through the network and creates unequal and network-dependent downward distortion in other agents’ trades. Furthermore, we describe bilateral contracts (non-linear pricing schemes) and characterize their explicit dependence on the network structure. We show that the firm will benefit from uncertainty in an agent’s valuation of other agents’ externality. We describe the profit gap between multilateral and bilateral con- tracts and analyze the consequences of the explicit dependence of the contracts on network structure. When the network is balanced in terms of homogeneity of agents’ influence, network structure has no impact on the firm’s profit for bilateral contracts. On the other hand, when the influences are heterogeneous with high dispersion (as in core-periphery networks) the restriction to bilateral contracts can result in profit losses that grow unbounded with the size of networks

     
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    Language: English
    Media type: Book
    Format: Online
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    Series: MIT Sloan School working paper ; 5173 (16)
    Scope: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  9. Information, amplification and financial crisis
    Author: Ahnert, Toni; Kakhbod, Ali
    Published: 2014
    Publisher:  Bank of Canada, Ottawa

    We propose a parsimonious model of information choice in a global coordination game of regime change that is used to analyze debt crises, bank runs or currency attacks. A change in the publicly available information alters the uncertainty about the... more

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    We propose a parsimonious model of information choice in a global coordination game of regime change that is used to analyze debt crises, bank runs or currency attacks. A change in the publicly available information alters the uncertainty about the behavior of other investors. Greater strategic uncertainty makes private information more valuable, so more investors acquire information. This change in the proportion of informed investors amplifies the impact of the initial change in public information on the probability of a crisis. Our amplification result explains how a small deterioration in public information can cause a financial crisis.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/103044
    Series: Working paper / Bank of Canada ; 2014-30
    Scope: Online-Ressource (III, 43 S.), graph. Darst.
  10. The bank liquidity channel of financial (in)stability
    Author: Bosshardt, Joshua; Kakhbod, Ali; Saidi, Farzad
    Published: August 2021
    Publisher:  ECONtribute, Bonn

    We examine the system-wide effects of liquidity regulation on banks’ balance sheets. In the general equilibrium model, banks have to hold liquid assets, and choose among illiquid assets varying in the extent to which they are difficult to value... more

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    We examine the system-wide effects of liquidity regulation on banks’ balance sheets. In the general equilibrium model, banks have to hold liquid assets, and choose among illiquid assets varying in the extent to which they are difficult to value before maturity, e.g., structured securities. By improving the liquidity of interbank markets, tighter liquidity requirements induce banks to invest in such complex assets. We evaluate the welfare properties of combining liquidity regulation with other financial-stability policies, and show that it can complement ex-ante policies, such as asset-specific taxes, whereas it can undermine the benefits of ex-post interventions, such as quantative easing.

     
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    Language: English
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    hdl: 10419/244342
    Series: ECONtribute discussion paper ; no. 108
    Subjects: liquidity regulation; securitization; interbank markets; financial stability; quantitative easing
    Scope: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  11. The bank liquidity channel of financial (in)stability
    Author: Bosshardt, Joshua; Kakhbod, Ali; Saidi, Farzad
    Published: 09 August 2021
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP16438
    Subjects: liquidity regulation; Securitization; Interbank Markets; Financial Stability; Quantitativeeasing
    Scope: 1 Online-Ressource (circa 74 Seiten), Illustrationen