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Report
Are there "bank effects" in borrowers' costs of funds? Evidence from a matched sample of borrowers and banks
We use a large matched sample of individual loans, borrowers, and banks to investigate whether bank financial health affects terms of lending, holding constant proxies for borrower risk and information costs. In particular, we focus on measuring effects of borrower and bank characteristics on loan interest rates; we also investigate implications of borrower and bank characteristics for indirect measures of credit availability. ; Our principal findings are six. First, even after controlling for proxies for borrower risk and information costs, the cost of borrowing from low-capital banks is ...
Conference Paper
Financial factors in business fluctuations
Conference Paper
Commentary: activist fiscal policy to stabilize economic activity
Conference Paper
Is there a \"credit channel\" for monetary policy?
Conference Paper
Globalization and global disinflation : commentary