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Journal Article
How Much Did the CARES Act Help Households Stay Afloat?
Widespread job losses starting in mid-March last year forced many households to rely more heavily on nonemployment income and liquid assets on hand to continue buying what they needed. Federal assistance through the Coronavirus Aid, Relief, and Economic Security Act helped boost household resilience—the ability to sustain consumption despite the loss of employment income. Data suggest that the aid increased household resilience by 15 weeks, chiefly through enhanced unemployment insurance benefits. Among racial groups, this benefited Black and Hispanic households the most, raising median ...
Conference Paper
Determinants of bank competitiveness in short-term business lending
Journal Article
Is mortgage lending by savings associations special?
In this paper, we investigate whether elimination of the savings association charter might reduce lending to "nontraditional" (e.g., low-income) mortgage borrowers. We present a theoretical model of lender portfolio choice, in which nontraditional lenders have some market power and traditional lenders are price-takers in the mortgage market. The comparative statics indicate differences between nontraditional and traditional lenders in terms of their asset allocation responses to changes in borrower income and house prices. Empirical tests indicate the absence of such differences between ...
Working Paper
Is mortgage lending by savings associations special?
In this paper, we investigate whether elimination of the savings association charter might reduce lending to nontraditional mortgage borrowers. We present a theoretical model of lender portfolio choice, in which nontraditional lenders have some market power and traditional lenders are price-takers in the mortgage market. The comparative statics indicate differences between nontraditional and traditional lenders in terms of their asset allocation responses to changes in borrower income and house prices. Empirical tests indicate the absence of such differences between savings associations and ...
Conference Paper
Interstate banking and competition
Journal Article
Small California banks holding on
Working Paper
Lending in low- and moderate-income neighborhoods in California: the performance of CRA lending during the subprime meltdown
The current scale of mortgage delinquencies and foreclosures - particularly in the subprime market - has sparked a renewed debate over the Community Reinvestment Act (CRA) and the regulations governing home mortgage lending. On one side, detractors argue that the CRA helped to precipitate the current crisis by encouraging lending in low- and moderate-income neighborhoods (Walker 2008). On the other side, advocates of the CRA point to a number of reasons why the regulation shouldn?t be blamed for the current subprime crisis. ; What has been missing in this debate has been an empirical ...
Journal Article
The shrinking of Japanese branch business lending in California