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Journal Article
The Evolving Relationship between COVID-19 and Financial Distress.
Wilkinson, Olivia; Athreya, Kartik B.; Sanchez, Juan M.; Mustre-del-Rio, Jose (2021-02-24)
During most of the COVID-19 pandemic, regions with high financial distress saw disproportionately more infections and deaths than regions with low financial distress. As of February 2021, cumulative infections appear more evenly distributed. However, total deaths remain higher in financially distressed regions.
Economic Bulletin , Issue February 24, 2021 , Pages 3

Journal Article
Life cycle patterns and boom-bust dynamics in U.S. housing prices
Sanchez, Juan M.; Martinez, Leonardo; Hatchondo, Juan Carlos (2013)
Home equity did not increase much for households younger than 35 years of age between 1998 and 2007 because the increase in house prices was offset by an equivalent increase in mortgage debt.
Economic Synopses

Conference Paper
Banking on remittances: increasing market efficiencies for consumers and financial institutions
Smith, Wayne; Howe, Sybill; McQuerry, Elizabeth; Cruz-Taura, Ana; LeVeen, Jessica; Lucio, Edwin; Sanchez, Juan M.; Hogarth, Jeanne M.; Hilgert, Marianne A. (2005)
Proceedings , Paper 967

Output Gaps, the Taylor Rule and the Stance of Monetary Policy
Sanchez, Juan M. (2024-03-04)
The Taylor rule offers a formula to calculate a prescribed policy rate. How do alternative measures of the output gap affect this prescribed rate?
On the Economy

Working Paper
Quantifying the impact of financial development on economic development
Greenwood, Jeremy; Sanchez, Juan M.; Wang, Cheng (2010)
How important is financial development for economic development? A costly state verification model of financial intermediation is presented to address this question. The model is calibrated to match facts about the U.S. economy, such as intermediation spreads and the firm-size distribution for the years 1974 and 2004. It is then used to study the international data, using cross-country interest-rate spreads and per-capita GDP. The analysis suggests a country like Uganda could increase its output by 140 to 180 percent if it could adopt the world?s best practice in the financial sector. Still, ...
Working Papers , Paper 2010-023

The Broad, Continuing Rise in U.S. Credit Card Debt Delinquency
Sanchez, Juan M.; Mori, Masataka (2024-05-14)
An analysis examines the continuing rise in U.S. credit card delinquency through the share of people late on their payments and the share of debt that’s past due.
On the Economy

Journal Article
Job gains and losses at large and small firms during the Great Recession
Sanchez, Juan M.; Ricketts, Lowell R. (2012-07)
Conventional wisdom says that employment at small firms declines more than employment at large firms during recessions. However, that doesn?t seem to have been the case during the Great Recession of 2007-09.
The Regional Economist , Issue Jul

Journal Article
Deja Vu? The Recent Rise in Credit Card Debt Delinquencies
Sanchez, Juan M.; Wilkinson, Olivia (2023-08-14)
An analysis examines how a recent rise in credit card debt delinquencies compares with a similar trend during the global financial crisis of 2007-09.
The Regional Economist

Working Paper
Improving Sovereign Debt Restructurings
Dvorkin, Maximiliano; Sanchez, Juan M.; Sapriza, Horacio; Yurdagul, Emircan (2022-04-06)
The wave of sovereign defaults in the early 1980s and the string of debt crises in subsequent decades have fostered proposals involving policy interventions in sovereign debt restructurings. The global ﬁnancial crisis and the recent global pandemic have further reignited this discussion among academics and policymakers. A key question about these policy proposals for debt restructurings that has proved hard to handle is how they inﬂuence the behavior of creditors and debtors. We address this challenge by evaluating policy proposals in a quantitative sovereign default model that ...
Working Paper , Paper 22-06

Journal Article
Do Banks Lend to Distressed Firms?
Sanchez, Juan M.; Paul, Pascal; Faria-e-Castro, Miguel (2023-11-27)
Concerns emerged during the COVID-19 pandemic over banks continuing to lend to unproductive businesses that were close to default. Recent research shows that lenders have incentives to offer relatively better terms to less-productive and more-indebted firms to recover their prior investments. U.S. loan-level data confirm the empirical relevance of such lending behavior. A rich model of firms and banks further emphasizes that this type of lending can also depress overall productivity by sustaining firms that should otherwise exit the economy.
FRBSF Economic Letter , Volume 2023 , Issue 31 , Pages 5

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