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Journal Article
Credit effects in the monetary mechanism

Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Economic Policy Review , Volume 8 , Issue May , Pages 217-235

Robust capital regulation

Banks? leverage choices represent a delicate balancing act. Credit discipline argues for more leverage, while balance-sheet opacity and ease of asset substitution argue for less. Meanwhile, regulatory safety nets promote ex post financial stability, but also create perverse incentives for banks to engage in correlated asset choices and to hold little equity capital. As a way to cope with these distorted incentives, we outline a two-tier capital framework for banks. The first tier is a regular core capital requirement that helps deter excessive risk-taking incentives. The second tier, a novel ...
Staff Reports , Paper 490

Small business lending during the recession

Access to credit enables businesses to smooth income streams and take advantage of growth opportunities. Without credit, a business may be forced to cut production or restrain growth. If credit constraints affect businesses across economic sectors, the result could be widespread declines in production and employment. Since the recession started in 2007, there has been a growing concern that small businesses may lack adequate access to credit. This Economic Brief examines the complexity of small business credit issues
Richmond Fed Economic Brief , Issue Feb

Journal Article
Liquidity constraints on consumption: the real effects of \"real\" lending policies

Economic Review , Issue Fall , Pages 39-52

Testimony on housing finance reform: essential elements of a government guarantee for mortgage-backed securities

Testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs, Washington, D.C.
Speech , Paper 122

Conference Paper
Financial constraints and investment: a critical review of methodological issues and international evidence

Conference Series ; [Proceedings] , Volume 39 , Pages 177-226

Working Paper
A theory of credit rationing and the maturity structure of debt

Finance and Economics Discussion Series , Paper 27

Working Paper
Credit access and credit performance after consumer bankruptcy filing: new evidence

This paper uses a unique data set to shed new light on the credit availability and credit performance of consumer bankruptcy filers. In particular, our data allow us to distinguish between Chapter 7 and Chapter 13 bankruptcy filings, to observe changes in credit demand and supply explicitly, to differentiate existing and new credit accounts, and to observe the performance of each credit account directly. The paper has four main findings. First, despite speedy recovery in their risk scores after bankruptcy filing, most filers have much reduced access to credit in terms of credit limits, and ...
Working Papers , Paper 13-24

Working Paper
Reputation acquisition and persistence of moral hazard in credit markets

Working Papers , Paper 92-12

Journal Article
Tracking Consumer Credit Trends

Troy Davig and William Xu find that a larger share of consumers with low credit scores are increasing their debt than those with high credit scores.
Macro Bulletin



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anonymous 45 items

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Duca, John V. 10 items

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