The American Real Estate Society (ARES) is an association of real estate thought leaders. Members are drawn from academia and the profession at large, both in the United States and internationally. The Society is dedicated to producing and disseminating knowledge related to real estate decision...

Co-authors: Domenico Giannone (Amazon.com) and Anna Kovner (Federal Reserve Bank of New York) We study the relationship between bank capital ratios and the distribution of future real GDP growth. Growth in the aggregate bank capital ratio corresponds to a smaller left tail of GDP—smaller...