This paper estimates how rate cuts increase consumption, via debt and asset prices. Using administrative UK data on mortgages and consumption, we exploit the expiry of fixed-rate mortgages to construct six million household-level natural experiments. A 1pp reduction in mortgage rates raises...

Using information from the ECB's Bank Lending Survey, we examine how the implementation of borrower-based macroprudential measures (BBMs) between 2009-Q1 and 2023-Q3 affected mortgage lending standards in a sample of 15 euro area countries. We find that banks generally tightened credit standards...

This study investigates the funding dynamics of academic start-ups (i.e. founded by a PhD). Using a dataset of 81 318 start-ups, including 8 065 established by academic entrepreneurs, the analysis explores their long-term financing trajectories. Academic start-ups are more likely to access...

This paper studies information diffusion in a large organization through a field experiment at the World Bank. The paper focuses on transmission of scientific evidence on the impacts of generative artificial intelligence by experimentally varying whether research findings are shared with senior...