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Cagetti, Marco; Nardi, Mariacristina De - Federal Reserve Bank of Chicago - 2005

Although the role of financial constraints on entrepreneurial choices has received considerable attention, the effects of these constraints on aggregate capital accumulation and wealth inequality are less known. Entrepreneurship is an important determinant of capital accumulation and wealth...

Persistent link: https://www.econbiz.de/10005520016

The age of reason: financial decisions over the lifecycle

Agarwal, Sumit; Driscoll, John C.; Gabaix, Xavier; … - Federal Reserve Bank of Chicago - 2007

The sophistication of financial decisions varies with age: middle-aged adults borrow at lower interest rates and pay fewer fees compared to both younger and older adults. We document this pattern in ten financial markets. The measured effects cannot be explained by observed risk characteristics....

Persistent link: https://www.econbiz.de/10005419884

Equilibrium lending mechanism and aggregate activity

Wang, Cheng; Zhou, Ruilin - Federal Reserve Bank of Chicago - 2000

This paper develops a model of the credit market where the equilibrium lending mechanism, as well as the economy's aggregate investment and output, are endogenously determined. It focuses on two crucial elements. One is the micro theory of optimal lending mechanism. Instead of imposing a...

Persistent link: https://www.econbiz.de/10005419914

Measuring the individual-level effects of access to credit: evidence from payday loans

Skiba, Paige Marta; Tobacman, Jeremy - Federal Reserve Bank of Chicago - 2007

Persistent link: https://www.econbiz.de/10010724134

Evaluation of CRA data on small business lending

Canner, Glenn B. - Federal Reserve Bank of Chicago - 1999

Persistent link: https://www.econbiz.de/10010724190

The role of information asymmetry and financial reporting quality in debt contracting: evidence from the secondary loan market

Wittenberg-Moerman, Regina - Federal Reserve Bank of Chicago - 2006

asymmetry environment. Loans of private firms, loans without an available credit rating, loans syndicated by less reputable … arrangers, distressed loans, and loans of loss firms are traded at significantly higher bid-ask spreads. Second, timely … incorporation of economic losses into borrowers’ financial statements reduces the bid-ask spread at which their loans are traded …

Persistent link: https://www.econbiz.de/10010724194