equity have real economic consequences: increases in banks' cost of capital are associated with tightening in credit supply …

I study the effects of an increase in the supply of local mortgage credit on local house prices and employment by … affect house prices through the supply of credit and that bank specialization thereby plays an important role in the …

developing a new methodology to separate firms' credit shocks from loan supply shocks, using a vast sample of matched bank … bank loan supply net of borrower characteristics and general credit conditions -- can have large impacts on aggregate loan …

Productive firms can access credit markets directly by issuing corporate bonds or by borrowing through financial … intermediaries. In this paper, we study the cyclical properties of corporate credit provision through these two types of debt … instruments in major advanced economies. We argue that the cyclicality of corporate credit is closely related to the cyclicality …

We summarize and evaluate Fannie Mae and Freddie Mac's credit risk transfer (CRT) programs, which have been used since … 2013 to shift a portion of credit risk on more than $1.8 trillion of mortgages to private sector investors. We argue that … the CRT programs have been successful in reducing the exposure of the federal government to mortgage credit risk without …