We study how monetary policy affects the funding composition of the banking sector. When monetary tightening reduces the retail deposit supply owing to, for example, a decrease in bank reserves or in money demand, banks try to substitute the deposit outflows with more wholesale funding in order...

We test whether lenders' screening incentives weaken when faced with the possibility of loan sales. We adopt a new measure of lending standards, mortgage application processing time at the loan level, and use the collapse of the non-agency mortgage-backed securities issuance market as a natural...

Do corporate social responsibility (CSR) metrics accurately reflect firms’ material social impacts? Analyzing small business lending during the Great Recession, we find that banks assessed to be socially responsible exerted higher social costs by actively pulling back funds from those in need...