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This paper tests one specific monetary transmission mechanism through households: portfolio rebalancing. We use a unique panel dataset of household's credit and debit card spending, ATM withdrawals, financial investments into risky assets such as mutual funds and equities, as well as bank...
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Exploiting a policy-induced variation in asset liquidation value, we evaluate how changes in lenders’ ability to liquidate collateral affect non-mortgage credit provision in the context of personal loan application. The housing policy increases the probability of loans being granted by 6.5%....
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Simultaneously modeling multiple quantiles by possibly incorporating constraints across quantiles, in particular that of monotonicity, has been an important problem. While recent attempts to address this problem focus mostly on the monotonicity issue, we take a different route using a Bayesian...
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Should political institutions concentrate power in more hands or a single hand? This paper provides microeconomic evidence on the relationship between multiple elected representatives and economic growth. We find that increasing the number of politicians governing an area leads to greater firm...
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