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UID:48c82cd9f2b17c611241bbc9a670abb8
CATEGORIES:Seminars
CREATED:20170426T184856
SUMMARY:Lunch Seminar: David Argente - University of Chicago
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong> Monetary Transmission and the Prop
 agation of the Great Recession</strong></p><p style="text-align: justify;">
 Abstract:<br /> Did banks worsen the economic contraction during the Great 
 Recession? We study home-equity lending during this period and document tha
 t banks’ ability to provide effective intermediation between borrowers and 
 lenders not only decreased dramatically but also differed importantly acros
 s cities in the US. Higher costs of intermediation made credit more expensi
 ve and harder to obtain in cities already harmed by the recession. We find 
 that this hindered monetary transmission, worsen the allocation of credit, 
 and increased the length and depth of the crisis through a contraction of l
 ocal demand. Our preliminary results indicate that this channel could have 
 important implications for the speed of recovery and for the study of betwe
 en-city inequality.</p>
DTSTAMP:20260405T212826Z
DTSTART:20170317T130000Z
DTEND:20170317T140000Z
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