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BEGIN:VEVENT
UID:48c82cd9f2b17c611241bbc9a670abb8
CATEGORIES:Seminars
CREATED:20170426T184856
SUMMARY:Lunch Seminar: David Argente - University of Chicago
DESCRIPTION;ENCODING=QUOTED-PRINTABLE: Monetary Transmission and the Propagation of the Great Recession\nAbstract
 :\n Did banks worsen the economic contraction during the Great Recession? W
 e study home-equity lending during this period and document that banks’ abi
 lity to provide effective intermediation between borrowers and lenders not 
 only decreased dramatically but also differed importantly across cities in 
 the US. Higher costs of intermediation made credit more expensive and harde
 r to obtain in cities already harmed by the recession. We find that this hi
 ndered monetary transmission, worsen the allocation of credit, and increase
 d the length and depth of the crisis through a contraction of local demand.
  Our preliminary results indicate that this channel could have important im
 plications for the speed of recovery and for the study of between-city ineq
 uality.\n
DTSTAMP:20260405T212646Z
DTSTART:20170317T130000Z
DTEND:20170317T140000Z
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