Annual Conference

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Corporate Finance

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May 2025

Redistribution Channel of Monetary Policy: Evidence from Bank Lending

Yi HUANG, Bing LU, Hao ZHOU
Using the employer-employee survey data and the granular loan-level data from China, this paper explores the redistribution effect of monetary policy through bank lending. The main findings show that the expansionary monetary policy would reduce inequality through the sample bank lending, both withi...
Keywords: Monetary policy transmission, Redistribution effect, Bank lending, Loan rate, Income inequality
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2014

Real Exchange Rates and Sectoral Productivity in the Eurozone

Martin BERKA, Charles ENGEL, Michael B. DEVEREUX
We investigate the link between real exchange rates and sectoral TFP for eurozone countries. We show that real exchange rate variation, both cross-country and time-series, closely accords with an amended Balassa-Samuelson interpretation, incorporating sectoral productivity shocks and a labor market ...
Keywords: Real Exchange Rates, Eurozone, productivity
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Real Estate Shocks and Financial Advisor Misconduct

Stephen G. DIMMOCK, William C. GERKEN, Tyson D. VAN ALFEN
We test whether household wealth shocks affect professional misconduct by financial advisors. We use a panel of advisors’ home addresses and examine within-advisor variation relative to other advisors who work at the same firm and live in the same ZIP code. We show that advisors increase miscon...
Keywords: Financial advisors, Brokers, Financial misconduct, Fraud, Household finance, Real estate, bankruptcy
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Annual Conference

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Senior Fellows/Fellows, Capital Market Development: China and Asia

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May 2013

Real Estate Collateral Value and Investment: The Case of China

Jing WU, Yongheng DENG, Joseph GYOURKO
Previous research on the United States and Japan finds economically large impacts of changing real estate collateral value on firm investment that amplified the business cycles of those countries. Working with unique data on land values in 35 major Chinese markets and a panel of firms outside the re...
Keywords: Housing and land markets, Collateral Channel, Financial constraints, Firm investment
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2019

Real Estate Booms and Misallocation of Capital in China

Laura Xiaolei LIU, Ting CHEN, Wei XIONG, Li-An ZHOU
This paper analyzes how real estate shocks affect corporate investment in China. In addition to the widely documented collateral channel, we also uncover two other channels: the speculation channel—rapidly rising commercial land prices induce manufacturing and service firms to buy more commercial ...
Keywords: Land prices, Collateral Channel, Speculation Channel, Crowding Out Channel, Misallocation of Capital
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