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SUMMARY:Bank Risk-Taking and the Economy: Evidence from the Housing Boom a
 nd its Aftermath Real
DTSTART:20181102T103000
DTEND:20181102T120000
DTSTAMP:20260916T014015Z
UID:f6d0be015056bb97713d8fc2c7ed9da4ef786b52d3219f1a2501fe1d
CATEGORIES:Conferences - Seminars
DESCRIPTION:Antonio FALATO\, Federal Reserve Bank\nThe short-termism of le
 nders amplifies boom-bust credit cycles\, leading in turn to real costs fo
 r the aggregate economy. During the U.S. housing credit boom\, publicly-tr
 aded banks increased mortgage lending activity and relaxed standards much 
 more than privately-held banks\, and more so if they were run by short-ter
 m oriented CEOs. In the ensuing bust\, counties with greater exposure to s
 hort-term oriented public banks experienced more severe downturns across a
  variety of outcomes\, including economically large drops in aggregate emp
 loyment\, durable consumption\, and retail sales. The findings hold for te
 xt-based measures of short-term focus and are robust to using an identific
 ation strategy that instruments for county mortgage lending with shocks th
 at areplausibly unrelated to local economic conditions. In all\, we provid
 e micro-founded evidence that the ownership structure and short-term focus
  of depository institutions matter for the real economy.\n 
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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