Annual Conference

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Household Finance

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May 2022

Using the introduction of an asset based two-tiered evaluation scheme in the 1995 CRA reform, we examine the consequences of regulatory avoidance. Banks exploit the attribute-based regulation by strategically slowing asset growth, bunching below the $250M threshold. The regulatory avoidance also pro...
Keywords: CRA, Financial Institutions, Regulatory Avoidance, Attribute-based Regulation
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Annual Conference

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Household Finance

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May 2022

We analyze how individual investors respond to inflation. We introduce a unique dataset containing information on local inflation and security portfolios of more than 2,000 clients of a German bank between 1920 and 1924, covering the German hyperinflation. We find that individual investors buy less ...
Keywords: inflation, investor behavior, individual investors, behavioral biases, money illusion
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Annual Conference

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Household Finance

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May 2022

Using an equilibrium macro-housing model with incomplete markets, defaultable mortgage debt, and endogenous liquidity, this paper analyzes how institutional details of the housing finance system impact macroeconomic fragility and the magnitude of boom-bust episodes. With a focus on the recent U.S. e...
Keywords: Housing, Consumption, liquidity, Debt, Great Recession
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Annual Conference

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Household Finance, Senior Fellows/Fellows

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May 2022

Using a unique FinTech data containing monthly individual-level consumption, investments, and payments, we examine how FinTech can lower investment barriers and improve risk-taking. Seizing on the rapid expansion of offline usages of Alipay in China, we measure individuals’ FinTech adoption by the...
Keywords: FinTech, Digital Payment, Financial Inclusion, Consumption, Risk Taking
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Annual Conference

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Real Estate and Urban Economics

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May 2022

We study the impact of politicians’ asset allocation on their economic bill proposals. Using a novel database of comprehensive financial disclosures of Congress members in South Korea, we find that the Congress members with more real estate assets in their portfolios are less likely to propose eco...
Keywords: political economy, economic bill proposal, politician’s asset allocations, real estate
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