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The credit channel of monetary policy: Evidence from the housing market

[PDF] from bc.edu
M Iacoviello… - Journal of Macroeconomics, 2008 - Elsevier
This paper tests a credit channel of monetary policy (especially a bank-lending channel) in
the housing market. We argue that the relevance of the credit channel depends on the
structural features of the housing finance system, in particular efficiency and institutional ...
Cited by 85 - Related articles - Get it from MIT Libraries - All 15 versions

Informed finance and technological change: Evidence from credit relationships

[PDF] from msu.edu
Full text - MIT Libraries
A Maria Herrera… - Journal of Financial Economics, 2007 - Elsevier
This paper empirically investigates the effect of “informed finance” on technological change.
The theoretical literature offers conflicting predictions on whether the information of
financiers fosters or inhibits firms' innovation. Using data from a sample of Italian ...
Cited by 66 - Related articles - All 14 versions

Financial liberalization and the sensitivity of house prices to monetary policy: theory and evidence

[PDF] from bc.edu
Full text - MIT Libraries
M Iacoviello… - The Manchester School, 2003 - Wiley Online Library
We analyse the impact of financial liberalization on the link between monetary policy and
house prices. We present a simple model of a small open economy subjectto credit
constraints. The model shows that the higher the degree of financial liberalizationis, the ...
Cited by 45 - Related articles - Library Search - BL Direct - All 18 versions

International business cycles with domestic and foreign lenders

[PDF] from bc.edu
Full text - MIT Libraries
M Iacoviello… - Journal of Monetary Economics, 2006 - Elsevier
We examine the international transmission of business cycles in a two-country model where
credit contracts are imperfectly enforceable. In our economy, foreign lenders differ from
domestic lenders in their ability to recover value from borrowers' assets and, therefore, to ...
Cited by 44 - Related articles - All 8 versions

Credit constraints and firm export: microeconomic evidence from Italy

[PDF] from msu.edu
R Minetti… - Journal of International Economics, 2011 - Elsevier
This paper estimates the impact of credit rationing on firms' export. We use detailed survey
data from Italian manufacturing firms that provide a firm-specific measure of credit rationing
based directly on firms' responses to the survey rather than indirectly on firms' financial ...
Cited by 41 - Related articles - Get it from MIT Libraries - All 9 versions

[BOOK] Multiple creditors and information rights: theory and evidence from us firms

[PDF] from psu.edu
L Guiso, R Minetti… - 2004 - Citeseer
Abstract We analyze how a firm allocates information rights across its multiple banks. By
differentiating their information, a firm prevents its banks from continuing projects only to use
their superior information and seize assets during the reorganization. However, ...
Cited by 32 - Related articles - View as HTML - Get it from MIT Libraries - Library Search - BL Direct - All 13 versions

The credit channel of monetary policy and housing markets: international empirical evidence

[PDF] from psu.edu
M Iacoviello… - 2001 - papers.ssrn.com
Abstract: This paper tests for the presence of a credit channel (particularly a bank-lending
sub-channel) for monetary policy in the housing market. We argue that the importance of this
channel for investment in residential housing is highly dependent on the structural ...
Cited by 19 - Related articles - BL Direct - All 17 versions

The structure of multiple credit relationships: Evidence from US firms

[PDF] from eui.eu
Full text - MIT Libraries
L Guiso… - Journal of Money, Credit and Banking, 2010 - Wiley Online Library
We wish to thank two anonymous referees and the editor, Deborah Lucas, for their
comments. We also thank seminar participants at the London School of Economics,
Michigan State University, and Tilburg University for helpful comments and discussions. ...
Cited by 7 - Related articles - Library Search - All 15 versions

[PDF] Domestic and foreign lenders and international business cycles

[PDF] from bc.edu
M Iacoviello… - Boston College Working Papers in …, 2003 - fmwww.bc.edu
Abstract We examine the international transmission of business cycles in a two-country
model in which credit contracts are imperfectly enforceable. In our economy, foreign lenders
differ from domestic lenders in their ability to recover value from borrowers' assets and, ...
Cited by 6 - Related articles - View as HTML - All 10 versions

Financial Intermediaries as Markets for Firm Assets*

[PDF] from msu.edu
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L Araujo… - The Economic Journal, 2007 - Wiley Online Library
This article proposes a theory of financial intermediation based on intermediaries' role in the
reallocation of assets of distressed firms. The article suggests that intermediaries aggregate
information on firms in credit relationships and use this information to facilitate asset ...
Cited by 5 - Related articles - BL Direct - All 11 versions

Foreign lenders and the real sector

[PDF] from msu.edu
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L Ferraris… - Journal of Money, Credit and Banking, 2007 - Wiley Online Library
We develop a theory of the interaction between the entry of lenders and the real sector. The
high liquidation skills of incumbent lenders render them too tough in terminating high-
risk/return projects. Being “foreign” to the market, newcomers have lower ability to ...
Cited by 5 - Related articles - BL Direct - All 14 versions

Bank capital, firm liquidity, and project quality

[PDF] from acrobatplanet.com
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R Minetti - Journal of Monetary Economics, 2007 - Elsevier
We construct an economy where a two way interaction between bank capital and project
quality propagates negative shocks to technology or regulation. By shrinking the available
liquidity and the scale of their activity, a contraction in bank loans discourages ...
Cited by 4 - Related articles - All 8 versions

[PDF] The optimal nature of multiple banks

[PDF] from msu.edu
R Minetti - Michigan State University, East Lansing MI, 2005 - msu.edu
Abstract We consider an economy where stakeholders' information determines their ability to
grab resources during corporate reorganizations. By borrowing from both relationship and
transactional banks (diversified bank funding), firms prevent banks from continuing bad ...
Cited by 3 - Related articles - View as HTML - All 2 versions

[CITATION] The optimal nature of multiple creditors

R Minetti - 2004 - Working Paper, Michigan State …
Cited by 3 - Related articles

[PDF] The Informational Role of Prices and the Essentiality of Money in the Lagos-Wright Model

[PDF] from tempsite.ws
L Araujo, B Camargo, R Minetti… - Unpublished …, 2010 - eespfgvspbr.tempsite.ws
Abstract A major concern in modern monetary theory has been the development of models
where money is essential and yet substantive issues can be analyzed in a tractable manner.
At the center of this effort is the framework proposed by Lagos and Wright (2005), whose ...
Cited by 3 - Related articles - View as HTML - All 15 versions

Sharing Information in the Credit Market: Contract-Level Evidence from US Firms

[PDF] from msu.edu
A Doblas-Madrid… - 2009 - papers.ssrn.com
Abstract: We study the impact of lenders' information sharing on credit market performance
using contract-level data from a major US credit bureau that serves the equipment finance
industry. The staggered entry of lenders into the bureau, the richness of the data set ( ...
Cited by 3 - Related articles - All 13 versions

Informed Finance and Technological Conservatism*

[PDF] from lse.ac.uk
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R Minetti - Review of Finance, 2011 - rof.oxfordjournals.org
Abstract This paper studies an economy in which firms can operate either a mature or a new
technology and lenders acquire information on the productive assets of the borrowing firms
that are eligible as collateral. We demonstrate that when contracts are imperfectly ...
Cited by 3 - Related articles - All 13 versions

[PDF] Banks as Markets for Firm Assets

[PDF] from msu.edu
L Araujo… - Michigan State University WP, 2003 - msu.edu
Abstract We propose a theory of financial intermediaries as internal markets for corporate
assets. By aggregating the information on firms gathered in credit relationships, financial
intermediaries achieve a better reallocation of assets of distressed firms. However, the ...
Cited by 3 - Related articles - View as HTML - All 9 versions

[PDF] The essentiality of money in environments with centralized trade

[PDF] from iu.edu
L Araujo, B Camargo, R Minetti… - 2009 - iu.edu
Abstract A major concern in modern monetary theory is the construction of tractable models
where money is essential. Lagos and Wright (2005) pioneered a class of models that
address this concern. The key ingredient of the Lagos–Wright framework is that trade ...
Cited by 2 - Related articles - View as HTML - All 5 versions

[CITATION] VBank Capital, Firm Liquidity, and Project QualityV, Forthcoming

R Minetti - Journal of Monetary Economics, 2007
Cited by 2 - Related articles - Get it from MIT Libraries

[PDF] Foreign Lenders in Emerging Economies

[PDF] from nber.org
M Iacoviello… - 2008 - nber.org
Abstract In recent decades, after liberalizing their credit markets emerging economies have
frequently experienced sustained output growth but also large volatility of output and asset
(eg, real estate) prices. This paper studies an economy where firms face credit constraints ...
Cited by 2 - Related articles - View as HTML - All 20 versions

[CITATION] 0Financial Liberalisation and the Sensitivity of Housing Prices to Monetary Policy: Theory and Evidence. 1 The Manchester School 71

M Iacoviello… - 2003 - January
Cited by 2 - Related articles

Credit reallocation

[PDF] from wayne.edu
AM Herrera, M Kolar… - Journal of Monetary Economics, 2011 - Elsevier
A growing empirical literature finds that the allocation of credit across firms is as important as
its total volume for economic performance. This paper investigates the process through
which credit is reallocated across US businesses employing the methodology developed ...
Cited by 3 - Related articles - Get it from MIT Libraries - All 5 versions

ON THE ESSENTIALITY OF BANKS*

[PDF] from msu.edu
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L Araujo… - International Economic Review, 2011 - Wiley Online Library
We compare allocations sustained by credit with allocations sustained by bank notes (inside
money) in a search model with decentralized trade and limited monitoring. We demonstrate
that there exists a credit arrangement that is superior to inside money. However, in ...
Cited by 2 - Related articles - All 7 versions

[PDF] Liquidity Cycles

[PDF] from repec.org
M Iacoviello… - 2005 - repec.org
Abstract We study an economy where firms face credit constraints tied to the value of their
assets and financiers differ in their information on the market for firms' assets. Financiers with
poor information on the asset market make mistakes in asset liquidation, hoarding assets ...
Cited by 1 - Related articles - View as HTML - All 7 versions

[PDF] Credit Crunches, Asset Prices and Technological Change

[PDF] from univpm.it
L Araujo… - 2011 - mofir.univpm.it
Abstract We investigate the effects of a credit crunch in an economy where firms can operate
a mature technology or restructure their activity and adopt a new technology. We show that
firms' collateral and credit relationships ease firms' access to credit and investment but can ...
Cited by 1 - Related articles - View as HTML - All 11 versions

[PDF] Efficiency in a Monetary and Labor Search Economy

[PDF] from msu.edu
L Ferraris… - msu.edu
Abstract We study an economy where a monetary search market for an investment good and
a labor search market interact. We show that such an economy is vulnerable to an
underinvestment inefficiency. The inefficiency stems from the non-observability of firm ...
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[PDF] Informed Capital and Technological Conservatism

[PDF] from cepr.eu
R Minetti - cepr.eu
Abstract We examine an economy where informed lenders do not finance new technologies
to preserve the value of their information on mature technologies. However, informed
lenders can use their superior information to offer inexpensive financing for mature ...
Related articles - View as HTML - All 6 versions

[PDF] Ownership structure, governance, and innovation: Evidence from Italy

[PDF] from upf.edu
R Minetti, P Murro… - Discussion Papers, 2011 - econ.upf.edu
Abstract This paper tests the impact of firms' ownership structure on firms' innovation
decisions using a rich dataset of about 20,000 Italian manufacturers. After accounting for the
endogeneity of the ownership structure, we find that ownership concentration negatively ...
Cited by 1 - Related articles - View as HTML - All 7 versions

Royal Economic Society

L Araujo… - The Economic Journal, 2007 - res.org.uk
This article proposes a theory of financial intermediation based on intermediaries' role in the
reallocation of assets of distressed firms. The article suggests that intermediaries aggregate
information on firms in credit relationships and use this information to facilitate asset ...
Cached - Get it from MIT Libraries - All 2 versions

Obsolescence and Decline of Social Capital

[PDF] from msu.edu
L Araujo… - papers.ssrn.com
Abstract: This paper formalizes a theory of the obsolescence and decline of social capital
based on the interplay between social capital and the flexibility of productive resources. In
our economy, agents with specific skills are held up by their principals. Inside communities ...
Related articles - All 8 versions

18 The crisis of family firms and the decline of Italian capitalism

R Minetti - Italy today: the sick man of Europe, 2010 - books.google.com
Summary After being regarded as a successful model of corporate organization between the
1960s and the 1980s, Italian family firms appear to be unable to face mounting global
competition. On the one hand, many tiny family firms are under-sized, reluctant to hire ...
Related articles - All 2 versions

DP4278 Multiple Creditors and Information Rights: Theory and Evidence from US Firms

L Guiso… - 2004 - cepr.org
We analyse how a firm allocates information rights across its multiple banks. By
differentiating information disclosed, a firm prevents its banks from continuing projects
(possibly unsound) solely in order to use their superior information and seize assets ...
Cached - All 3 versions

Aggregate Restructuring and the Credit Market

[PDF] from uc3m.es
R Minetti - papers.ssrn.com
Abstract: We investigate the role of the credit market in an economy where firms can
implement a mature technology or restructure their activity and adopt a new technology. We
show that firms' collateral and credit relationships ease firms' access to credit and ...
Related articles - All 6 versions

[PDF] Knowledge Sharing and the Dynamics of Social Capital

[PDF] from msu.edu
Full text - MIT Libraries
L Araujo… - European Economic Review, 2011 - msu.edu
Abstract Mutual aid often entails the sharing of knowledge. We investigate how, in turn,
knowledge sharing affects the long-run dynamics of mutual aid. In our economy, agents with
specific knowledge are “held up” by their principals. Inside communities, agents aid each ...
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[PDF] Banking regulation, capital crunches and real estate crises¤

[PDF] from psu.edu
R Minetti - 2001 - Citeseer
Abstract We construct an economy where, in the presence of binding regulatory capital
requirements, a two way interaction between banks' capitalisation and borrowers' choice of
projects propagates negative shocks to technology or regulation. The key elements ...
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[PDF] Cities and Merchants

[PDF] from msu.edu
L Araujo… - msu.edu
Abstract We examine the interaction between the credit system and cities and how their
interplay determines technological progress. In cities information on the use of productive
assets flows and is reproduced more easily than in countryside. The credit system ...
Related articles - View as HTML - All 2 versions

[PDF] Informed Finance, Technological Conservatism, and the Development of New Industries

[PDF] from msu.edu
R Minetti - msu.edu
Abstract We show that in an economy with limited contract enforceability informed finance
can be an obstacle to technological progress. Informed lenders can offer inexpensive
financing for mature technologies but do not finance new technologies to preserve the ...
Related articles - View as HTML - All 2 versions

Markets and relationships in a learning economy

[PDF] from msu.edu
Full text - MIT Libraries
L Araujo… - Review of Economic Dynamics, 2010 - Elsevier
It is generally agreed that within long-term relationships agents learn the characteristics of
their market partners better than through spot transactions. In contrast, little is known on how
relationship-based and transaction-based markets compare when agents learn about the ...
Related articles - All 14 versions

[CITATION] Credit and the real economy Macroeconomic and microeconomic aspects

R Minetti - opengrey.eu
Cached

[PDF] From Fairs to Banks

[PDF] from chicagofed.org
L Araujo… - chicagofed.org
Abstract This paper puts forward a theory for the origin of banks based on their ability to
record and disseminate information when trade is decentralized and information on
transactions is scarce. We first show that when trade is limited cooperation in exchange ...
Related articles - View as HTML - All 15 versions

[PDF] Credit Market, Cities, and the Origin of Long Cycles

[PDF] from msu.edu
L Araujo… - msu.edu
Abstract We investigate the interaction between the credit market and cities in an economy
where cities ease the exchange of information on collateralized assets. We find that this
interaction can help to explain the existence of long cycles in the development of urban ...
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Foreign Banks and the Dual Effect of Financial Liberalization

[PDF] from msu.edu
L Ferraris… - papers.ssrn.com
Abstract: In emerging countries, credit market liberalization is often motivated with the
financial deepening generated by the entry of foreign financial institutions. However, a
gloomier view warns that credit market liberalization can benefit internationally active, ...
Related articles - All 2 versions

Linear Credit Crunches, Asset Prices and Technological Changes

L Araujo… - 2012 - ideas.repec.org
We investigate the effects of a credit crunch in an economy where firms can operate a
mature technology or restructure their activity and adopt a new technology. We show that
firms' collateral and credit relationships ease firms' access to credit and investment but can ...
Cached

Royal Economic Society

D Goux, E Maurin, JS Pischke, A Rubinstein… - The Economic …, 2007 - res.org.uk
Children's outcomes are strongly correlated with those of their neighbours. The extent to
which this is causal is the subject of an extensive literature. There is an identification
problem because people with similar characteristics are observed to live in close proximity ...
Cached - Get it from MIT Libraries - All 2 versions

[PDF] The Informational Role of Prices and the Essentiality of Money

[PDF] from unimib.it
L Araujo, B Camargo, R Minetti… - dipeco.economia.unimib.it
Abstract Lagos and Wright (2005) introduced a model of money and search in which trade
alternates between a centralized market, where exchange is mediated by prices, and a
decentralized market, where exchange takes place in pairwise meetings. Their framework ...
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[PDF] Collateral and Credit Relationships in a Restructuring Economy

[PDF] from msu.edu
R Minetti - msu.edu
Abstract We investigate the role of collateral and credit relationships in an economy where
firms can preserve a mature technology or restructure and adopt a new technology. While
collateral and relationships ease firms' access to credit, they may also hinder firms' ...
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[PDF] Liquidation Values and the Nature of Lenders

[PDF] from lse.ac.uk
L Ferraris… - 2002 - cep.lse.ac.uk
Abstract We construct an economy that features a two way link between the entry of lenders
foreign to the market (newcomers) and the average riskiness of firms projects, with the
bridge being the liquidation value of firms assets. Newcomers differ from incumbents in ...
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[PDF] Lending Constraints, Real Estate Prices and Business Cycles in Emerging Economies

[PDF] from swufe.edu.cn
R Minetti… - riem.swufe.edu.cn
Abstract This paper studies how international real interest rate shocks can drive business
cycles in an emerging economy. We first present evidence that, in emerging economies, real
interest rates and real estate prices are negatively correlated and real interest rates are ...
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[PDF] Lending Constraints, Financial Liberalization and Business Cycles in Emerging Economies

[PDF] from webmeets.com
R Minetti… - webmeets.com
Abstract We investigate the impact of domestic and external financial liberalization on
macroeconomic volatility in a small open economy with constraints on both the demand and
the supply side of the credit market. In our economy, the informational opaqueness of the ...
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[CITATION] Market Finance through Relationship Banking

G Ferri, R Minetti… - The XII Report on Financial System. Italian Banks: The …, 2007
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[PDF] Creditors' Skills and the Long-Run Impact of Financial Liberalization

[PDF] from msu.edu
L Ferraris… - msu.edu
Abstract Emerging economies frequently experience crises a few years after financial
liberalization. We propose an explanation based on the skill gap between foreign and
domestic creditors. In our economy, foreign creditors possess better skills than local, ...
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[PDF] The Cleansing Effect of Financial Crises

[PDF] from bc.edu
R Minetti - fmwww.bc.edu
Abstract We show that financial crises can foster firms' restructuring activity. In our economy,
lenders may impede firms' restructuring in order to preserve information learnt on mature
techniques. By facilitating lenders' information acquisition, credit relationships favor ...
Related articles - View as HTML - All 4 versions

[PDF] Cities, Merchants, and Technological Development

[PDF] from msu.edu
L Araujo… - msu.edu
Abstract We examine the interaction between the credit system and cities and how their
interplay determines technological progress. In cities information on the use of productive
assets flows and is reproduced more easily than in countryside. The credit system ...
Related articles - View as HTML - All 2 versions

ON THE LONG‐RUN EFFECTS OF FASHION

[PDF] from msu.edu
Full text - MIT Libraries
L Araujo… - Economic Inquiry, 2007 - Wiley Online Library
We investigate the long-run dynamic interaction between fashion (brand loyalty) and
industry structure. We analyze how this interaction affects the importance of fashion in the
market for a product in the different stages of its life and characterize conditions under ...
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[CITATION] Industry Structure and the Long Run Effects of Fashion

L Araujo…
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Our Referees for the Year 2006

A Arrighetti, S Bartolini, E Basile… - Rivista di Politica …, 2007 - rivistapoliticaeconomica.it
The papers submitted for publication in Rivista di Politica Economica are evaluated by two
anonymous referees who do not know the identity of the authors. The role of these experts is
fundamental to ensure the quality of the papers that will then be published in the journal.
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I referee della Rivista di Politica Economica nell'anno 2006

A Arrighetti, S Bartolini, E Basile… - RIVISTA DI …, 2007 - rivistapoliticaeconomica.it
La Rivista di Politica Economica sottopone ogni saggio ricevuto alla valutazione anonima di
due referee, che a loro volta ignorano il nome dell'autore del testo. Il loro lavoro è
fondamentale per assicurare la qualità ed il rigore scientifico dei saggi pubblicati nella ...
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