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Technology-based (“FinTech”) lenders increased their market share of U.S. mortgage lending from 2% to 8% from 2010 to 2016. Using loan-level data on mortgage applications and originations, we show that FinTech lenders process mortgage applications 20% fast ...
The financial crisis of 2007-2009 drew attention to the essential role of banks for the macroeconomy and to the importance of having a resilient financial sector. A vulnerability in the financial sector spills over to the real economy and can drive it into ...
We build a model of endogenous, innovation-driven growth in which innovative firms have costly access to outside financing and hoard cash reserves to maintain financial flexibility. We show that financing frictions slow down Schumpeterian creative destruct ...
In this paper we develop a fully decentralized algorithm for policy evaluation with off-policy learning and linear function approximation. The proposed algorithm is of the variance reduced kind and achieves linear convergence with O(1) memory requirements. ...
In this paper, we study the operations of a one-way station-based carsharing system implementing a complete journey reservation policy. We consider the percentage of served demand as a primary performance measure and analyze the effect of several dynamic s ...
Cuts to government spending rather than increases in consumption taxes are statistically associated with internal devaluations in the euro area during the period 2010-2014. Countries that cut spending experienced a decline in nominal wages, rising net expo ...
Cuts to government spending rather than increases in consumption taxes are statistically associated with internal devaluations in the euro area during the period 2010-2014. Countries that cut spending experienced a decline in nominal wages, rising net expo ...
This paper discusses the development of key features in European Union policy and service redesign, based on social innovative practices where co-creation and the related phenomenon of digital social innovation have a high potential impact. The idea undern ...
We argue that the time-varying regional distribution of housing equity influences the aggregate consequences of monetary policy through its effects on mortgage refinancing. Using detailed loan-level data, we show that regional differences in housing equity ...
Dampened inflation expectations have a significant impact on the New Keynesian Phillips Curve. This dampening not only flattens the long run Phillips Curve, but it can also lead to a bias in the estimation of its short run slope. It also affects the respon ...
