ERC grant 'Debt and Persistence of Financial Shocks' led by José-Luis Peydró (Banking; Non-banks, Shadow Banks, Fintech; Systemic Risk; Financial Crises; Macro)
Barcelona
Joined April 2020
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Persistdebt (José-Luis Peydró) retweeted
This article uses monetary policy surprises to show that nonbank lenders increase their credit supply relative to banks when US policy tightens. Firms with better access to nonbank credit relatively increase total corporate debt, investment, and employment. 2/2
Persistdebt (José-Luis Peydró) retweeted
Recently at JIE: "Nonbank lenders as global shock absorbers: Evidence from US monetary policy spillovers" by David Elliott (@BoE_Research), Ralf R. Meisenzahl and José-Luis Peydró (@persistdebt).
doi.org/10.1016/j.jinteco.20… 1/2
Persistdebt (José-Luis Peydró) retweeted
📣 Speaker Announcement! 📣
We’re delighted to announce that Marcin T. Kacperczyk (@imperialcollege and @cepr_org ) and @persistdebt (Imperial College London, @UPFBarcelona and CEPR) will be presenting their co-authored paper ‘Carbon Emissions and the Bank-Lending Channel’ at the 2024 ECGI Responsible Capitalism Summit on 10 September.
Are banks truly going green or merely polishing their image? This paper reveals that while banks cut loans to high-emission firms, these companies don’t necessarily clean up. Join us at the 2024 ECGI Responsible Capitalism Summit to dive into this intriguing analysis and find out if banks are truly managing risk or just their reputations.🌱🔍
Event Details:
A Decade After Paris: Accelerating Progress Towards Net Zero
🗓️ 10 September 2024
📍 @FranzBotschaft, French Embassy in Berlin
👉Event Link: lnkd.in/dssMANqp
🔗 Read the full blog post: mailchi.mp/ecgi/2024-ecgi-su…
🔗 Read the paper: papers.ssrn.com/sol3/papers.…
#BankLending #CarbonEmissions #GreenFinance
Persistdebt (José-Luis Peydró) retweeted
Congratulations to Prof Jose-Luis Peydro [@persistdebt] whose paper 'The real effects of borrower-based macroprudential policy: Evidence from administrative household-level data' is published in the Journal of Monetary Economics 👏
Read here: imprl.biz/45FV35Z
#IBResearch
Persistdebt (José-Luis Peydró) retweeted
5/5 LOLR funding also boosts bank bond issuance linked to higher haircut gaps. It further heightens the correlation between the prices of bonds pledged and those issued by banks, especially during periods of low market returns.
Persistdebt (José-Luis Peydró) retweeted
4/5 This effect is unique to banks, as nonbanks don't have LOLR access.
Persistdebt (José-Luis Peydró) retweeted
3/5 Analyzing micro-level ECB and private repo market data, we show that LOLR policy encourages banks to hold and pledge bonds with higher haircut gaps, particularly those issued by domestic and systemically important banks.
Persistdebt (José-Luis Peydró) retweeted
2/5 We focus on the LOLR's "haircut gap": the difference between valuation haircuts by private markets vs. central banks for repo collateral.
Persistdebt (José-Luis Peydró) retweeted
1/5 We show that central banks' lender of last resort (LOLR) policy impacts bank interconnectedness and increases systemic risk in the banking sector.
Persistdebt (José-Luis Peydró) retweeted
Excited to share our paper "Systemic Risk and Monetary Policy" published in the July issue of the Review of Financial Studies!
Joint work with amazing co-authors: @luc_laeven @DominikSupera @caterinamendic2 @persistdebt
academic.oup.com/rfs/article… @SFSjournals
short🧵below
Persistdebt (José-Luis Peydró) retweeted
Big thanks to @persistdebt for his great keynote on #monetary_policy and #financial_crises at the 100 anniversary of @BancoRepublica 🇨🇴 and for the very useful discussions on our joint project on #taxes and #bank_credit during @lacealames2023 at @JaverianaEcon #Banking #Taxes
Persistdebt (José-Luis Peydró) retweeted
Today we host an impressive group of economists from academia and central banks at the workshop “Monetary Policy and Financial Intermediation: Learning from Heterogeneity and Microdata”, organized by CCA, @bancaditalia and @NorgesBank.
bit.ly/3Jae9XR
Summarizing our research on monetary policy and inequality
🏦This week’s New Economy Brief explores the impact of monetary policy on poverty and inequality, and why interest rates alone are too blunt of a tool to tackle current inflation.📈
neweconomybrief.net/the-dige…
Persistdebt (José-Luis Peydró) retweeted
Incredibly happy (and a little proud) that my coauthor and former student Dmitry Kuvshinov, now AP at Pompeu Fabra, was awarded an @ERC_Research starting grant for work on financial crises. So well deserved. @MacroFinanceLab upf.edu/web/focus/inici/-/as…
Persistdebt (José-Luis Peydró) retweeted
Very happy to share a new blog post on our Management Science forthcoming paper with Irina Mihai, @CMinoiu, and @persistdebt
Here's a great quick read about the effectiveness of macroprudential policies in "leaning against the global financial cycle": atlantafed.org/blogs/macrobl…
Persistdebt (José-Luis Peydró) retweeted
Thanks to all who made the 5th @cepr_org workshop in #Athens unforgettable! Your contributions were invaluable. Enjoy this snapshot from our gala dinner with the iconic Acropolis. Stay tuned for the 6th edition's CofP. @AlexMichaelide3 @persistdebt
👇👇
endlessconf.org/
Our Journal of International Economics (Nov 2022) paper shows that nonstandard monetary policy has strong limits on fostering re-integration of cross-border wholesale markets, key given recent ECB policy actions (eg TPI) & incomplete EU banking union: lnkd.in/eSwBQVps
Persistdebt (José-Luis Peydró) retweeted
Forthcoming soon: Doerr @BIS_org, Gissler @federalreserve, @persistdebt @ImperialBiz @UPFBarcelona, @joachim_voth @econ_uzh find that Nazi votes surged more, pogroms & deportations more common, in locations more affected by German bank failures in 1931. doi.org/10.1111/jofi.13166
