Search Results
Journal Article
The Unequal Recovery: Measuring Financial Distress by ZIP Code
Sanchez, Juan M.; Mather, Ryan
(2019)
Since 2015, households in the poorest ZIP codes appear to have become more financially vulnerable.
The Regional Economist
, Volume 27
, Issue 1
Working Paper
Financing Ventures: Some Macroeconomics
Greenwood, Jeremy; Sanchez, Juan M.; Han, Pengfei
(2017-08-01)
The relationship between venture capital and growth is examined using an endogenous growth model incorporating dynamic contracts between entrepreneurs and venture capitalists. At each stage of financing, venture capitalists evaluate the viability of startups. If viable, venture capitalists provide funding for the next stage. The success of a project depends on the amount of funding. The model is confronted with stylized facts about venture capital; viz., statistics by funding round concerning the success rates, failure rates, investment rates, equity shares, and IPO values. Raising capital ...
Working Papers
, Paper 2017-35
COVID-19 and Financial Distress: Vulnerability to Infection and Death
Athreya, Kartik B.; Sanchez, Juan M.; Mather, Ryan; Mustre-del-Rio, Jose
(2020-04-02)
Although COVID-19 initially spread faster in areas with low financial distress, evidence suggests that infections may spread most rapidly in highly financially distressed areas moving forward.
On the Economy
Journal Article
Financial Conditions: Do the Ups and Downs Affect the Rest of the Economy?
Sanchez, Juan M.; Kim, Hee Sung
(2017)
Do changes in the conditions of financial markets lead to changes in real economic activity? This question can be answered by analyzing the ups and downs in sales and investments of firms with different needs of external financing. The evidence suggests the causal effect is small.
The Regional Economist
, Volume 25
, Issue 1
Working Paper
From Population Growth to TFP Growth
Inokuma, Hiroshi; Sanchez, Juan M.
(2023-03-27)
Using a firm-dynamics model that has been extended to include endogenous growth, we examine how population growth influences total factor productivity (TFP) growth. The most important theoretical result is that the growth rate of surviving old businesses is a "sufficient statistic" to determine the direction and the magnitude of the impact of population growth on TFP growth. Following that, the model is calibrated for Japan and the United States. The main finding of examining balanced growth paths (BGPs) with various rates of population growth is that the effect on TFP growth is sizable. ...
Working Papers
, Paper 2023-006
Journal Article
Tax Cuts, Venture Capital, and Long-Term Growth
Sanchez, Juan M.
(2019-08-30)
The rise in venture capital investment suggests the 2017 tax cuts will increase economic growth through more-profitable investment in innovation.
Economic Synopses
, Issue 22
Working Paper
Evergreening
Sanchez, Juan M.; Paul, Pascal; Faria-e-Castro, Miguel
(2022-07)
We develop a simple model of relationship lending where lenders have incentives for evergreening loans by offering better terms to less productive and more indebted firms. We detect such lending behavior using loan-level supervisory data for the United States. Low-capitalized banks systematically distort firms’ risk assessments to window-dress their balance sheets. To avoid further reductions in their capital ratios, such banks extend relatively more credit to underreported borrowers. We incorporate the theoretical mechanism into a dynamic heterogeneous-firm model to show that evergreening ...
Working Papers
, Paper 2021-012
Working Paper
Seigniorage and Sovereign Default: The Response of Emerging Markets to COVID-19
Espino, Emilio; Sanchez, Juan M.; Martin, Fernando M.; Kozlowski, Julian
(2020-07-10)
Monetary policy affects the tradeoffs faced by governments in sovereign default models. In the absence of lump-sum taxation, governments rely on both disortionary taxes and seigniorage to finance expenditure. Furthermore, monetary policy adds a time-consistency problem in debt choice, which may mitigate or exacerbate the incentives to accumulate debt. A deterioration of the terms-of-trade leads to an increase in sovereign-default risk and inflation, and a reduction in growth, which are consistent with the empirical evidence for emerging economies. An unanticipated shock resembling the ...
Working Papers
, Paper 2020-017
Working Paper
Policy Rules and Large Crises in Emerging Markets
Espino, Emilio; Kozlowski, Julian; Martin, Fernando M.; Sanchez, Juan M.
(2022-08-31)
In response to the COVID-19 pandemic, Latin American countries temporarily suspended rules limiting debt, fiscal and monetary policies. Despite this increase in flexibility, the crisis implied a substantial deterioration of macroeconomic variables (e.g., real GDP declined by 9.5%) and high welfare costs (which we estimate as equivalent to a 13% one-time reduction in non-tradable consumption). This paper studies a sovereign default model with fiscal and monetary policies to assess the policy response and evaluate the gains from flexibility in times of severe distress.
Working Papers
, Paper 2022-018
Journal Article
Uneven Consumption Growth in the COVID-19 Economic Recovery
Sanchez, Juan M.; Mori, Masataka
(2024-06-28)
Are richer households driving the boom in post-pandemic consumption? It may be the case in the U.S., as consumption growth is faster in goods and services with higher income elasticity.
Economic Synopses
, Issue 13
, Pages 3 pages
FILTER BY year
FILTER BY Bank
Federal Reserve Bank of St. Louis 131 items
Federal Reserve Bank of Richmond 15 items
Federal Reserve Bank of Kansas City 4 items
Federal Reserve Bank of San Francisco 3 items
Federal Reserve Bank of Chicago 1 items
FILTER BY Series
Working Papers 62 items
The Regional Economist 23 items
Economic Synopses 19 items
On the Economy 18 items
Working Paper 12 items
Review 9 items
Research Working Paper 3 items
Economic Quarterly 2 items
Working Paper Series 2 items
Economic Bulletin 1 items
FRBSF Economic Letter 1 items
Proceedings 1 items
Richmond Fed Economic Brief 1 items
show more (8)
show less
FILTER BY Content Type
FILTER BY Author
Athreya, Kartik B. 21 items
Espino, Emilio 20 items
Mustre-del-Rio, Jose 18 items
Kozlowski, Julian 16 items
Martin, Fernando M. 15 items
Mather, Ryan 15 items
Wilkinson, Olivia 14 items
Greenwood, Jeremy 13 items
Yurdagul, Emircan 13 items
Faria-e-Castro, Miguel 12 items
Paul, Pascal 11 items
Sapriza, Horacio 10 items
Dvorkin, Maximiliano 8 items
Han, Pengfei 8 items
Mori, Masataka 7 items
Inokuma, Hiroshi 6 items
Kudlyak, Marianna 5 items
Hatchondo, Juan Carlos 4 items
Jiang, Helu 4 items
Liborio, Constanza S. 4 items
Martinez, Leonardo 4 items
Wang, Cheng 4 items
Garriga, Carlos 3 items
Monge-Naranjo, Alexander 3 items
Santaeulalia-Llopis, Raul 3 items
Tam, Xuan S. 3 items
Zhu, Lijun 3 items
Boldrin, Michele 2 items
Cirelli, Fernando 2 items
Kim, Hee Sung 2 items
Peralta-Alva, Adrian 2 items
Young, Eric R. 2 items
Alvarez-Parra, Fernando 1 items
Cole, Harold L. 1 items
Cruz-Taura, Ana 1 items
Cuadra, Gabriel 1 items
Gopalan, Radhakrishnan 1 items
Henly, Samuel E. 1 items
Hilgert, Marianne A. 1 items
Hogarth, Jeanne M. 1 items
Howe, Sybill 1 items
Kong, Yu-Chien 1 items
LeVeen, Jessica 1 items
Lucio, Edwin 1 items
Manuelli, Rodolfo E. 1 items
McQuerry, Elizabeth 1 items
Pal, Avantika 1 items
Price, David A. 1 items
Ricketts, Lowell R. 1 items
Smith, Wayne 1 items
Sohail, Faisal 1 items
Thornton, Daniel L. 1 items
Yerramilli, Vijay 1 items
Young, Eric 1 items
show more (50)
show less
FILTER BY Jel Classification
F34 23 items
F41 23 items
G15 23 items
E44 22 items
E52 21 items
G21 18 items
E62 14 items
E21 13 items
G32 12 items
O16 11 items
E22 10 items
E43 10 items
D31 9 items
D58 9 items
E32 9 items
G11 9 items
O41 9 items
E13 8 items
E60 8 items
G12 8 items
G24 8 items
L26 8 items
O31 8 items
O40 8 items
D82 5 items
J11 4 items
O33 4 items
D60 3 items
E51 3 items
G33 3 items
H55 3 items
I38 3 items
J65 3 items
O11 3 items
D86 2 items
E20 2 items
G23 2 items
D9 1 items
D92 1 items
G28 1 items
G34 1 items
K35 1 items
show more (37)
show less
FILTER BY Keywords
COVID-19 31 items
Default 22 items
Financial Distress 20 items
Sovereign Debt 20 items
inflation 18 items
Crises 17 items
emerging markets 15 items
monetary policy 15 items
fiscal policy 14 items
Bankruptcy 13 items
Country Risk 12 items
Delinquency 11 items
credit card debt 11 items
evergreening 10 items
misallocation 10 items
Maturity 9 items
bank lending 9 items
Consumption 9 items
Exchange Rate 9 items
venture capital 8 items
Foreclosure 8 items
Mortgage 8 items
zombie firms 7 items
Coronavirus 7 items
Employment 7 items
research and development 7 items
IPO 6 items
Restructuring 6 items
endogenous growth 6 items
startups 6 items
Recession 6 items
Economic development 5 items
Latin America 5 items
capital gains taxation 5 items
dynamic contracts 5 items
evaluating 5 items
funding rounds 5 items
monitoring 5 items
Consumer credit 5 items
Business cycles 4 items
Geography 4 items
Markov-perfect equilibrium 4 items
Seigniorage 4 items
demographics 4 items
discretion 4 items
firms dynamics 4 items
innovation 4 items
productivity 4 items
rules 4 items
total factor productivity (TFP) 4 items
Mortgages 4 items
inequality 4 items
Credit Card 3 items
Default (Finance) 3 items
Distribution of Creditor Losses 3 items
GDP-indexed Debt 3 items
Great Recession 3 items
International Monetary Fund 3 items
Labor 3 items
Mexico 3 items
News 3 items
Spreads 3 items
consumption growth 3 items
financial development 3 items
growth 3 items
growth regressions 3 items
economic growth 3 items
limited commitment 3 items
Cash flow 2 items
Debt 2 items
Dynamic Discrete Choice 2 items
Economy 2 items
Factor Shares 2 items
Human Capital 2 items
Incomplete Markets 2 items
Informality 2 items
Intermediation (Finance) 2 items
Investment 2 items
Japan 2 items
Job Search 2 items
Leverage 2 items
Moral Hazard 2 items
Mortgage loans 2 items
Recessions 2 items
Rescheduling 2 items
Risk 2 items
Time-consistency 2 items
UISA 2 items
Unemployment 2 items
Unemployment Insurance 2 items
credit card delinquencies 2 items
credit scores 2 items
government debt 2 items
international trade 2 items
population growth 2 items
savings accounts 2 items
zombie lending 2 items
Bonds 2 items
Debt Crises 2 items
Household spending 2 items
Poverty 2 items
Taxation 2 items
Argentina 1 items
Assets 1 items
Bilateral Insurance 1 items
Bond Duration 1 items
Business 1 items
Business conditions 1 items
Capital 1 items
Capital Flows 1 items
Capital Formation 1 items
Cash management 1 items
Consumer Debt 1 items
Consumer spending 1 items
Contracts 1 items
Corporations - Taxation 1 items
Credit 1 items
Death 1 items
Debt Dilution. 1 items
Disclosure of information 1 items
EBITDA 1 items
Economic conditions 1 items
Emigrant remittances 1 items
Europe 1 items
Federal Reserve District, 8th 1 items
Financial crises 1 items
Financial institutions 1 items
Fore- closure 1 items
GAAP 1 items
Gross domestic product 1 items
Housing - Prices 1 items
Idiosyncratic risk 1 items
Income gaps 1 items
India 1 items
Infection 1 items
Information technology 1 items
International Flows 1 items
International Monetary Fun 1 items
Job creation 1 items
Labor market 1 items
Life cycle 1 items
Liquidity 1 items
Macroeconomics 1 items
Markov equilibrium 1 items
Natural Resources 1 items
Pandemic 1 items
Private Information 1 items
Propagation of Shocks 1 items
Reccession 1 items
Residential investment 1 items
Small and Large firms 1 items
Social Distancing 1 items
Taylor rule 1 items
Technology - Economic aspects 1 items
Testing 1 items
Unbanked 1 items
Welfare gaps 1 items
ZIP codes 1 items
add-backs 1 items
auto loans 1 items
banks 1 items
bond indexes 1 items
borrower performance 1 items
business cycle accounting 1 items
covid19 1 items
credit agreements 1 items
credit constraints 1 items
currency depreciation 1 items
economic recovery 1 items
financial conditions indexes 1 items
financial covenants 1 items
firms 1 items
fiscal deficits 1 items
foreclosures 1 items
government expenditures 1 items
income elasticity 1 items
income inequality 1 items
income levels 1 items
infections 1 items
lead arranger 1 items
lender monitoring 1 items
leveraged lending guidance 1 items
loan performance 1 items
loan sales 1 items
monetary policy tightening 1 items
money supply 1 items
mortgage forbearance 1 items
mortgage payments 1 items
mortgage repayment 1 items
multisector models 1 items
municipal bond market 1 items
municipal bond yields 1 items
municipal bonds 1 items
output gaps 1 items
output growth 1 items
personal consumption 1 items
policy rate 1 items
prices 1 items
screening 1 items
sovereign default 1 items
start-ups 1 items
syndicated loans 1 items
wage growth 1 items
world economy 1 items
yield curves 1 items
yields 1 items
show more (236)
show less