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  • 2022
  • Working Paper

Distributional Consequences of Monetary Policy Across Races: Evidence from the U.S. Credit Register
By: Laura Alfaro, Ester Faia and Camelia Minoiu
We examine the consequences of monetary policy on racial disparities, focusing on the role of bank lending to firms through collateral and selection channels. Leveraging comprehensive loan-level data from the U.S. credit register (Y-14Q) of the Federal Reserve, we show...  View Details
Keywords: Monetary Policy Transmission; Inequity; Credit Registry; Wealth; Collateral Channel; Selection; Racial Disparity; Racial Inequality; Equality and Inequality; Banks and Banking; Credit; Governing Rules, Regulations, and Reforms; Banking Industry; United States
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  • 2019
  • Working Paper

House Prices, Home Equity and Entrepreneurship: Evidence from U.S. Census Micro Data
By: Sari Pekkala Kerr, William R. Kerr and Ramana Nanda
We use Census micro data to shed new light on how growth in house prices boosts U.S. entrepreneurship. At the height of the 2007 real estate boom, 5% of self-employed individuals and 12% of employer-businesses used home equity to partly or wholly finance a new...  View Details
Keywords: House Prices; Collateral Channel; Entry; Demography; Mortgages; Entrepreneurship
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