• The Labor Market Effects of Loan Guarantee Programs

• A Dynamic Theory of Lending Standards

• The Dynamics of Loan Sales and Lender Incentives

• A Theory of the Term Structure of Interest Rates under Limited Household Risk Sharing

• Digitalization and Retirement Contribution Behavior: Evidence from Administrative Data

• Digital Payments and Consumption: Evidence from the 2016 Demonetization in India

• Managing Mental Accounts: Payment Cards and Consumption Expenditures

Review of Financial Studies 2024年8月

Jean-Noël Barrot (HEC Paris)

Thorsten Martin (Bocconi University and Frankfurt School of Finance & Management)

Julien Sauvagnat (Bocconi University)

Boris Vallée (Harvard Business School)

We investigate the labor market effects of a loan guarantee program targeting French SMEs during the financial crisis. Exploiting differences in regional treatment intensity in a border discontinuity design, we uncover a central trade-off for such interventions. While the program has a positive impact on workers’ employment and earnings trajectories that translates into positive aggregate employment effects, it dampens the worker reallocation toward more productive firms that happens following recessions, and particularly so for high-skill workers. This labor allocation effect is economically significant and translates into a reduction in aggregate productivity.

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Review of Financial Studies 2024年8月

Michael Fishman (Northwestern University)

Jonathan Parker (MIT and NBER)

Ludwig Straub (Harvard and NBER)

We analyze a dynamic credit market where banks choose lending standards, modeled as costly effort to screen out bad borrowers. Tighter standards worsen the borrower pool, increasing banks’ incentives to employ tight standards in the future. This dynamic complementarity in lending standards can amplify and prolong downturns, decreasing lending and increasing credit spreads. Because lending standards have negative externalities, the market can converge to a steady state with inefficiently tight lending standards. We discuss the role of optimal policy to avoid this outcome as well as the impact of balance sheet costs on lending standards.

原刊和作者：

Review of Financial Studies 2024年8月

Sebastian Gryglewicz (Erasmus University Rotterdam)

Simon Mayer (Carnegie Mellon University)

Erwan Morellec (EPF Lausanne, Swiss Finance Institute, and CEPR)

How much of a loan should a lender retain, and how do loan sales affect loan performance? We address these questions in a model in which a lender originates loans that it can sell to investors. The lender reduces default risk through screening at origination and monitoring after origination, but is subject to moral hazard. The optimal lender-investor contract can be implemented by requiring the lender to initially retain a share of the loan that it gradually sells to investors, rationalizing loan sales after origination. The model generates novel predictions linking loan and lender characteristics to initial retention, sales dynamics, and loan performance.

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Review of Financial Studies 2024年8月

Indrajit Mitra (Federal Reserve Bank of Atlanta)

Yu Xu (University of Delaware)

We present a theory in which the interaction between limited sharing of idiosyncratic labor income risk and labor adjustment costs (that endogenously arise through search frictions) determines interest rate dynamics. In the general equilibrium, the interaction of these two ingredients relates bond risk premiums, cross-sectional skewness of income growth, and labor market tightness. Our model rationalizes an upward-sloping average yield curve and predicts a negative relation between labor market tightness and bond risk premiums. We provide evidence for our theory’s mechanism and predictions.

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Review of Financial Studies 2024年8月

Claudio Daminato (Lund University and ETH Zurich)

Massimo Filippini (ETH Zurich and Università della Svizzera Italiana)

Fabio Haufler (ETH Zurich)

Retirement savings decisions are increasingly mediated by digital technologies that promise to help individuals plan adequately for their retirement. We exploit a natural experiment to show that introducing a digital pension application increases the probability of making a voluntary retirement contribution by 1.8 percentage points, from an average pretreatment contribution rate of 2.8%. Men and higher-income earners are more likely to respond to the app introduction. We then leverage a field experiment to show that using the app affects contribution behavior mainly through reducing the “hassle” costs of making contributions, rather than by providing information on the associated tax savings.

原刊和作者：

Review of Financial Studies 2024年8月

Sumit Agarwal (National University of Singapore)

Pulak Ghosh (Indian Institute of Management Bangalore)

Jing Li (Singapore Management University)

Tianyue Ruan (National University of Singapore)

We study how consumer spending responds to digital payments, using the differential switch to digital payments across consumers induced by the sudden 2016 Indian Demonetization for identification. Digital payment use rose by 2.94 percentage points and monthly spending increased by 2.38% for an additional 10 percentage points in prior cash dependence. Spending remained elevated even when cash availability recovered. Robustness analyses show that the spending response is not driven by purchase substitution, income shocks, credit supply, or price changes. We provide causal evidence that digital payments increase consumer spending due to subdued endowment effects.

原刊和作者：

Review of Financial Studies 2024年8月

Michael Gelman (University of Delaware)

Nikolai Roussanov (University of Pennsylvania and NBER)

Does mental accounting matter for total consumption expenditures? We exploit a unique setting in which individuals exogenously receive a new payment card, without requesting one. Using random variation in the time of receipt, we show that individuals temporarily increase total consumption expenditure by making purchases with the new card without reducing spending on the others. We do not observe a corresponding increase in indebtedness. Total consumption expenditure rises even for the least liquidity-constrained individuals. The evidence is consistent with consumers treating methods of payment as nonfungible budget categories, as suggested by models of mental accounting and narrow bracketing.

原文：

https://academic.oup.com/rfs/issue/37/8

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