Real Phd Thesis

Real Phd Thesis-30
I identify an exogenous lending cut by a large German bank and examine the growth of firms and counties dependent on this bank.

I identify an exogenous lending cut by a large German bank and examine the growth of firms and counties dependent on this bank.

The effect can largely be explained by households using the value of their house as collateral. How changes in bank size affect the real economy is an important question in the design of financial regulation.

This chapter studies a natural experiment from postwar West Germany.

On average, firms suffered when many other firms in their county experienced decreased bank lending, because of lower aggregate demand and agglomeration spillovers.

The effects of the lending cut persisted after lending had resumed.

Reforms by the Allied occupiers led to increases in the size of a number of banks.

I estimate the effect of increased bank size on the growth of firms.

Ignoringthe positive co-movement between public and private hours and wages leads to a significantunderestimation of the welfare effect of fiscal regime changes.

Chapter 2 characterizes optimal fiscal policy and evaluates it relative to the exogenous (observed)one.

In particular, public officials are modeled asindividuals competing for a larger share of those public funds.

The theoretical model usedis calibrated to German data for the period 1970-2007.

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