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- Publications
- Influence
Credit Supply and the Price of Housing
An exogenous expansion in mortgage credit has significant effects on house prices. This finding is established using US branching deregulations between 1994 and 2005 as instruments for credit. Credit… Expand
An Empirical Reassessment of the Relationship between Finance and Growth
- G. Favara
- Economics
- 1 June 2003
This paper reexamines the empirical relationship between financial development and economic growth. It presents evidence based on cross-section and panel data using an updated dataset, a variety of… Expand
Strategic default and equity risk across countries
- G. Favara, Enrique J. Schroth, P. Valta
- Economics, Chemistry
- 1 December 2012
We show that the prospect of a debt renegotiation favorable to shareholders reduces the firm's equity risk. Equity beta and return volatility are lower in countries where the bankruptcy code favors… Expand
Credit Supply and the Price of Housing ∗ Giovanni Favara
- G. Favara
- 2009
We show that since 1994, branching deregulations in the U.S have significantly affected the supply of mortgage credit originated by banks, and ultimately house prices. But the deregulation has no… Expand
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Externalities and Macroprudential Policy
- Gianni De Nicoló, G. Favara, L. Ratnovski
- Economics, Business
- 7 June 2012
This note overviews macroprudential policy options that have been proposed to address the systemic risks experienced during the recent financial crisis. It contributes to the policy debate by… Expand
Reconsidering the Role of Money for Output, Prices and Interest Rates
- G. Favara, P. Giordani
- 2006
New Keynesian models of monetary policy predict no role for monetary aggregates, in the sense that the level of output, prices, and interest rates can be determined without knowledge of the quantity… Expand
Debt Enforcement, Investment, and Risk Taking Across Countries
- G. Favara, E. Morellec, Enrique J. Schroth, P. Valta
- Economics, Business
- 2013
We argue that the prospect of an imperfect enforcement of debt contracts in default reduces shareholder-debtholder conflicts and induces leveraged firms to invest more and take on less risk as they… Expand
Reconsidering the Role of Money for Output, Prices and Interest Rates
- P. Giordani, G. Favara
- Economics
- 19 November 2002
New Keynesian models of monetary policy assign no role to monetary aggregates, in the sense that the level of output, prices, and interest rates can be determined without knowledge of the quantity of… Expand
Forced Asset Sales and the Concentration of Outstanding Debt: Evidence from the Mortgage Market
- G. Favara, Mariassunta Giannetti
- Economics
- 1 March 2015
We provide evidence that lenders differ in their ex post incentives to internalize price-default externalities associated with the liquidation of collateralized debt. Using the mortgage market as a… Expand
Updating the Recession Risk and the Excess Bond Premium
- G. Favara, Simon Gilchrist, K. F. Lewis, E. Zakraǰsek
- Economics
- 6 October 2016
Beginning with the publication of this Note, we will provide updated estimates of the EBP and the associated model-implied probability of a U.S. recession every month.
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