Estimados/as Académicos/as,

Les extendemos la invitación al seminario que organiza el Departamento de Economía, en el que se presentará el trabajo titulado "(Unobserved) Heterogeneity in the Bank Lending Channel: Accounting for Bank-Firm Interactions and Specialization".

Expone: Lucciano Villacorta, economista senior, Banco Central.

Coautores: Alonso Villacorta y Bryan Gutiérrez.

Abstract: The transmission of bank credit supply shocks hinges on unobserved interactions between banks and firms, reflecting lending specialization. Using bank-firm credit data, we develop a framework that estimates heterogeneous effects of credit shocks across firm types, where firm-type is unobserved. We document significant heterogeneity in transmission across estimated firm types, with types predicted by firm characteristics and bank specialization. Accounting for such heterogeneity and the bank-firm network structure is essential for understanding the bank lending channel and its real effects. We uncover a novel bank-firm matching channel by which credit shocks are amplified through bank-firm networks.

El formato será presencial en la sala T-1605.

Saludos cordiales,

Dirección de Investigación