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BEGIN:VEVENT
UID:25c856128bc54e673aca19e303e873b0
CATEGORIES:Seminars
CREATED:20210126T103627
SUMMARY:WEBINAR: Ramana Nanda - Harvard Business School
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nHouse Prices, Home Equity and Entrepreneurship: Evidence from U.S. Cens
 us Micro Data" with Sari Pekkala Kerr (Wellesley College) and William R. Ke
 rr (Harvard Business School)\n\n\nAbstract:\nWe use Census Bureau micro dat
 a to shed new light on the relationship between home values and US entrepre
 neurship during the house price run-up of the early 2000s. In isolating the
  causal effect of higher collateral on entrepreneurship, we estimate that a
  10% increase in house prices led to a 0.6% increase in entrepreneurship ov
 er this period. We show that the primary mechanism through which the collat
 eral channel operated was through the deleveraging of home owners who would
  not have had borrowing capacity absent the price run-ups. Only a modest nu
 mber of households were sufficiently leveraged for this to have a meaningfu
 l aggregate impact on entrepreneurship, however, which explains the relativ
 ely weaker aggregate role for the collateral channel in entrepreneurship co
 mpared to the more widespread impact of increased home equity on household 
 consumption over this period.\n
DTSTAMP:20260702T055037Z
DTSTART:20210401T170000Z
DTEND:20210401T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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