We study the rise of private credit (PC) and its competition with syndicated bank lending. Four stylized facts show that PC and bank loans are imperfect substitutes. We estimate borrower demand and embed it in a structural model of bank–PC …
In this paper, I present a theory-based urban model that relates commuting choices with the spatial distribution of wages, and estimate such relationship using French commuting and socio-economic data at the municipal level. The model implies a …