Unintended Consequences of Unemployment Insurance Benefits: The Role of Banks

The authors thank the editor Lukas Schmid, anonymous referee, Manuel Adelino, Alexander Bechtel, Elizabeth A. Berger, Alon Brav, Sung Je Byun, Charles Calomiris, Stijn Claessens, Anna Cieslak, Dragana Cvijanovic, Sebastian Doerr, Mathias Drehmann, Andreas Fuster, Dirk Hackbarth, Leming Lin, David Matsa, Steven Ongena, Manju Puri, Jonathan Reuter, Andre F. Silva, Bent E. Sorensen, Vish Viswanathan, and seminar/conference participants at BIS, European Finance Association, Federal Reserve Board Brownbag, Fuqua Finance Brownbag, MoFiR Workshop on Banking, SFI Research Days, SFS Cavalcade North America, Swiss Winter Conference on Financial Intermediation, Western Economic Association International Conference, Western Finance Association, and the University of Zurich for their helpful comments. The views expressed here are those of the authors and not necessarily those of the Federal Reserve Board, or the Federal Reserve System.