Inconsistent Regulators: Evidence From Banking

Sumit Agarwal, David Lucca, Amit Seru, Francesco Trebbi

NBER Working Paper No. 17736
Issued in January 2012, Revised in January 2012

---- Acknowledgments ----

The authors would like to thank John Cochrane and Randy Kroszner for detailed comments. We also thank Gadi Barlevy, Paul Beaudry, Matilde Bombardini, Richard Crump, Doug Diamond, Gene Fama, Mark Flannery, Gary Gorton, Bev Hirtle, Cathy Lemieux, Thomas Lemieux, Anna Paulson, Raghuram Rajan, Uday Rajan, Rich Rosen, Jesse Shapiro, Robert Vishny, and Luigi Zingales, as well as seminar participants at Chicago Booth Finance, Chicago Booth Microeconomics, the Chicago Fed, NY Fed, SFU, and UBC for useful discussions. Caitlin Kearns, Tanya Mann, and Justin McPhee provided outstanding research assistance. The views expressed in this paper are those of the authors and do not necessarily reflect the views of the Federal Reserve Bank of Chicago, Federal Reserve Bank of New York, the Federal Reserve System, or the National Bureau of Economic Research.

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