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General Management

General Management

  • Faculty
  • Curriculum
  • Awards & Honors
Overview Faculty Curriculum Awards & Honors
    • May 19, 2022
    • Article

    How to Build a Life: Mindfulness Hurts. That’s Why It Works.

    By: Arthur C. Brooks

    • May 19, 2022
    • Article

    How to Build a Life: Mindfulness Hurts. That’s Why It Works.

    By: Arthur C. Brooks

    • May 18, 2022
    • Other Article

    Want to Keep Your Employees Happy? Offer these 5 Things

    By: Rosabeth M. Kanter

    • May 18, 2022
    • Other Article

    Want to Keep Your Employees Happy? Offer these 5 Things

    By: Rosabeth M. Kanter

    • 2022
    • Working Paper

    Distributional Consequences of Monetary Policy Across Races: Evidence from the U.S. Credit Register

    By: Laura Alfaro, Ester Faia and Camelia Minoiu

    We examine the consequences of monetary policy on racial disparities, focusing on the role of bank lending to firms through collateral and selection channels. Leveraging comprehensive loan-level data from the U.S. credit register (Y-14Q) of the Federal Reserve, we show that firms in Black communities obtain business loans that are more expensive and have a shorter maturity. These firms are also more likely to experience adverse credit supply shocks, controlling for firms' risk and investment opportunities, as well as geographic and cultural covariates. We also study the effects of monetary policy across racial groups and document that, following a monetary policy tightening, banks extend loans to firms in Black communities at disproportionately higher interest rates. Furthermore, banks pass a monetary tightening through to loan rates for borrowers who have no collateral, have prior defaults, and have a shorter banking relationship, but even more to loan rates for firms in Black communities. Our findings suggest that monetary policy has distributional consequences in the form of tightened selectivity for Black minorities through lending conditions. Our analysis calls for place-based policies that target certain minority groups.

    • 2022
    • Working Paper

    Distributional Consequences of Monetary Policy Across Races: Evidence from the U.S. Credit Register

    By: Laura Alfaro, Ester Faia and Camelia Minoiu

    We examine the consequences of monetary policy on racial disparities, focusing on the role of bank lending to firms through collateral and selection channels. Leveraging comprehensive loan-level data from the U.S. credit register (Y-14Q) of the Federal Reserve, we show that firms in Black communities obtain business loans that are more expensive...

About the Unit

The General Management Unit is concerned with the leadership and management of the enterprise as a whole. This concern encompasses:

  • the personal values and qualities of effective general managers and enterprise leaders;
  • the philosophies, values, and strategies that inform successful enterprises; and
  • the relation of enterprise to the broader community and other external constituencies.

The Unit's work is conceived and carried out principally in four interest groups, each of which has its own leadership, research agenda, and teaching programs:

  • Management Policy and Process
  • Management Information Systems
  • Society and Enterprise
  • Leadership, Values, and Corporate Responsibility

Recent Publications

How to Build a Life: Mindfulness Hurts. That’s Why It Works.

By: Arthur C. Brooks
  • May 19, 2022 |
  • Article |
  • The Atlantic
Citation
Read Now
Related
Brooks, Arthur C. "How to Build a Life: Mindfulness Hurts. That’s Why It Works." The Atlantic (May 19, 2022).

Want to Keep Your Employees Happy? Offer these 5 Things

By: Rosabeth M. Kanter
  • May 18, 2022 |
  • Other Article |
  • CNN.com
Citation
Read Now
Related
Kanter, Rosabeth M. "Want to Keep Your Employees Happy? Offer these 5 Things." CNN.com (May 18, 2022).

How to Build a Life: The Key to a Good Parent-Child Relationship? Low Expectations.

By: Arthur C. Brooks
  • May 12, 2022 |
  • Article |
  • The Atlantic
Citation
Register to Read
Related
Brooks, Arthur C. "How to Build a Life: The Key to a Good Parent-Child Relationship? Low Expectations." The Atlantic (May 12, 2022).

How to Build a Life: Ben Franklin’s Radical Theory of Happiness

By: Arthur C. Brooks
  • May 5, 2022 |
  • Article |
  • The Atlantic
Citation
Read Now
Related
Brooks, Arthur C. "How to Build a Life: Ben Franklin’s Radical Theory of Happiness." The Atlantic (May 5, 2022).

Distributional Consequences of Monetary Policy Across Races: Evidence from the U.S. Credit Register

By: Laura Alfaro, Ester Faia and Camelia Minoiu
  • 2022 |
  • Working Paper |
  • Faculty Research
We examine the consequences of monetary policy on racial disparities, focusing on the role of bank lending to firms through collateral and selection channels. Leveraging comprehensive loan-level data from the U.S. credit register (Y-14Q) of the Federal Reserve, we show that firms in Black communities obtain business loans that are more expensive and have a shorter maturity. These firms are also more likely to experience adverse credit supply shocks, controlling for firms' risk and investment opportunities, as well as geographic and cultural covariates. We also study the effects of monetary policy across racial groups and document that, following a monetary policy tightening, banks extend loans to firms in Black communities at disproportionately higher interest rates. Furthermore, banks pass a monetary tightening through to loan rates for borrowers who have no collateral, have prior defaults, and have a shorter banking relationship, but even more to loan rates for firms in Black communities. Our findings suggest that monetary policy has distributional consequences in the form of tightened selectivity for Black minorities through lending conditions. Our analysis calls for place-based policies that target certain minority groups.
Keywords: Monetary Policy Transmission; Inequity; Credit Registry; Wealth; Collateral Channel; Selection; Racial Disparity; Racial Inequality; Equality and Inequality; Banks and Banking; Credit; Governing Rules, Regulations, and Reforms; Banking Industry; United States
Citation
Read Now
Related
Alfaro, Laura, Ester Faia, and Camelia Minoiu. "Distributional Consequences of Monetary Policy Across Races: Evidence from the U.S. Credit Register." Harvard Business School Working Paper, No. 22-068, April 2022.

Medium: The Children of Ukraine Are Our Hope for the Future

By: Regina E. Herzlinger
  • 2022 |
  • Blog |
  • Faculty Research
Citation
Read Now
Related
Herzlinger, Regina E. "The Children of Ukraine Are Our Hope for the Future." Medium (blog). May 2, 2022. https://medium.com/@rherzlinger/the-children-of-ukraine-are-our-hope-for-the-future-696207ca73b2.

How to Build a Life: How to Stop Freaking Out

By: Arthur C. Brooks
  • April 28, 2022 |
  • Article |
  • The Atlantic
Citation
Read Now
Related
Brooks, Arthur C. "How to Build a Life: How to Stop Freaking Out." The Atlantic (April 28, 2022).

The Goldman Sachs 10,000 Small Businesses Program: 2009-2021

By: Leonard A. Schlesinger and Julia Kelley
  • April 2022 |
  • Teaching Note |
  • Faculty Research
Teaching Note for HBS Case No. 322-052.
Citation
Purchase
Related
Schlesinger, Leonard A., and Julia Kelley. "The Goldman Sachs 10,000 Small Businesses Program: 2009-2021." Harvard Business School Teaching Note 322-113, April 2022.
More Publications

In the News

    • 15 May 2022
    • Protocol

    Layoffs on Zoom: Is There a Better Way?

    Re: Sandra Sucher
    • 13 May 2022
    • Bocconi Knowledge

    Four Shades of Deglobalization

    Re: Geoffrey Jones
    • 11 May 2022
    • The Guardian

    Finding It Hard to Get a New Job? Robot Recruiters Might Be to Blame

    Re: Joseph Fuller
→More Faculty News

HBS Working Knowledge

    • 03 May 2022

    Can a Social Entrepreneur End Homelessness in the US?

    Re: Brian L. Trelstad
    • 03 May 2022

    Desperate for Talent? Consider Advancing Your Own Employees First

    Re: Joseph B. Fullerby Rachel Layne
    • 18 Apr 2022

    Dick’s Sporting Goods Followed Its Conscience on Guns—and It Paid Off

    Re: George A. Riedel
→More Working Knowledge Articles

Harvard Business Publishing

    • Article

    Creating High-Impact Coalitions: CEOs Can Lead the Charge on Society’s Biggest Problems

    By: Rosabeth M. Kanter and Tuna Cem Hayirli
    • March 2022
    • Case

    Managing Innovation at Atrium Health: 'Never Let a Good Crisis Go To Waste'

    By: Derek van Bever, Rory McDonald and Anibha Singh
    • 2020
    • Book

    Capitalism at Risk: How Business Can Lead

    By: Joseph L. Bower, Dutch Leonard and Lynn S. Paine
→More Harvard Business Publishing

Seminars & Conferences

There are no upcoming events.

→More Seminars & Conferences

Faculty Positions

Harvard Business School seeks candidates in all fields for full time positions. Candidates with outstanding records in PhD or DBA programs are encouraged to apply.
→Learn More

Contact Information

General Management Unit
Harvard Business School
Morgan Hall
Soldiers Field
Boston, MA 02163

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