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Figure 1: Effect of Bank Health: Distance Based Instruments

Figure 1, left panel: Coefficient on exposure to house price appreciation, instrumenting with shocks from different distances

Distance (km)	Full sample, No Control	Full sample, Control	MSA, No Control	MSA, Control
0	0.452	0.292	0.562	0.372
25	0.439	0.280	0.550	0.363
50	0.473	0.327	0.566	0.389
75	0.479	0.335	0.555	0.373
100	0.480	0.337	0.539	0.350
125	0.491	0.357	0.537	0.357
150	0.507	0.385	0.535	0.366
175	0.508	0.390	0.539	0.385
200	0.517	0.409	0.517	0.362
225	0.543	0.451	0.515	0.375
250	0.567	0.490	0.516	0.394
275	0.594	0.532	0.506	0.396
300	0.615	0.566	0.475	0.378
325	0.645	0.610	0.465	0.389
350	0.672	0.649	0.444	0.387
375	0.703	0.691	0.436	0.405
400	0.714	0.706		0.409
425	0.739	0.738		0.425
450	0.786	0.790		0.460
475	0.812	0.816		0.454
500	0.832	0.833		0.436

Figure 1, right panel: Coefficient on exposure to construction shocks, instrumenting with shocks from different distances

Distance (km)	Full sample, No Control	Full sample, Control	MSA, No Control	MSA, Control
0	5.87	5.08	7.53	6.59
25	5.82	5.37	7.92	7.48
50	6.09	5.63	8.36	7.91
75	6.46	6.03	8.50	8.07
100	6.38	5.97	8.32	7.90
125	6.40	6.01	8.16	7.74
150	6.67	6.30	8.21	7.82
175	6.55	6.19	7.97	7.59
200	6.65	6.31	7.83	7.47
225	7.08	6.77	7.78	7.44
250	7.24	6.97	7.35	7.02
275	7.42	7.15	6.85	6.55
300	7.68	7.46	6.30	6.14
325	7.92	7.75	6.01	5.99
350	8.01	7.86		5.39
375	8.30	8.17
400	8.19	8.08
425	8.19	8.10
450	8.26	8.18
475	8.21	8.15
500

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Figure 2: Effect of Bank Health: Distance Based Instruments

Figure 2, top-left panel: Coefficient and 95% confidence interval on exposure to house price appreciation, instrumenting with shocks from different distances. Full sample of counties, omitting the control for local appreciation

Distance (km)	Point Estimate	Lower Bound	Upper Bound
0	0.452	0.321	0.583
25	0.439	0.306	0.572
50	0.473	0.346	0.601
75	0.479	0.340	0.618
100	0.480	0.330	0.630
125	0.491	0.344	0.638
150	0.507	0.356	0.658
175	0.508	0.347	0.668
200	0.517	0.352	0.683
225	0.543	0.369	0.718
250	0.567	0.376	0.758
275	0.594	0.391	0.797
300	0.615	0.398	0.832
325	0.645	0.407	0.883
350	0.672	0.419	0.925
375	0.703	0.425	0.980
400	0.714	0.406	1.021
425	0.739	0.400	1.079
450	0.786	0.404	1.169
475	0.812	0.394	1.229
500	0.832	0.364	1.300

Figure 2, top-right panel: Coefficient and 95% confidence interval on exposure to house price appreciation, instrumenting with shocks from different distances. Full sample of counties, controlling for local appreciation

Distance (km)	Point Estimate	Lower Bound	Upper Bound
0	0.292	0.127	0.457
25	0.280	0.109	0.452
50	0.327	0.150	0.503
75	0.335	0.137	0.533
100	0.337	0.107	0.566
125	0.357	0.140	0.574
150	0.385	0.159	0.611
175	0.390	0.151	0.629
200	0.409	0.161	0.656
225	0.451	0.193	0.710
250	0.490	0.211	0.769
275	0.532	0.241	0.824
300	0.566	0.260	0.873
325	0.610	0.282	0.939
350	0.649	0.306	0.992
375	0.691	0.329	1.052
400	0.706	0.322	1.090
425	0.738	0.332	1.143
450	0.790	0.357	1.224
475	0.816	0.366	1.266
500	0.833	0.365	1.301

Figure 2, bottom-left panel: Coefficient and 95% confidence interval on exposure to house price appreciation, instrumenting with shocks from different distances. Sample of urban counties, omitting the control for local appreciation

Distance (km)	Point Estimate	Lower Bound	Upper Bound
0	0.562	0.421	0.703
25	0.550	0.402	0.699
50	0.566	0.415	0.718
75	0.555	0.407	0.703
100	0.539	0.392	0.686
125	0.537	0.384	0.690
150	0.535	0.375	0.696
175	0.539	0.371	0.707
200	0.517	0.344	0.690
225	0.515	0.334	0.695
250	0.516	0.330	0.702
275	0.506	0.309	0.704
300	0.475	0.251	0.700
325	0.465	0.211	0.718
350	0.444	0.154	0.735
375	0.436	0.104	0.768
400
425
450
475
500

Figure 2, bottom-right panel: Coefficient and 95% confidence interval on exposure to house price appreciation, instrumenting with shocks from different distances. Sample of urban counties, controlling for local appreciation.

Distance (km)	Point Estimate	Lower Bound	Upper Bound
0	0.372	0.152	0.591
25	0.363	0.138	0.589
50	0.389	0.146	0.632
75	0.373	0.130	0.616
100	0.350	0.086	0.614
125	0.357	0.091	0.623
150	0.366	0.092	0.640
175	0.385	0.105	0.664
200	0.362	0.086	0.637
225	0.375	0.102	0.648
250	0.394	0.125	0.663
275	0.396	0.125	0.668
300	0.378	0.093	0.663
325	0.389	0.091	0.688
350	0.387	0.072	0.702
375	0.405	0.074	0.737
400	0.409	0.056	0.761
425	0.425	0.044	0.806
450	0.460	0.044	0.877
475	0.454	0.027	0.882
500	0.436	-0.012	0.885

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Figure 3: Effect of Bank Health: Distance Based Instruments

Figure 3, top-left panel: Coefficient and 95% confidence interval on exposure to construction shocks, instrumenting with shocks from different distances. Full sample of counties, omitting the control county construction shocks

Distance (km)	Point Estimate	Lower Bound	Upper Bound
0	5.87	4.69	7.05
25	5.82	4.63	7.00
50	6.09	4.81	7.37
75	6.46	5.02	7.90
100	6.38	4.86	7.91
125	6.40	4.87	7.93
150	6.67	5.05	8.28
175	6.55	4.86	8.23
200	6.65	4.87	8.43
225	7.08	5.20	8.95
250	7.24	5.14	9.35
275	7.42	5.17	9.66
300	7.68	5.22	10.13
325	7.92	5.08	10.77
350	8.01	4.83	11.19
375	8.30	4.68	11.92
400	8.19	4.05	12.33
425	8.19	3.64	12.73
450	8.26	3.06	13.46
475	8.21	2.32	14.11
500

Figure 3, top-right panel: Coefficient and 95% confidence interval on exposure to construction shocks, instrumenting with shocks from different distances. Full sample of counties, controlling for county construction shocks.

Distance (km)	Point Estimate	Lower Bound	Upper Bound
0	5.08	3.88	6.29
25	5.37	4.14	6.59
50	5.63	4.26	7.01
75	6.03	4.47	7.59
100	5.97	4.30	7.63
125	6.01	4.37	7.64
150	6.30	4.55	8.04
175	6.19	4.36	8.01
200	6.31	4.38	8.24
225	6.77	4.73	8.81
250	6.97	4.69	9.24
275	7.15	4.72	9.59
300	7.46	4.82	10.10
325	7.75	4.73	10.77
350	7.86	4.50	11.22
375	8.17	4.36	11.99
400	8.08	3.76	12.40
425	8.10	3.39	12.81
450	8.18	2.79	13.56
475	8.15	2.09	14.21
500

Figure 3, bottom-left panel: Coefficient and 95% confidence interval on exposure to construction shocks, instrumenting with shocks from different distances. Sample of urban counties, omitting the control forcounty construction shocks.

Distance (km)	Point Estimate	Lower Bound	Upper Bound
0	7.53	5.88	9.19
25	7.92	6.10	9.75
50	8.36	6.45	10.27
75	8.50	6.73	10.27
100	8.32	6.59	10.06
125	8.16	6.34	9.98
150	8.21	6.32	10.11
175	7.97	6.07	9.88
200	7.83	6.00	9.66
225	7.78	5.78	9.79
250	7.35	5.19	9.50
275	6.85	4.36	9.34
300	6.30	3.34	9.26
325	6.01	2.42	9.60
350
375
400
425
450
475
500

Figure 3, bottom-right panel: Coefficient and 95% confidence interval on exposure to construction shocks, instrumenting with shocks from different distances. Sample of urban counties, controlling for county construction shocks.

Distance (km)	Point Estimate	Lower Bound	Upper Bound
0	6.59	4.75	8.43
25	7.48	5.55	9.42
50	7.91	5.78	10.05
75	8.07	6.07	10.07
100	7.90	5.84	9.95
125	7.74	5.61	9.88
150	7.82	5.59	10.05
175	7.59	5.35	9.83
200	7.47	5.35	9.59
225	7.44	5.18	9.70
250	7.02	4.67	9.37
275	6.55	3.86	9.23
300	6.14	3.13	9.14
325	5.99	2.51	9.46
350	5.39	1.25	9.53
375
400
425
450
475
500

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Housing Bust, Bank Lending & Employment: Evidence from Multimarket Banks