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Optimal Interventions in Markets with Adverse Selection

Philippon, Thomas; Skreta, Vasiliki - C.E.P.R. Discussion Papers - 2010

We study interventions to restore efficient lending and investment when financial markets fail because of adverse selection. We solve a design problem where the decision to participate in a program offered by the government can be a signal for private information. We charac terize optimal...

Persistent link: https://www.econbiz.de/10008468692

Strategic Liquidity Supply and Security Design

Biais, Bruno; Mariotti, Thomas - C.E.P.R. Discussion Papers - 2002

We study how securities and trading mechanisms can be designed to mitigate the adverse impact of market imperfections on liquidity. Following De Marzo and Duffie (1999), we consider asset owners who seek to obtain liquidity by selling their claims on future cash-flows, on which they have private...

Persistent link: https://www.econbiz.de/10005789108

Optimal Choice of Characteristics for a Non-Excludable Good

Brocas, Isabelle - C.E.P.R. Discussion Papers - 2006

I consider a model where a principal decides whether to produce one unit of an indivisible good (e.g. a private school) and which characteristics it will contain (emphasis on language or science). Agents (parents) are differentiated along two substitutable dimensions: a vertical parameter that...

Persistent link: https://www.econbiz.de/10005498112

Macroeconomics after the crisis – hedgehog or fox?

Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2014

‘pecuniary externalities’. Two that affect borrowers and lenders balance sheets in pro-cyclical fashion are described, along with … measures that might help curb their destabilising effects. These ‘pecuniary externalities’ can be thought of as the unintended … Greenwald and Stiglitz (1986) – that when externalities are present, leaving things to the market may not be ‘constrained Pareto …

Persistent link: https://www.econbiz.de/10011083632

Bargaining with Informational Externalities in a Market Equilibrium

Drugov, Mikhail - C.E.P.R. Discussion Papers - 2014

This paper studies a dynamic bargaining model with informational externalities between bargaining pairs. Two principals …

Persistent link: https://www.econbiz.de/10011083946

Intergenerational Risk Sharing, Stability and Optimality of Alternative Pension Systems

Hassler, John; Lindbeck, Assar - C.E.P.R. Discussion Papers - 1997

In an analysis of the risk-sharing properties of different types of pension systems, we show that only fixed-fee pay-as-you-go (PAYG) pension systems can provide risk sharing for living individuals. Under some circumstances, however, other PAYG pension systems can enhance the expected welfare of...

Persistent link: https://www.econbiz.de/10005497947

Participation Constraints in Pension Systems

Beetsma, Roel; Romp, Ward E - C.E.P.R. Discussion Papers - 2013

We explore voluntary participation in pension arrangements. Individuals only participate when participation is more attractive than autarky. The benefit of participation is that risks can be shared with future generations. We apply our analysis to a pay-as-you-go system, a funded system without...

Persistent link: https://www.econbiz.de/10011083626

Capital-Skill Complementarity and the Redistributive Effects of Social Security Reform

Casarico, Alessandra; Devillanova, Carlo - C.E.P.R. Discussion Papers - 2003

This Paper analyses the general equilibrium implications of reforming pay-as-you-go pension systems in an economy with heterogeneous agents, human capital investment and capital-skill complementarity. It shows that increasing funding in the long-run delivers higher physical and human capital and...

Persistent link: https://www.econbiz.de/10005666645

On Sustainable Pay-As-You-Go Systems

Demange, Gabrielle - C.E.P.R. Discussion Papers - 2005

An unfunded Social Security system faces a major risk, sometimes referred to as ‘political risk’. In order to account properly for this risk, the paper considers a political process in which the support to the system is asked from each newborn generation. The analysis is conducted in an...

Persistent link: https://www.econbiz.de/10005666926

Voting on Parametric Reforms of the Pay-As-You-Go Pension System

Gondim, Brasil; Luis, João; Casamatta, Georges - C.E.P.R. Discussion Papers - 2008

We assess the political support for parametric reforms of the Pay-As-You-Go pension system following a downward fertility shock. Using a continuous time overlapping generations model, we show that, for a large class of utility functions, the majority of the population favor a cut in pension...

Persistent link: https://www.econbiz.de/10005791751

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