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Competition for traders and risk
Bijlsma, Michiel; Boone, Jan; Zwart, Gijsbert - C.E.P.R. Discussion Papers - 2012
the labour market for traders intensifies, banks optimally offer top traders contracts inducing them to take more risk … to reduced risk-taking by their top traders. …
Persistent link: https://www.econbiz.de/10011084687
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Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System
Cukierman, Alex; Izhakian, Yehuda - C.E.P.R. Discussion Papers - 2011
between risk and uncertainty is implemented by applying the Gilboa-Schmeidler maxmin with multiple priors framework to lenders …, ultimate lenders and financial intermediaries. The model is used to investigate the impact of uncertainty about the likelihood … include: (i) An unanticipated increase in bailout uncertainty raises interest rates, the volume of defaults in both the real …
Persistent link: https://www.econbiz.de/10009144737
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Macroinsurance for Microenterprises: A Randomized Experiment in Post-Revolution Egypt
McKenzie, David - C.E.P.R. Discussion Papers - 2014
their growth. Economic theory suggests uncertainty can cause firms to delay investments until uncertainty is resolved. We …Firms in many developing countries cite macroeconomic instability and political uncertainty as major constraints to … macroeconomic and political uncertainty. Demand for macroeconomic shock insurance was high; 36.7 percent of microentrepreneurs in …
Persistent link: https://www.econbiz.de/10011084029
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Wage Growth, Productivity Growth, and the Evolution of Employment
Hellwig, Martin F; Irmen, Andreas - C.E.P.R. Discussion Papers - 2001
This Paper studies the impact of wage growth on the evolution of employment in an intertemporal general-equilibrium model with endogenous productivity growth. For real wage growth above laissez-faire levels, we obtain steady-state equilibria in which productivity grows at the same rate as wages,...
Persistent link: https://www.econbiz.de/10005789120
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Why every Economist should Learn some Auction Theory
Klemperer, Paul - C.E.P.R. Discussion Papers - 2000
in Seattle in August 2000. We discuss the strong connections between auction theory and 'standard' economic theory, and …
Persistent link: https://www.econbiz.de/10005792157
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A Price Theory of Vertical and Lateral Integration
Legros, Patrick; Newman, Andrew - C.E.P.R. Discussion Papers - 2009
We construct a price-theoretic model of firms' integration decisions under perfect competition and study their interplay with consumer demand and welfare. Integration is costly to implement but is effective at coordinating production decisions. The price of output influences the ownership...
Persistent link: https://www.econbiz.de/10005661865
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Asymmetric Information and Imperfect Competition in Lending Markets
Crawford, Gregory S; Pavanini, Nicola; Schivardi, Fabiano - C.E.P.R. Discussion Papers - 2015
We measure the consequences of asymmetric information and imperfect competition in the Italian lending market. We show that banks’ optimal price response to an increase in adverse selection varies with competition. Exploiting matched data on loans and defaults, we estimate models of demand for...
Persistent link: https://www.econbiz.de/10011262882
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Pricing and Information Disclosure in Markets with Loss-Averse Consumers
Karle, Heiko; Peitz, Martin - C.E.P.R. Discussion Papers - 2010
We develop a theory of imperfect competition with loss-averse consumers. All consumers are fully informed about match …
Persistent link: https://www.econbiz.de/10008468627
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The Gains from Preferential Tax Regimes Reconsidered
Gaigné, Carl; Wooton, Ian - C.E.P.R. Discussion Papers - 2010
The EU policy against harmful tax competition aims at eliminating tax policies targeted at attracting the internationally mobile tax base. We examine this issue by considering two countries which decide their corporate tax rates their tax regimes (discriminatory or non-discriminatory tax...
Persistent link: https://www.econbiz.de/10008530356
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VERs Under Imperfect Competition and Foreign Direct Investment: A Case Study of the US-Japan Auto VER
de Melo, Jaime; Tarr, David - C.E.P.R. Discussion Papers - 1995
This paper simulates the costs of the US-Japan auto VER. Under a standard constant returns to scale (CRTS) formulation, the costs are estimated at about $10 billion. It then sequentially introduces important features of the auto VER: endogenous rent premium determination, wage distortions in...
Persistent link: https://www.econbiz.de/10005123838