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Bougheas, Spiros - CESifo - 2012

Traditionally banks have used securitization for expanding credit and thus their profitability. It has been well …-rated tranche. This paper builds a simple model of securitization that accounts for the above retention strategies. Banks in the …

Persistent link: https://www.econbiz.de/10010555214

Shocks to Bank Lending, Risk-Taking, Securitization, and their Role for U.S. Business Cycle Fluctuations

Peersman, Gert; Wagner, Wolf - CESifo - 2014

Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary … type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank … using a model of bank risk-taking and securitization. …

Persistent link: https://www.econbiz.de/10010752434

Securitization of Mortgage Debt, Asset Prices and International Risk Sharing

Hoffmann, Mathias; Nitschka, Thomas - CESifo - 2009

We explore the impact of mortgage securitization on the international diversification of macroeconomic risk. By making … mortgage-related risks internationally tradeable, securitization contributes considerably to better international consumption … countries that do not allow for mortgage securitization. Our results are based on quarterly data from a panel of 16 …

Persistent link: https://www.econbiz.de/10005406369

Market Transparency, Adverse Selection, and Moral Hazard

Klein, Tobias J.; Lambertz, Christian; Stahl, Konrad O. - CESifo - 2013

We study the effects of improvements in market transparency on eBay on seller exit and continuing sellers’ behavior. An improvement in market transparency by reducing strategic bias in buyer ratings led to a significant increase in buyer valuation especially of sellers rated poorly prior to...

Persistent link: https://www.econbiz.de/10010877941

Optimal Wage Redistribution in the Presence of Adverse Selection in the Labor Market

Bastani, Spencer; Blumkin, Tomer; Micheletto, Luca - CESifo - 2014

In this paper we allude to a novel role played by the non-linear income tax system in the presence of adverse selection in the labor market due to asymmetric information between workers and firms. We show that an appropriate choice of the tax schedule enables the government to affect the wage...

Persistent link: https://www.econbiz.de/10010888445

Signing Distortions in Optimal Tax and other Adverse Selection Problems with Random Participation

Jacquet, Laurence; Lehmann, Etienne; Linden, Bruno Van der - CESifo - 2012

We develop a methodology to sign output distortions in the random participation framework. We apply our method to monopoly nonlinear pricing problem, to the regulatory monopoly problem and mainly to the optimal income tax problem. In the latter framework, individuals are heterogeneous across two...

Persistent link: https://www.econbiz.de/10010539150

Wage Dispersion and Labor Turnover with Adverse Selection

Carrillo-Tudela, Carlos; Kaas, Leo - CESifo - 2011

We consider a model of on-the-job search where firms offer long-term wage contracts to workers of different ability. Firms do not observe worker ability upon hiring but learn it gradually over time. With sufficiently strong information frictions, low-wage firms offer separating contracts and...

Persistent link: https://www.econbiz.de/10009293483

Asset Auctions, Information, and Liquidity

Vives, Xavier - CESifo - 2010

A model is presented of a uniform price auction where bidders compete in demand schedules; the model allows for common and private values in the absence of exogenous noise. It is shown how private information yields more market power than the levels seen with full information. Results obtained...

Persistent link: https://www.econbiz.de/10008596578

How to Share it out: The Value of Information in Teams

Gershkov, Alex; Li, Jianpei; Schweinzer, Paul - CESifo - 2014

We study the role of information exchange, leadership and coordination in team or partnership structures. For this purpose, we view individuals jointly engaging in productive processes—a ‘team’—as endowed with individual and privately held information on the joint production process....

Persistent link: https://www.econbiz.de/10010812489

Optimal Student Loans and Graduate Tax under Moral Hazard and Adverse Selection

Gary-Bobo, Robert J.; Trannoy, Alain - CESifo - 2013

We completely characterize the set of second-best optimal “menus”of student-loan contracts in a simple economy with risky labour-market outcomes, adverse selection, moral hazard and risk aversion. The model combines structured student loans and an elementary optimal income-tax problem à la...

Persistent link: https://www.econbiz.de/10010668475