Narrow search
Showing 1 - 10 of 973
Cover Image
Crises and Liquidity in Over-the-Counter Markets
Lagos, Ricardo; Weill, Pierre-Olivier; Rocheteau, Guillaume - National Bureau of Economic Research (NBER) - 2009
-the-counter (OTC) markets during crises. Our theory emphasizes two key frictions in OTC markets: finding counterparties takes time, and …
Persistent link: https://www.econbiz.de/10008627111
Cover Image
Market Liquidity -- Theory and Empirical Evidence
Vayanos, Dimitri; Wang, Jiang - National Bureau of Economic Research (NBER) - 2012
basic questions within that model. We review the empirical literature through the lens of the theory, using the theory to …
Persistent link: https://www.econbiz.de/10010951230
Cover Image
Uncertainty as Commitment
Ordonez, Guillermo L.; Nosal, Jaromir - National Bureau of Economic Research (NBER) - 2013
Time-inconsistency of no-bailout policies can create incentives for banks to take excessive risks and generate endogenous crises when the government cannot commit. However, at the outbreak of financial problems, usually the government is uncertain about their nature, and hence it may delay...
Persistent link: https://www.econbiz.de/10010969240
Cover Image
Adverse Selection and Switching Costs in Health Insurance Markets: When Nudging Hurts
Handel, Benjamin R. - National Bureau of Economic Research (NBER) - 2011
This paper investigates consumer switching costs in the context of health insurance markets, where adverse selection is a potential concern. Though previous work has studied these phenomena in isolation, they interact in a way that directly impacts market outcomes and consumer welfare. Our...
Persistent link: https://www.econbiz.de/10009323425
Cover Image
Managing Markets for Toxic Assets
House, Christopher; Masatlioglu, Yusufcan - National Bureau of Economic Research (NBER) - 2010
We present a model in which banks trade toxic assets to raise funds for investment. The toxic assets generate an adverse selection problem and, as a consequence, the interbank asset market provides insufficient liquidity to finance investment. While the best investments are fully funded,...
Persistent link: https://www.econbiz.de/10008615806
Cover Image
Optimal Interventions in Markets with Adverse Selection
PHILIPPON, Thomas; Skreta, Vasiliki - National Bureau of Economic Research (NBER) - 2010
We characterize cost-minimizing interventions to restore lending and investment when markets fail due to adverse selection. We solve a mechanism design problem where the strategic decision to participate in a government's program signals information that affects the financing terms of...
Persistent link: https://www.econbiz.de/10008624585
Cover Image
Sustainable Shadow Banking
Ordonez, Guillermo L. - National Bureau of Economic Research (NBER) - 2013
reputation, however, they could self-regulate and invest more efficiently. Hence, a shadow banking that arises to avoid … regulation has the potential to improve welfare. Still, reputation concerns depend on future economic prospects and may suddenly … a combination of traditional regulation and cross reputation subsidization may enhance shadow banking and make it more …
Persistent link: https://www.econbiz.de/10010696640
Cover Image
Political Booms, Financial Crises
Ordonez, Guillermo L.; Herrera, Helios; Trebesch, Christoph - National Bureau of Economic Research (NBER) - 2014
emerging economies. We show that governments in emerging economies are more concerned about their reputation and tend to ride … that would help prevent potential crises. We provide evidence of the relevance of this reputation mechanism. …
Persistent link: https://www.econbiz.de/10010969377
Cover Image
Household Debt: Facts, Puzzles, Theories, and Policies
Zinman, Jonathan - National Bureau of Economic Research (NBER) - 2014
Borrowing decisions affect most households, with large stakes and implications for subfields as varied as macroeconomics and industrial organization. I review theoretical and empirical work on household debt: its prevalence, level, growth, and composition, as well as various measures of consumer...
Persistent link: https://www.econbiz.de/10010951247
Cover Image
Groupthink: Collective Delusions in Organizations and Markets
Benabou, Roland - National Bureau of Economic Research (NBER) - 2009
I develop a model of (individually rational) collective reality denial in groups, organizations and markets. Whether participants' tendencies toward wishful thinking reinforce or dampen each other is shown to hinge on a simple and novel mechanism. When an agent can expect to benefit from other's...
Persistent link: https://www.econbiz.de/10005588916