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Berentsen, Aleksander; Monnet, Cyril - 2007

Channel systems for conducting monetary policy are becoming increasingly popular. Despite their popularity, the consequences of implementing policy with a channel system are not well understood. We develop a general equilibrium framework of a channel system and investigate the optimal policy. A...

Persistent link: https://www.econbiz.de/10010264077

Outside versus inside bonds: A Modigliani-Miller type result for liquidity constrained economies

Berentsen, Aleksander; Waller, Christopher Jude - 2010

When agents are liquidity constrained, two options exist - sell assets or borrow. We compare the allocations arising in …

Persistent link: https://www.econbiz.de/10010277131

Hyperbolic discounting and positive optimal inflation

Graham, Liam; Snower, Dennis J. - 2011

The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic...

Persistent link: https://www.econbiz.de/10010278022

The existence of informationally efficient markets when individuals are rational

Muendler, Marc-Andreas - 2004

A rational-expectations equilibrium with positive demand for financial information does exist under fully revealing asset price - contrary to a wide-held conjecture. Generalizing the common additive signal-return model with CARA utility to the family of distributions with moment generating...

Persistent link: https://www.econbiz.de/10010261275

Spin Doctors : A Model and an Experimental Investigation of Vague Disclosure

Deversi, Marvin - 2018

interval that contains her actual type. Theory predicts that when facing a possibly naive receiver, the sender discloses an …, disclosure. Both theory and experimental data further suggest that imposing precision improves overall information transmission …

Persistent link: https://www.econbiz.de/10012908648

How Does Competition Affect Reputation Concerns? Theory and Evidence from Airbnb

Rossi, Michelangelo - 2019

I show how changes in competition affect the power of reputation to induce sellers to exert effort. The impact of competition on sellers' incentives is theoretically ambiguous. More competition disciplines sellers, but, at the same time, it erodes reputational premia. This paper identifies...

Persistent link: https://www.econbiz.de/10012857911

Public and private learning from prices, strategic substitutability and complementarity, and equilibrium multiplicity

Manzano, Carolina; Vives, Xavier - 2010

We study a general static noisy rational expectations model, where investors have private information about asset payoffs, with common and private components, and about their own exposure to an aggregate risk factor, and derive conditions for existence and uniqueness (or multiplicity) of...

Persistent link: https://www.econbiz.de/10010270646

Volunteering and the strategic value of ignorance

Morath, Florian - 2011

Private provision of public goods often takes place as a war of attrition: individuals wait until someone else volunteers and provides the good. After a certain time period, however, one individual may be randomly selected. If the individuals are uncertain about their cost of provision, but can...

Persistent link: https://www.econbiz.de/10010274941

Market power and information revelation in dynamic trading

Gottardi, Piero; Serrano, Roberto - 2004

We study a strategic model of dynamic trading where agents are asymmetrically informed over common value sources of uncertainty. There is a continuum of buyers and a finite number n of sellers. All buyers are uninformed, while at least one seller is privately informed about the true state of the...

Persistent link: https://www.econbiz.de/10010261280

Have Capital Market Anomalies Worldwide Attenuated in the Recent Era of High Liquidity and Trading Activity?

Auer, Benjamin R. - 2018

We revisit and extend the study by Chordia et al. (2014) which documents that, in recent years, increased liquidity has … characterised by positive trends in liquidity, there is no persuasive time-series and cross-sectional evidence for a negative link … between anomalies in market returns and liquidity. Thus, this proxy of arbitrage activity does not appear to be a key factor …

Persistent link: https://www.econbiz.de/10012908691

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