firm's markup on its response to a monetary policy shock is large enough to materially affect monetary policy transmission …

The paper emphasizes the role of institutions and incentives in the presence of externalities. An economy with multiple …

This paper formally identifies an important role of banks: Banks competitively internalize production externalities and … facilitate economic growth. I formulate a canonical growth model with externalities as a game among consumers, firms, and banks …. Banks compete for deposits to seek monopoly profits, including externalities. Using loan contracts that specify price and …

Vertical tax externalities between levels of government can occur in federal structures, with responses to the tax … governments co-occupy the same tax base. This paper examines these externalities by considering their implications for a range of …

This paper deals with efficiency in the public sector. It argues that the habit of relating efficiency to public … could be used for several purposes including increasing public sector efficiency …

or may not improve economic efficiency …

economic growth and efficiency, using panel data for 40 countries which reformed their financial systems. Financial sector … reform is hypothesized to affect economic growth and efficiency through three main channels: the real interest rate … representing the interest cost of capital, the volume of intermediation, and financial sector efficiency. The results indicate that …