auction model to measure markups, and to illustrate and quantify how the interaction between tax policy and bidder strategic …

When a bank experiences a negative shock to its equity, one way to return to target leverage is to sell assets. If … asset sales occur at depressed prices, then one bank's sales may impact other banks with common exposures, resulting in … explains how the distribution of bank leverage and risk exposures contributes to a form of systemic risk. We compute bank …

. Upon the arrival of a signal about banks' future defaults, investors update their expectations of bank solvency. If their …

to an analysis of fiscal spillovers in the Eurozone, using the calibrated sectoral network structure from the World Input … other large Eurozone countries may be large, and within the range of empirical estimates. More importantly, we find that the … Eurozone production network is very important for the international spillovers. In the absence of international production …

, accounting for about 20 percent of the tax term's variance. Correcting for the error with IV estimation shows that taxes …