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Model (CRM). Applying these methodologies to one specific MDB, the Inter-American Development Bank (IDB), the paper shows …
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The first part of the paper describes how over time credit rating agencies ceased to play the role of information intermediaries. Rating agencies did not provide information about the risk associated with the securitized instruments, but they simply enabled structurers to create and maintain...
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This paper provides evidence of bounded rationality by large dealers in U.S. Treasury auctions. I argue that these … price grid; and they round bids in yield space. Consistent with bounded rationality, I show that bidders are less …
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