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clearing mechanism introduced in the seminal contribution of Eisenberg and Noe (2001). We first show the existence of a Nash …
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"This paper examines the technical efficiency of U.S. Federal reserve check processing offices over 1980-2003. We use new unconditional quantile estimator of efficiency that avoids some drawbacks of other recently proposed estimators. The new estimator is fully non-parametric, robust with...
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