incentives and effort provision. To examine this issue, we design three experiments where subjects participate in two-player real …-effort tournaments with two prizes. Experiment 1 shows that subjects exert high effort even if there are no monetary incentives …, suggesting that non-monetary incentives are contributing to their effort choices. Moreover, increasing monetary incentives does …

housing is accepted as collateral. A calibration to the U.S. economy supports the theoretical results and provides novel …

We study how the Eurosystem Collateral Framework for corporate bonds helps the European Central Bank (ECB) fulfill its … due to the increased supply and demand for pledgeable collateral following eligibility, (i) securities lending market … collateral supply, thereby making the market more cohesive and complete. Following eligibility, bond-issuing firms reduce bank …

This paper proposes a model of collateral policy to study the impact of the expansion of collateral scope by central … empirically tests the effect of the expansion of the collateral scope for Medium-Term Lending Facility (MLF) by the People's Bank … of China's on corporate financing costs. We find that this loosening of collateral policy in China can significantly …

Central banks normally accept debt of their own governments as collateral in liquidity operations without reservations …'s collateral framework can give rise to cliff effects and multiple equilibria in bond yields and increase the vulnerability of …

bank's incentives to set looser collateral standards increase. This reduces the risk of deficient bank lending if … bank's choice of collateral standards in its lending facilities. Optimism on the side of banks, entailing a higher … collateral value of bank loans, can lead to excessive lending and bank default. Pessimism, though, can entail insufficient …