competition. I show that with asymmetric costs, bank market shares are always inversely related to their efficiency, and that bank …This paper studies bank competition with borrower adverse selection. In the model, expected non-performing loan costs … are high when credit is granted in booms, when risk free rates are low, or when competition is strong. I prove that full …

A standard macroeconomic model based on monopolistic competition (Dixit-Stiglitz) does not account for the strategic … behaviors of oligopolistic firms. In this study, we construct a tractable Hotelling duopoly model with price stickiness to … price stickiness. (2) The real effect of monetary policy under duopolistic competition is larger than that in a Dixit …

. An active policy designed to help learning and reduce future uncertainty creates extra volatility in inflation …

-frequency identified monetary policy shocks with these measures of idiosyncratic shock volatility. We document a novel fact: monetary … policy has dampened real effects via the investment channel when firm-level TFP shock volatility is high. Our estimates for … dampening effects of volatility are statistically and economically significant - moving from the tenth to the ninetieth …

energy price and monetary changes, and the role played by product market competition. This paper contains several features …) Greater import competition lowers markups only in the more concentrated industries …