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We develop a macroeconomic framework in which firms are large and have market power with respect to both products and labor. Each firm maximizes a share-weighted average of shareholder utilities, which makes the equilibrium independent of price normalization. In a one-sector economy, if returns...
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their causes and possible solutions. Antitrust scholars have discussed a number of approaches, including Professors Herbert … markets. This article proposes an additional approach – one that simply asks antitrust law to step back more fully from the … seller side of labor markets, through the enactment of a standalone antitrust labor exemption to supplement the existing …
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We analyse the impact of environmental policy in a vertical chain where an upstream monopolist uses a mixed portfolio, consisting of a polluting and a green technology. We examine and compare a no-intervention benchmark, a green subsidy, an abatement tax, a mandatory green standard, and a...
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Using a unique data set on German banks' sector specific loan exposures to the real economy and the corresponding write-offs and write-downs, we examine the impact of loan portfolio sector concentration on credit risk. By controlling for common risk factors, we separate the bank-specific...
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