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Asset pricing with cohort-based trading in MBS markets

Fusari, Nicola; Li, Wei; Liu, Haoyang; Song, Zhaogang - 2021 - Revised July 2021

contracts in the specified pool (SP) market and with standardized contracts in the to-be-announced (TBA) market. We find that … increases the yields of all MBS, because it exacerbates the cheapest-to-deliver concerns for TBA buyers and reduces the value of … the TBA market as a backup selling venue for SP buyers; (2) high selling pressure amplifies the impact of MBS …

Persistent link: https://www.econbiz.de/10012240625

Market dynamics, dynamic resource management and environmental policy in the context of (strong) sustainability

Klarl, Torben - 2010

In this paper, we investigate the relationship between market dynamics, dynamic resource management and environmental policy. In contrast to static market entry games, this paper draws attention to the effects of market dynamics on resource dynamics et vice versa, because (1) we show that...

Persistent link: https://www.econbiz.de/10010291746

Elastic Labour Supply and Optimal Taxation in a Model of Sustainable Endogenous Growth

DiMaria, Corrado - 2001

This paper presents an endogenous growth model which features elastic labour supply in order to address the distortions created by labour income and consumption taxation. Introducing elastic labour into an AK model greatly changes the structure of the model and raises problems regarding the...

Persistent link: https://www.econbiz.de/10010292777

Allowing for household preferences in emission trading-A contribution to the climate policy debate

Ahlheim, Michael; Schneider, Friedrich - 2000

In the context of emission trading it seems to be taken as given that people's preferences can be ignored with respect to the whole process of fixing emission targets and allocating emission permits to polluters. With this paper we want to reopen the debate on how citizens can be involved in...

Persistent link: https://www.econbiz.de/10010294613

Abatement Costs vs. Compliance Costs in Multi-Period Emissions Trading - The Firms' Perspective

Bode, Sven - 2003

Greenhouse gas emission trading has become more and more important in the context of climate change. Recently, a discussion on trading on entity (i.e. company) level has started. Emitters likely to be obliged to participate have argued for an initial allocation of the emission rights free of...

Persistent link: https://www.econbiz.de/10010295332

Multi-Period Emissions Trading in the Electricity Sector: Winners and Losers

Bode, Sven - 2004

Emission trading has become recently more and more import in environmental regulation. In the context of controlling greenhouse gas emissions, the directive on a Europewide trading scheme for large immobile sources may be perceived as one of the most important milestones in recent years. Prior...

Persistent link: https://www.econbiz.de/10010295400

Implications of Linking National Emission Trading Schemes prior to the Start of the First Commitment Period of the Kyoto Protocol

Bode, Sven - 2003

After greenhouse gas emission trading on country level had been proposed by the Kyoto Protocol agreed on in 1997, a discussion on the introduction of national schemes with entities as participants ensued. This discussion also raised the question if and how such systems can be linked. We first...

Persistent link: https://www.econbiz.de/10010295479

Hold-up Problems with Respect to R&D Investment and Licensing in Environmental Regulation

Breitscheidel, Jörg - 2005

We explore the design of self-financing tax-subsidy schemes to solve hold-up problems in environmental regulation. The announcement of the tax rate seems to be preferable to solve hold-up problems with respect to the investment in environmental R&D. In contrast, only the announcement of the...

Persistent link: https://www.econbiz.de/10010297498

Self-financing Tax/Subsidy Mechanisms in Environmental Regulation with Many Firms

Breitscheidel, Jörg - 2005

We consider the application of self-financing tax/subsidy mechanisms in environmental regulation and explore the question whether these mechanisms yield strong investment incentives in a market with many firms under Cournot competition. It turns out that the tax/subsidy mechanism with the...

Persistent link: https://www.econbiz.de/10010297499

On the Design of Optimal Grandfathering Schemes for Emission Allowances

Böhringer, Christoph; Lange, Andreas - 2003

To meet its commitment under the Kyoto Protocol, the EU plans to implement an emissions trading system with grandfathering of allowances. Besides having distributional impacts, the choice of the grandfathering scheme may affect efficiency if firms anticipate how future allocations depend on...

Persistent link: https://www.econbiz.de/10010298126

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