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Different segments of a population affected by the same policy intervention may have different responses. We study the role of equilibrium effects on explaining these differences. Our case study is the government's extension of guarantees during the Great Recession to certain debt issuers. We...
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We examine the financial conditions of dealers that participated in two of the Federal Reserve's lender-of-last-resort (LOLR) facilities -- the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF) -- that provided liquidity against a range of assets during...
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the tax-payer resentment view welfare stigma suggested by Besley and Coate (1992). We find multiple stable equilibria in … coexistence of welfare fraud and incomplete take-up is unstable in the model of statistical discrimination view welfare stigma …, but it is stable in the model of the tax-payer resentment view welfare stigma. This difference arises from the different …
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