While numerous studies analyse the determinants of the level and composition of local public spending, little attention has been given to what shapes the choice of tax instruments used by decentralised governments. This paper bridges this gap by investigating the economic and political...

We model the impact of bank mergers on loan competition, banks' reserve holdings and aggregate liquidity. Banks compete in a differentiated loan market, hold reserves against liquidity shocks, and refinance in the interbank market. A merger creates an internal money market that induces financial...

We present a model where the interaction between competition at school, industrial structure and labour market outcomes is characterised by the concept of Nash decentralised equilibrium. We show that the presence of spillovers and strategic complementarities could generate multiple equilibria....