The paper develops a simple model of optimal corporate ownership structure in which costs and benefits of ownership concentration are analysed.

This paper studies the launching of a new fiat currency within a search-theoretic framework. We show that legal tender laws may not be sufficient to guarantee the acceptability of the new currency, and that the withdrawal of a large fraction of the competing currency is essential to avoid the...

Nominal rigidities due to menu costs have become a standard element in closed economy macroeconomic modelling. The 'New Open Economy Macroeconomics' literature has investigated the implications of nominal rigidities in an open economy context and found that the currency in which prices are set...

We develop a dynamic general equilibrium macroeconomic model where a proportion of firms are credit constrained due to asymmetric information. In general, a macroeconomic shock has additional effects created by a reallocation of funds between credit-constrained and unconstrained firms. We show,...

We study, what Switzerland can learn from the disappearance of the property insurance monopolies in Germany. We show that the German insurance monopolies did not fight hard enough to defend their interests. a) Most of them knew that they would be bought up by another public insurance company....