In this paper we investigate how well banks manage their reserves. The optimal policy takes into account expected foregone interest on excess reserves and penalty costs for going below required reserves. Using a unique panel data-set on daily clearing house settlements of a cross-section of...

In this paper we investigate how well banks manage their reserves. The optimal policy takes into account expected foregone interest on excess reserves and penalty costs for going below required reserves. Using a unique panel data-set on daily clearing house settlements of a cross-section of...

In this paper we investigate how well banks manage their reserves. The optimal policy takes into account expected foregone interest on excess reserves and penalty costs for going below required reserves. Using a unique panel data-set on daily clearing house settlements of a cross-section of...

We develop an analytical framework to investigate the competitiveimplications of personalized pricing (PP), whereby firms chargedifferent prices to different consumers based on their willingness topay. We embed PP in a model of vertical product differentiation and showhow it affects firms’...

In many industries, Internet referral services, hosted either byindependent third-party infomediaries or by manufacturers, serve asdigitally enabled lead generators in electronic markets, directingconsumer traffic to downstream retailers in a distribution network. Thisreshapes the extended...