Title:Financial Crisis Resolution
Author(s):SCHROTH, JosefDate:2012Type of Publication:Working PaperSeries/Report no.:EUI MWPAbstract:This paper studies a dynamic version of the Holmstrom-Tirole model of intermediated finance. I show that competitive equilibria are not constrained efficient when the economy experiences a financial crises. A pecuniary ...
Title:Financial Intermediation, Markets, and Alternative Financial Sectors
Author(s):ALLEN, Franklin; CARLETTI, Elena; QIAN, Jun 'QJ'; VALENZUELA, PatricioDate:2012Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:We provide a comprehensive review of firms’ financing channels (internal and external, domestic and international) around the globe, with the focus on alternative finance—financing from all the nonmarket, non-bank external ...
Title:Financial Literacy and Portfolio Diversification
Author(s):GUISO, Luigi; JAPPELLI, TullioDate:2008Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:In this paper we focus on poor financial literacy as one potential factor explaining lack of portfolio diversification. We use the 2007 Unicredit Customers’ Survey, which has indicators of portfolio choice, financial ...
Title:Financial Markets as a Commitment Device for the Government
Author(s):SIMON, JennyDate:2012Type of Publication:Working PaperSeries/Report no.:EUI MWPAbstract:How does the presence of financial markets shape the government's ability to implement social redistribution? Individuals do not typically constrain consumption to equal their net-of-tax income every period. Instead, access ...
Title:Firm Dynamics Support the Importance of the Embodied Question
Author(s):GABLER, Alain; LICANDRO, OmarDate:2009Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:This paper contributes to the literature on both embodied technical
progress and firm dynamics, by formulating an endogenous growth
model where selection and imitation play a fundamental role in helping
capital good ...
Title:Firm Heterogeneity and the Two Sources of Gains from Trade
Author(s):AGUR, ItaiDate:2006Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:Recent empirical work identies two main channels through which consumers benefit
from trade. Trade liberalization lowers prices, while it raises product variety. This paper
develops the first model that connects both ...
Title:Fiscal Stimulus with spending reversals
Author(s):CORSETTI, Giancarlo; MEIER, André; MÜLLER, Gernot J.Date:2009Type of Publication:Working PaperSeries/Report no.:CEPR discussion paperAbstract:The impact of fiscal stimulus depends not only on short-term tax and spending policies, but also on expectations about offsetting measures in the future. This paper analyzes the effects of an increase in government spending ...
Title:Fiscal Stimulus with Spending Reversals
Author(s):CORSETTI, Giancarlo; MEIER, André; MÜLLER, Gernot J.Date:2009Type of Publication:Working PaperSeries/Report no.:IMF working paper
Title:Fixing the Quorum: Representation versus Abstention
Author(s):ZWART, SanneDate:2007Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:The majority of the participating voters in referenda does not
necessarily re°ect the majority of the whole population since voters can ab-
stain. This paper shows that a quorum exists for which the outcome of the
referendum ...
Title:Flexible Contracts
Author(s):GOTTARDI, Piero; TALLON, Jean Marc; GHIRARDATO, PaoloDate:2009Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:This paper studies the costs and benefits of delegating decisions to superiorly informed agents relative to the use of rigid, non discretionary contracts. Delegation grants some flexibility in the choice of the action by ...
Title:Flexible Contracts
Author(s):GOTTARDI, Piero; TALLON, Jean Marc; GHIRARDATO, PaoloDate:2011-01-01Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:This paper studies the costs and benefits of delegating decisions to superiorly informed agents relative to the use of rigid, non discretionary contracts. The main focus of the paper lies in the analysis of the costs of ...