Do Market Conditions Affect Preferences? Evidence from Experimental Markets with Excess Supply and Excess Demand
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Jordi Brandts; Gary Charness; Resumen : We study whether people's preferences in an unbalanced market are affected by whether they are on the excess supply side or the excess demand side of the market. Our analysis is bas...
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Sovereign Risk, Anonymous Markets, and the Effects of Globalization
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Fernando Broner; Jaume Ventura; Resumen : The goal of this paper is to study the e¤ects of globalization on the workings of financial markets. We adopt a "technological" view of globalization, which consists of an exogeno...
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Giffen Goods and Market Making
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Giovanni Cespa; Resumen : This paper shows that information effects per se are not responsible for the Giffen goods anomaly affecting competitive traders demands in multi- asset, noisy rational expectations equilibrium m...
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The Provision on Non-audit Services by Auditors: Let the Market Evolve and Decide
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Benito Arruñada; Resumen : The provision of non-audit services by auditors to their audit clients reduces total costs, increases technical competence and motivates more intense competition. Furthermore, these services do ...
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Labour Market Formation Patterns in Nineteenth Century Catalonia
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Enriqueta Camps; Resumen : In this paper we portray the features of the Catalan textiles labour market in a period of technological change. Supply and demand for labour as well as a gendered view of living standards are p...
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Implications of Dynamic Trading for Insurance Markets
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: José Penalva; Resumen : We study the interaction between insurance and capital markets within single but general framework.We show that capital markets greatly enhance the risk sharing capacity of insurance markets and th...
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Interbank Market Integration under Asymmetric Information
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Xavier Freixas; Cornelia Holthausen; Resumen : We argue that the main barrier to an integrated international interbank market is the existence of asymmetric information between different countries, which may prevail in sp...
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Reputation and Honesty in a Market for Information
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Gary Charness; Nuno Garoupa; Resumen : Previous works on asymmetric information in asset markets tend to focus on the potential gains in the asset market itself. We focus on the market for information and conduct an exper...
Noise and Aggregation of Information in Large Markets
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Diego García; Branko Urosevic; Resumen : We study a novel class of noisy rational expectations equilibria in markets with large number of agents. We show that, as long as noise increases with the number of agents in the e...
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With a Bang, not a Whimper: Pricking Germany's "Stock Market Bubble" in 1927 and the Slide into Depression
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Hans Joachim Voth; Resumen : In May 1927, the German central bank intervened indirectly to reduce lending to equity investors. The crash that followed ended the only stock market boom during Germanys relative stabilizati...
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Debt and Deficit Fluctuations and the Structure of Bond Markets
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Albert Marcet; Andrew Scott; Resumen : This paper tests for the market environment within which US fiscal policy operates, that is we test for the incompleteness of the US government bond market. We document the stochasti...
The Labor Market Effects of Payroll Taxes in a Middle-Income Country: Evidence from Colombia
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Adriana Kugler; Maurice Kugler; Resumen : We use a panel of manufacturing plants from Colombia to analyze how the rise in payroll tax rates over the 1980s and 1990s affected the labor market. Our estimates indicate that...
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Firm Investment in Imperfect Capital Markets: A Structural Estimation
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Sangeeta Pratap; Silvio Rendón; Resumen : We set up a dynamic model of firm investment in which liquidity constraints enter explicity into the firm's maximization problem. The optimal policy rules are incorporated into a ...
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Interbank Comptetition with Costly Screening
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Xavier Freixas; Sjaak Hurkens; Alan D. Morrison; Nir Vulkan; Resumen : We analyse credit market equilibrium when banks screen loan applicants. When banks have a convex cost function of screening, a pure strategy equilibri...
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Systemic Risk, Interbank Relations and Liquidity Provision by the Central Bank
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Xavier Freixas; Bruno Parigi; Jean Charles Rochet; Resumen : We model systemic risk in an interbank market. Banks face liquidity needs as consumers are uncertain about where they need to consume. Interbank credit lines al...
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Book vs. Fair Value Accounting in Banking, and Intertemporal Smoothing
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Xavier Freixas; Dimitrios P. Tsomocos; Resumen : The aim of this paper is to examine the pros and cons of book and fair value accounting from the perspective of the theory of banking. We consider the implications of the t...
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Should Banking Supervision and Monetary Policy Tasks be Given to Different Agencies?
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Carmine Di Noia; Giorgio Di Giorgio; Resumen : This paper adds some new arguments to the thesis that the responsibility for banking supervision should be assigned to an agency formally separated by the Central bank. We al...
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Banks, Liquidity Crises and Economic Growth
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Alejandro Gaytan; Romain Rancière; Resumen : How do the liquidity functions of banks affect investment and growth at different stages of economic development? How do financial fragility and the costs of banking crises evo...
