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Enough Liquidity with Enough Capital-and Vice Versa?
(2023)CFS Working Paper SeriesWe study the interplay of capital and liquidity regulation in a general equilibrium setting by focusing on future funding risks. The model consists of a banking sector with long-term illiquid investment opportunities that need to be financed by short-term debt and by issuing equity. Reliance on refinancing long-term investment in the middle of the life-time is risky, since the next generation of potential short-term debt holders may not ...Working Paper -
Gainers and Losers from Market Integration
(2021)CEPR Discussion PapersWe compare integration of economic, matching and networking markets. There can be losers from integration in all three cases, but their relative numbers depend on the type of market. There can be many losers from integration of pure exchange economies. There are relatively few losers from integration of networking markets. In the matching case, the relative numbers tend to lie between those of the other two cases.Working Paper -
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General Equilibrium with Multi-Member Households and Production
(2011)CESifo Working PapersWe consider firms and multi-member households operating in a competitive market environment. Households are endowed with resources (commodity bundles) and shares of firm ownership. Household members are characterized by individual preferences, possibly with intra-household consumption externalities. Household decisions adhere to the collective rationality model. Existence of general equilibrium and validity of the first welfare theorem ...Working Paper