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Douglas W. Diamond · Philip H. Dybvig

A three-period model in which households face a privately observed, uninsurable risk of needing to consume early, and where a demand deposit contract lets banks share that risk better than any market …

Takuo Sugaya · Alexander Wolitzky

This paper asks how a third-party intermediary (an "algorithm") that observes market demand or costs superior to competing firms should optimally disclose that information to maximize the firms' …

Marco Cosconati · Yi Xin · Fan Wu · Yizhou Jin

This paper studies imperfect competition in selection markets where competing firms have heterogeneous information about consumers — a layer of asymmetry distinct from the classic buyer-seller …

Sara G Castellanos · Diego Jiménez-Hernández · Aprajit Mahajan · Eduardo Alcaraz Prous · Enrique Seira

This paper asks two related questions bearing on financial inclusion policy in developing countries: (1) How effective are credit card contract term changes — specifically interest rate reductions and …

Tan Gan · Nicholas Wu

This paper studies a dynamic mechanism design problem in which an informed seller sells an experience good to a skeptical buyer who learns about the product through consumption. The central question …

Aimé Bierdel · Andres Drenik · Juan Herreño · Pablo Ottonello

The paper develops a quantitative capital-accumulation model in which capital trades in illiquid markets with asymmetric information — sellers know the quality of their capital but buyers do not. It …

Snehal Banerjee · Jesse Davis · Naveen Gondhi

Survey forecasts depart from rational expectations in ways that look contradictory: consensus forecasts under-react to news, individual forecasts of macroeconomic variables tend to over-react, and …

Benjamin L. Collier · Cameron M. Ellis · Benjamin J. Keys

This paper estimates the shadow cost that consumers assign to pledging their primary residence as collateral, using administrative loan application and performance data from the U.S. Federal Disaster …

Mikhail Golosov · Ilia Krasikov

What is the optimal joint nonlinear earnings tax schedule for married couples? How should one spouse's marginal tax rate depend on the other's earnings? When is individual earnings-based (separable) …