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Conference Paper
Monetary policy and the theory of the risk-averse bank
Conference Paper
Macroeconomic models with equity and credit rationing
Working Paper
Are Supply Networks Efficiently Resilient?
We show that supply networks are inefficiently, and insufficiently, resilient. Upstream firms can expand their production capacity to hedge againstsupply and demand shocks. But the social benefits of such investments arenot internalized due to market power and market incompleteness. Upstreamfirms under-invest in capacity and resilience, passing-on the costs to downstreamfirms, and drive trade excessively towards the spot markets. There isa wedge between the market solution and a constrained optimal benchmark,which persists even without rare and large shocks. Policies designed to incentivize ...
Conference Paper
Perspectives on the role of government risk-bearing
Conference Paper
Economic consequences of income inequality
Working Paper
Monetary policy and the theory of the risk-averse bank