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Keywords:Competition 

Working Paper
Platform competition in two-sided markets: the case of payment networks

In this article, we construct a model to study competing payment networks, where networks offer differentiated products in terms of benefits to consumers and merchants. We study market equilibria for a variety of market structures: duopolistic competition and cartel, symmetric and asymmetric networks, and alternative assumptions about multihoming and consumer preferences. We find that competition unambiguously increases consumer and merchant welfare. We extend this analysis to competition among payment networks providing different payment instruments and find similar results.
Working Paper Series , Paper WP-04-09

Working Paper
The Effect of Common Ownership on Profits : Evidence From the U.S. Banking Industry

Theory predicts that "common ownership" (ownership of rivals by a common shareholder) can be anticompetitive because it reduces the weight firms place on their own profits and shifts weight toward rival firms held by common shareholders. In this paper we use accounting data from the banking industry to examine empirically whether shifts in the profit weights are associated with shifts in profits. We present the distribution of a wide range of estimates that vary the specification, sample restrictions, and assumptions used to calculate the profit weights. The distribution of estimates is ...
Finance and Economics Discussion Series , Paper 2018-069

Journal Article
Corporate export policies provide the competitive edge

Economic Review , Issue Jan , Pages 24-26

Journal Article
Competing takes hard work

Economic Review , Issue Jan , Pages 6-10

Journal Article
NAFTA, trade diversion and Mexico's textiles and apparel boom and bust

Southwest Economy , Issue Sep , Pages 11-13

Journal Article
Financial regulation and the competitiveness of the large U.S. corporation

Review , Issue Mar , Pages 61-67

Journal Article
Capital formation and competitiveness

FRBSF Economic Letter

Working Paper
Firms as clubs in Walrasian markets with private information : technical appendix

This paper proves the Welfare Theorems and the existence of a competitive equilibrium for the club economies with private information in Prescott and Townsend (2005). The proofs cover lottery economies with a finite number of goods and without free disposal. A mapping based on Negishi (1960) is used.
Working Paper , Paper 05-11

Discussion Paper
A model of duopoly and meeting or beating competition

Research Papers in Banking and Financial Economics , Paper 87

Journal Article
Competition among bank regulators

Economic Quarterly , Issue Fall , Pages 19-36

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