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Keywords:Financial markets 

Conference Paper
New financial world: policy shortcomings and remedies

Conference Series ; [Proceedings] , Volume 42 , Issue Jun , Pages 359-370

Conference Paper
Commentary: the ‘big C”: identifying and mitigating contagion

Proceedings - Economic Policy Symposium - Jackson Hole

Conference Paper
Designing Resilient Monetary Policy Frameworks for the Future : Economic Policy Symposium, Jackson Hole, Wyoming, August 25-27, 2016

Proceedings - Economic Policy Symposium - Jackson Hole

Conference Paper
Why is financial stability a goal of public policy? (commentary)

Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
Agencies issue policy statement on financial support to advised investment funds

Federal Reserve Bulletin , Issue Win , Pages 60

Conference Paper
Expected returns, yield spreads, and asset pricing tests

Proceedings

Working Paper
Asset pooling, credit rationing, and growth

I study the effect of improved financial intermediation on the process of capital accumulation by augmenting a standard model with a general contract space. With the extra contracts, intermediaries endogenously begin using ROSCAs, or Rotating Savings and Credit Associations. These contracts allow poor agents, previously credit rationed, access to credit. As a result, agents work harder and total economy-wide output increases; however, these gains come at the cost of increased inequality. I provide sufficient conditions for the allocations to be Pareto optimal, and for there to be a unique ...
Finance and Economics Discussion Series , Paper 1998-52

Journal Article
On the benefits of GDP-indexed government debt: lessons from a model of sovereign defaults

Whether governments should issue GDP-indexed sovereign debt continues to be the subject of policy debates. This article contributes to this debate by studying the effects of issuing GDP-indexed sovereign debt contracts using the equilibrium default model studied by Aguiar and Gopinath (2006) and Arellano (2008). We consider an extension with perfect indexation, i.e., the government issues Arrow-Debreu securities with payoffs that depend on the next-period aggregate income realization. The ex-ante welfare gain from the introduction of income-indexed bonds is equivalent to a permanent increase ...
Economic Quarterly , Volume 98 , Issue 2Q , Pages 139-157

Journal Article
Globalization, volume, decreasing costs force world's exchanges to automate

Economics Update , Issue Jul , Pages 3-4

Working Paper
Debt dilution and sovereign default risk

We measure the effects of debt dilution on sovereign default risk and show how these effects can be mitigated with debt contracts promising borrowing-contingent payments. First, we calibrate a baseline model la Eaton and Gersovitz (1981) to match features of the data. In this model, bonds' values can be diluted. Second, we present a model in which sovereign bonds contain a covenant promising that after each time the government borrows it pays to the holder of each bond issued in previous periods the difference between the bond market price that would have been observed absent current-period ...
Working Paper , Paper 10-08

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