Discussion Papers

Economics and game theory are replete with examples of parameterized games. We show that all minimal Nash payoff USCOs belonging to the Nash...

For a discounted stochastic game with an uncountable state space and compact metric action spaces, we show that if the measurable-selection-valued...

We establish a new fixed point result for measurable-selection-valued correspondences with nonconvex and possibly disconnected values arising from the...

A central bank’s forecast must contain some assumption about the likely future path for its own policy-determined short-term interest rate. Most of...

Effective risk control must make a tradeoff between the microprudential risk of exogenous shocks to individual institutions and the macroprudential...

We analyse bank runs under fundamental and asset liquidity risk, adopting a realistic description of bank default. We obtain an unique run equilibrium...

We develop a dual-layered agency model to study blockholder monitoring by activist funds that compete for investor flow. Competition for flow affects...

We model the structure and strategy of social interactions prevailing at any point in time as a directed network and we address the following open...

The recent automation of the American stock market has replaced floor intermediaries with trading algorithms, calling into question the sociological...

Macroprudential regulation, which has emerged as a new departure in financial regulation (albeit with a longer heritage), since the financial crash...

This paper analyzes the robustness of standard risk analysis techniques, with a special emphasis on the specifications in Basel III. We focus on the...

We study the importance of anticipated shocks (news) for understanding the comovement between macroeconomic quantities and asset prices. We find that...

Using a novel way to identify relationship and transaction banks, we study how banks’ lending techniques affect credit constraints of small and medium...

We consider a general equilibrium Lucas (1978) economy with one consumption good and two heterogeneous Epstein-Zin investors. The output is subject to...

It is alleged that activist hedge funds congregate around a common target, with one acting as the "lead" activist and others as peripheral activists...

We decompose the abnormal profits associated with well-known patterns in the cross-section of expected returns into their overnight and intraday...