This paper studies incentives in a dynamic contracting framework of a levered firm. In particular, the manager selects long-term and... Read More
Showing papers sorted by date, newest first.
We develop a tractable general equilibrium framework of housing and mortgage markets with aggregate and idiosyncratic risks, costly liquidity and... Read More
We study the design of macro-prudential stress tests and capital requirements. The tests provide information about correlation in banks portfolios.... Read More
We show that the availability of credit ratings (or other public information) increases the allocative efficiency of cash flows by... Read More
This paper studies the classic information-sharing problem in a duopoly setting in which firms learn information from a financial market.... Read More