Papers

Tags

RESET

Tags

Optimal Integration: Human, Machine, and Generative AI

Hongda Zhong   Jan 18,2025

Working Paper No.00146-00

I study the optimal integration of humans and technologies in multi-layered decision-making processes. Each layer can correct existing errors but... Read More

Dynamic Coordination and Bankruptcy Regulations

Zhen Zhou, Hongda Zhong   Jan 18,2025

Working Paper No.00147-00

Many regulations aim at promoting coordination among creditors in bankruptcy by ex post restricting their ability to exit distressed firms.... Read More

Data Regulation in Credit Markets

Yan Xiong , Uday Rajan   Jan 26,2025

Working Paper No.00148-00

We study a credit market in which lending decisions depend on a borrower's digital profile, and the borrower can manipulate... Read More

Central Bank Digital Currency and Financial Stability

Peter Hoffmann,Agnese Leonello,Davide Porcellacchia, Toni Ahnert   Feb 24,2025

Working Paper No.00100-04

We develop a model of financial intermediation with remunerated Central Bank Digital Currency (CBDC) as consumers’ alternative to bank deposits... Read More

Tragedy of Complexity

Martin Oehmke , Adam Zawadowski   Mar 22,2025

Working Paper No.00055-01

Complexity can create value. At the same time, understanding more complex goods requires more of an agent’s attention. We show... Read More

Private Credit: Risks and Benefits of a Maturity Wall

Rui Albuqerque, Adam Zawadowski   Mar 22,2025

Working Paper No.00149-00

A maturity wall occurs in private credit funds when the fund reaches its maturity date, where it can no longer... Read More

Is 24/7 Trading Better?

Alexander Ober, Patrick Blonien   Apr 09,2025

Working Paper No.00142-01

In a dynamic model of large traders who manage inventory risk, we show that a daily market closure coordinates liquidity.... Read More

The Evolution of the Market for Corporate Control

Samuel Lee, Mike Burkart , Paul Voss   Feb 02,2024

Working Paper No.00137-00

In a canonical takeover model we let an informed large shareholder choose between making a bid or initiating a sale... Read More

Liquidity in the Cross Section of OTC Assets

Guner Velioglu, Semih Uslu   Feb 06,2024

Working Paper No.00138-00

We develop a dynamic model of a multi-asset over-the-counter (OTC) market that operates via search and bargaining and empirically test... Read More

Payments and privacy in the digital economy

Peter Hoffmann,Cyril Monnet, Toni Ahnert   Mar 02,2024

Working Paper No.00139-00

We propose a model of financial intermediation, payments choice, and privacy in the digital economy. While digital payments enable merchants to sell... Read More