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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

Comparing Search and Intermediation Frictions Across Fixed-Income Markets

Gabor Pinter,Jean-Charles Wijnandts, Semih Uslu   Apr 30,2025

Working Paper No.00150-00

We develop a two-asset search-and-bargaining model of OTC trading to estimate frictions and welfare losses in the UK government and... Read More

A Theory of Corporate Communication

Jordan Martel   May 01,2025

Working Paper No.00151-00

How should we expect firms to communicate with their shareholders in the presence of uncertainty? This paper studies a model... 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