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- Publications
- Influence
Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking
- V. Acharya, Denis Gromb, Tanju Yorulmazer
- Business
- 1 September 2008
We study liquidity transfers between banks through the interbank borrowing and asset sale markets when, (i) surplus banks providingliquidity have market power, ii) there are frictions in the… Expand
Public Trading and Private Incentives
- Antoine Faure-Grimaud, Denis Gromb
- Economics
- 1 October 2004
This paper studies the link between public trading and the activity of a firm's large shareholder who can affect firm value. Public trading results in the formation of a stock price that is… Expand
Learning in a Medium-Scale DSGE Model with Expectations Based on Small Forecasting Models (pp. 65-101)
- Olivier Coibion, Charles L. Weise, +10 authors Tanju Yorulmazer
- Economics
- 1 April 2012
In this paper we evaluate the empirical performance of a medium‐scale DSGE model (Smets and Wouters 2007) when agents form expectations about forward variables by using small forecasting models.… Expand
Equilibrium and Welfare in Markets with Financially Constrained Arbitrageurs
- Denis Gromb, Dimitri Vayanos
- 22 October 2001
We propose a multi-period model in which competitive arbitrageurs exploit discrepancies between the prices of two identical risky assets, traded in segmented markets. Arbitrageurs need to… Expand
Limits of Arbitrage
- Denis Gromb, Dimitri Vayanos
- Economics
- 1 November 2010
We survey theoretical developments in the literature on the limits of arbitrage. This literature investigates how costs faced by arbitrageurs can prevent them from eliminating mispricings and… Expand
Legal Investor Protection and Takeovers
- Mike C. Burkart, Denis Gromb, H. Mueller, F. Panunzi
- Business, Economics
- 1 May 2011
This paper examines the role of legal investor protection for the efficiency of the market for corporate control when bidders are financially constrained. In the model, stronger legal investor… Expand
Who’s Afraid of the Big Enlargement?
- T. Boeri, R. Debenedetti, +24 authors Sanjit Maitra
- 2002
Tito Boeri, IGIER, Università Bocconi, Milano, Fondazione Rodolfo Debenedetti and CEPR Guiseppe Bertola, European University Institute, Firenze and CEPR Herbert Brücker, Deutsches Institut für… Expand
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Imperfect Competition in the Inter-Bank Market for Liquidity as a Rationale for Central Banking
- V. Acharya, Denis Gromb, Tanju Yorulmazer
- 18 March 2008
We consider liquidity transfers between banks through the inter-bank borrowing and asset sale markets when banks providing liquidity may have market power and assets may be bank-specific. We show… Expand
RENEGOTIATION IN DEBT CONTRACTS
- Denis Gromb
- 2008
This paper studies dynamic financial contracting when cash flows are not contractible. In such contracts, the prevention of default relies on the threat that the borrower be denied access to credit… Expand
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- PDF
Drugs, Showrooms and Financial Products: Competition and Regulation When Sellers Provide Expert Advice
- D. Bardey, Denis Gromb, D. Martimort, JJrrme Pouyet
- Business, Economics
- 1 November 2016
We consider a market in which sellers can exert an information-gathering effort to advise buyers about which of two goods best fits their needs. Sellers may steer buyers towards the higher margin… Expand