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Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking
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 theExpand
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Public Trading and Private Incentives
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 isExpand
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Learning in a Medium-Scale DSGE Model with Expectations Based on Small Forecasting Models (pp. 65-101)
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
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Equilibrium and Welfare in Markets with Financially Constrained Arbitrageurs
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 toExpand
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Limits of Arbitrage
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 andExpand
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Legal Investor Protection and Takeovers
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 investorExpand
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Who’s Afraid of the Big Enlargement?
Tito Boeri, IGIER, Università Bocconi, Milano, Fondazione Rodolfo Debenedetti and CEPR Guiseppe Bertola, European University Institute, Firenze and CEPR Herbert Brücker, Deutsches Institut fürExpand
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Imperfect Competition in the Inter-Bank Market for Liquidity as a Rationale for Central Banking
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 showExpand
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RENEGOTIATION IN DEBT CONTRACTS
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 creditExpand
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Drugs, Showrooms and Financial Products: Competition and Regulation When Sellers Provide Expert Advice
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 marginExpand
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