• Publications
  • Influence
Social Contacts and Occupational Choice
Social contacts help to find jobs, but not necessarily in the occupations where workers are most productive. Hence social contacts can generate mismatch between workers' occupational choices andExpand
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Capital Regulation in a Macroeconomic Model with Three Layers of Default
We develop a dynamic general equilibrium model for the positive and normative analysis of macroprudential policies. Optimizing financial intermediaries allocate their scarce net worth together withExpand
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Loan Pricing Under Basel Capital Requirements
We analyse the implications for the pricing of bank loans of the reform of capital regulation known as Basel II. We consider a perfectly competitive market for business loans where, as in the modelExpand
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The Procyclical Effects of Bank Capital Regulation
We assess the procyclical effects of bank capital regulation in a dynamic equilibrium model of relationship lending in which banks are unable to access the equity markets every period. BanksExpand
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Business Creation and the Stock Market
We claim that the stock market encourages business creation, innovation, and growth by allowing the recycling of ``informed'' capital. Due to incentive problems, financing new innovative businessesExpand
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Deposit Insurance and Money Market Freezes
In the presence of deposit insurance, a rise in counterparty risk may cause a freeze in interbank money markets. We show this in a general equilibrium model with regionally segmented bank-basedExpand
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Hot and Cold Housing Markets: International Evidence
This paper examines the experience of 14 developed countries for which there are about 30 years of quarterly inflation-adjusted housing price data. Price dynamics is modelled as a combination of aExpand
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Whole-body imaging of lymphovascular niches identifies pre-metastatic roles of midkine
Cutaneous melanoma is a type of cancer with an inherent potential for lymph node colonization, which is generally preceded by neolymphangiogenesis. However, sentinel lymph node removal does notExpand
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Managerial Compensation and the Market Reaction to Bank Loans
This Paper considers why a manager would choose to submit himself to the discipline of bank monitoring. This issue is analysed within the context of a model where the manager enjoys private benefits,Expand
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Monitoring, Liquidation, and Security Design
By identifying the possibility of imposing a credible threat of liquidation as the key role of informed (bank) finance in a moral hazard context, and showing how credibility fails when liquidityExpand
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