Olivier Musy

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TheBerge equilibriumconcept formalizesmutual support amongplayersmotivated by the altruistic social value orientation in games. We prove some basic results for Berge equilibria and their relations to Nash equilibria, and we provide a straightforward method for finding Berge equilibria in n-player games. We explore some specific examples, and we explain how(More)
After many years, many critiques, and many variations, the staggered wage and price setting model is still the most common method of incorporating nominal rigidities into empirical macroeconomic models used for policy analysis. The aim of this chapter is to examine and reassess the staggered wage and price setting model. The chapter updates and expands on(More)
This paper presents empirical work grounded in the soft budget-constraint literature. A loan is soft when a bank cannot commit the enterprise to hold to a fixed initial budget and/or the timing of repayment. Using data collected by the EBRD (BEEPS 2002) in 26 transition economies, we analyze the determinants of managers’ expectations of having a soft loan.(More)
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