F Allen… - MIT Press Books, 2001 - ideas.repec.org
Financial systems are crucial to the allocation of resources in a modern economy. They
channel household savings to the corporate sector and allocate investment funds among
firms; they allow intertemporal smoothing of consumption by households and ...
D Gale… - The Review of Economic Studies, 1985 - restud.oxfordjournals.org
Abstract In a simple model of borrowing and lending with asymmetric information we show
that the optimal, incentive-compatible debt contract is the standard debt contract. The
second-best level of investment never exceeds the first-best and is strictly less when there ...
F Allen… - Journal of political economy, 2000 - JSTOR
Financial contagion is modeled as an equilibrium phenomenon. Because liquidity
preference shocks are imperfectly correlated across regions, banks hold interregional claims
on other banks to provide insurance against liquidity preference shocks. When there is no ...
F Allen… - The Journal of Finance, 1998 - Wiley Online Library
Empirical evidence suggests that banking panics are related to the business cycle and are
not simply the result of “sunspots.” Panics occur when depositors perceive that the returns
on bank assets are going to be unusually low. We develop a simple model of this. In this ...
F Allen… - The Economic Journal, 2000 - Wiley Online Library
In recent financial crises a bubble, in which asset prices rise, is followed by a collapse and
widespread default. Bubbles are caused by agency relationships in the banking sector.
Investors use money borrowed from banks to invest in risky assets, which are relatively ...
F Allen… - 1994 - books.google.com
Franklin Allen and Douglas Gale have contributed substantially to the study of financial
innovation, developing economic models to address the question of whether the market
provides institutions and opportunities for individuals to share risks efficiently. In this book ...
F Allen… - Journal of Political Economy, 1997 - JSTOR
In an overlapping generations economy with (incomplete) financial markets but no
intermediaries, there is underinvestment in safe assets. In an economy with intermediaries
and no financial markets, accumulating reserves of safe assets allows returns to be ...
F Allen… - European Economic Review, 1995 - Elsevier
There is wide variation in the structures of financial systems in different countries. We
compare two polar extremes. In one, which we refer to as the 'German model', intermediaries
predominate. In the second, which we refer to as the 'US model', financial markets play the ...
S Bhattacharya… - 1985 - books.google.com
Several recent papers have examined the micro-theoretic foundations for a theory of
financial intermediation. The role of intermediaries as agents who provide delegated
monitoring services has been developed in Leland and Pyle (1977) and Diamond (1984). ...
C Chamley… - Econometrica: Journal of the Econometric Society, 1994 - JSTOR
We model investment as an N-player game with a pure informational externality. Each
player's payoff depends only on his own action and the state of nature. However, because a
player's action reveals his private information, players wait to see what other players will ...
F Allen… - Review of Financial Studies, 1992 - Soc Financial Studies
Abstract It is generally agreed that speculators can make profits from insider trading or from
the release of false information. Both forms of stock-price manipulation have now been
made illegal In this article, we ask whether it impossible to make profits from a different ...
F Allen… - 2007 - books.google.com
What causes a financial crisis? Can financial crises be anticipated or even avoided? What
can be done to lessen their impact? Should governments and international institutions
intervene? Or should financial crises be left to run their course? In the aftermath of the ...
F Allen… - The American Economic Review, 1994 - JSTOR
Traditional asset-pricing theories assume complete market participation, despite
considerable empirical evidence that most investors participate in a limited number of
markets. We show that once the participation decision is endogenized, market properties ...
F Allen… - NYU Working Paper No. S-FI-03-06, 2003 - papers.ssrn.com
Abstract: Competition policy in the banking sector is complicated by the necessity of
maintaining financial stability. Greater competition may be good for (static) efficiency, but
bad for financial stability. From the point of view of welfare economics, the relevant ...
F Allen… - Review of Financial Studies, 1988 - Soc Financial Studies
Abstract How should new securities be designed? Traditional theories have little to say on
this: the literature on capital structure and general equilibrium theories with incomplete
markets takes the securities firms issue as exogenous. This article explicitly incorporates ...
F Allen… - Journal of financial intermediation, 1999 - Elsevier
The objective of this paper is to compare the effectiveness of financial markets and financial
intermediaries in financing new industries and technologies in the presence of diversity of
opinion. In markets, investors become informed about the details of the new industry or ...
F Allen… - Econometrica, 2004 - Wiley Online Library
A complex financial system comprises both financial markets and financial intermediaries.
We distinguish financial intermediaries according to whether they issue complete contingent
contracts or incomplete contracts. Intermediaries such as banks that issue incomplete ...
D Gale - 1982 - books.google.com
As the title suggests, this book deals mainly with what can be described as the general-
equilibrium approach to monetary theory. The author does not attempt an encyclopaedic
treatment, but investigates the central problems and ideas in the development of ...
D Gale - Econometrica: Journal of the Econometric Society, 1986 - JSTOR
A model of decentralized exchange and price formation is defined using the bargaining
theory of A. Rubinstein. Agents meet at random and bargain over the terms of trade. If there
are no transaction costs, every perfect equilibrium of the bargaining game implements a ...
D Gale - European Economic Review, 1996 - Elsevier
Models of herd behavior and informational cascades often make strong assumptions about
the information available to agents, the nature of the choices being made, the timing of
decisions, and the symmetry of equilibrium. This note considers the robustness of some ...
F Allen, D Gale… - 1999 - econ.nyu.edu
Abstract The corporate governance systems operating in different countries are disЛ tinct. In
the US and UK, it is often argued that the threat of takeover ensures managers act in the
shareholders/interests. In countries such as GerЛ many, Japan and France, it is suggested ...
D Gale - Journal of Economic Theory, 1987 - Elsevier
Abstract This paper models trade as a non-coopertative, strategic game played at an infinite
sequence of dates. A single, indivisible commodity is traded. Buyers and sellers have
transferable utility and are characterized by their reservation utilities. They meet at random ...
D Gale… - Games and Economic Behavior, 2003 - Elsevier
We extend the standard model of social learning in two ways. First, we introduce a social
network and assume that agents can only observe the actions of agents to whom they are
connected by this network. Secondly, we allow agents to choose a different action at each ...
F Allen… - Journal of the European Economic …, 2004 - Wiley Online Library
Abstract We define a financial system to be fragile if small shocks have disproportionately
large effects. In a model of financial intermediation, we show that small shocks to the
demand for liquidity cause either high asset-price volatility or bank defaults or both. ...
F Allen… - Econometrica: Journal of the Econometric Society, 1991 - JSTOR
We describe a model of general equilibrium with incomplete markets in which firms can
innovate by issuing arbitrary, costly securities. When short sales are prohibited, firms behave
competitively and equilibrium is efficient. When short sales are allowed, these classical ...
F Allen… - Oxford Review of Economic Policy, 1999 - Oxford Univ Press
Abstract In many recent cases financial liberalization has led to a bubble in asset prices. The
bursting of the bubble results in a banking crisis and recession. It is suggested such bubbles
are caused by an interaction of the risk-shifting problem arising from agency relationships ...
The crisis of 2007-09 has been characterized by a sudden freeze in the market for short-
term, secured borrowing. We present a model that can explain a sudden collapse in the
amount that can be borrowed against finitely-lived assets with little credit risk. The ...
D Gale - The Review of Economic Studies, 1992 - restud.oxfordjournals.org
Abstract The paper describes a Walrasian theory of markets with adverse selection and
shows how refinements of equilibrium can be used to characterize uniquely the equilibrium
outcome. Equilibrium exists under standard conditions. It is shown that, under certain ...
D Gale - Public debt management: theory and history, 1990 - books.google.com
With a few notable exceptions, such as Fischer (1983), Peled (1985) and Bonn (1988a, b, c),
the literature on public debt has concentrated on positive issues, such as the neutrality of the
debt (Barro, 1974; Tobin, 1971). In this paper I want to concentrate instead on welfare ...
F Allen… - Center for Financial Institutions working papers, 2001 - ideas.repec.org
What is a Financial System?< p>< p> The purpose of a financial system is to channel funds
from agents with surpluses to agents with deficits. In the traditional literature there have been
two approaches to analyzing this process. The first is to consider how agents interact ...
F Allen, E Carletti… - Journal of Monetary Economics, 2009 - Elsevier
We develop a simple model of the interbank market where banks trade a long term, safe
asset. When there is a lack of opportunities for banks to hedge idiosyncratic and aggregate
liquidity shocks, the interbank market is characterized by excessive price volatility. In such ...
F Allen… - 2007 - nber.org
The experience of banking crises in the 1930s was severe. Before this, assuring financial
stability was primarily the responsibility of central banks. The Bank of England had led the
way. The last true panic in England was associated with the collapse of the Overend, ...
F Allen… - Management Science, 1999 - JSTOR
Relationships between intermediaries and their customers have become increasingly
important in recent years. This paper argues that the need for costly ex ante information
acquisition and analysis is a major barrier to the participation of investors and firms in ...
D Gale… - The Quarterly Journal of Economics, 2002 - qje.oxfordjournals.org
Abstract Central bank policy suffers from time inconsistency when facing a banking crisis: a
bailout is optimal ex post, but ex ante it should be limited to control moral hazard.
Dollarization provides a credible commitment not to help at the cost of not helping even ...
F Allen… - Carnegie-Rochester Conference Series on Public …, 2000 - Elsevier
Flawed government policies have been offered as an explanation for currency crises in most
of the previous literature. With few exceptions, the role of the banking system is ignored.
Empirical evidence suggests that in recent decades banking crises and currency crises ...
D Gale - Economic theory, 1995 - Springer
Summary Gains from coordination provide incentives for delay. In this paper, the extent of
delay is studied in a dynamic, N-person, coordination game. There is no social gain from
delay, so an equilibrium with delay is always inefficient. For fixedN, there is no ...
D Gale - Econometrica: Journal of the Econometric Society, 1986 - JSTOR
In Gale (1986) I developed a model of decentralized exchange and price formation. Agents
meet at random and bargain over the terms of trade. In the absence of transaction costs
every perfect equilibrium of this game implements a Walrasian equilibrium of the ...
D Gale - 2000 - books.google.com
The theory of competition has held a central place in economic analysis since Adam Smith.
This book, written by one of the most distinguished of contemporary economic theorists,
reports on a major research program to provide strategic foundations for the theory of ...
F Allen… - Economic Theory, 1992 - Springer
Summary Theory suggests that optimal contracts should include many contingencies to
achieve optimal risk sharing. However, in practice, few contracts are as complex as theory
suggests. This paper develops a model which is consistent with this observation. The lack ...
D Gale - The Review of Economic Studies, 1996 - restud.oxfordjournals.org
Abstract When the profitability of investment depends on the general level of economic
activity, entrepreneurs have an incentive to delay investments during a recession.
Endogenous delay thus prolongs the recovery from a recession and heightens the effect ...
S Choi, R Fisman, D Gale… - The American economic …, 2007 - ingentaconnect.com
Abstract: By using graphical representations of simple portfolio choice problems, we
generate a very rich dataset to study behavior under uncertainty at the level of the individual
subject. We test the data for consistency with the maximization hypothesis, and we ...
F Allen… - Journal of the European Economic …, 2005 - Wiley Online Library
The cause of a financial crisis “... may be trivial, a bankruptcy, a suicide, a flight, a revelation,
a refusal of credit to some borrower, some change of view that leads a significant actor to
unload. Prices fall. Expectations are reversed. The movement picks up speed. To the ...
D Gale - Journal of Economic Theory, 1978 - Elsevier
Abstract The concept of trust is formalized by the “sequential core”. The absence of trust
induces a sequential structure on an economy, even if markets are complete at the first day.
The use of money (securities) can replace trust.
D Gale - Economic Theory, 1996 - Springer
Summary This paper examines the efficiency properties of competitive equilibrium in an
economy with adverse selection. The agents (firms and households) in this economy
exchange contracts, which specify all the relevant aspects of their interaction. Markets are ...
D Gale… - International Economic Review, 1989 - JSTOR
A model of sovereign debt is analyzed. In this model renegotiation arises in a natural way.
Because information is incomplete the renegotiation game has many equilibria. The
standard contract theory approach suggests the parties should agree to choose the ...
F Allen… - Global governance and financial crises, 2004 - books.google.com
The idea that the amount of money and credit available is an important factor in the
determination of asset prices is not new. In his description of historic bubbles Kindleberger
(1978, p. 54) emphasizes the role of this factor:“Speculative manias gather speed through ...
D Ahn, S Choi, D Gale… - 2007 - eprints.ucl.ac.uk
We report a laboratory experiment that enables us to estimate four prominent models of
ambiguity aversion—Subjective Expected Utility (SEU), Maxmin Expected Utility (MEU),
Recursive Expected Utility (REU), and α-Maxmin Expected Utility (α-MEU)—at the level of ...
D Gale - The Review of Economic Studies, 1992 - restud.oxfordjournals.org
Abstract The cost of gathering information about unfamiliar securities may lead to gains from
standardization: firms issue a particular security because it is used by other firms. To support
standardization as an equilibrium phenomenon, information must be non-transferable ( ...
D Gale… - Journal of Economic Theory, 1999 - Elsevier
Do boundedly rational agents repeatedly playing a symmetric game with a unique
symmetric equilibrium learn over time to play it? In this paper we model the dynamic
interaction of two types of such agents, experimenters and imitators, whose behavior is ...
D Gale… - The RAND Journal of Economics, 1994 - JSTOR
We explore a dynamic, competitive model for experience goods and study an equilibrium for
it in which firms plan initially to produce high quality at low price, then high quality at high
price, then low quality at high price. Each consumer is aware that all firms eventually ...
[CITATION] Liquidity preference, market participation and asset price volatility
F Allen… - American Economic Review, 1994
D Gale - Games and Economic Behavior, 2001 - Elsevier
A monotone game comprises the infinitely repeated play of an n-person stage game, subject
to the constraint that players' actions be monotonically nondecreasing over time. These
games represent a variety of strategic situations in which players are able to make (partial) ...
F Allen… - Wharton Financial Institutions Center, 2002 - rieti.go.jp
Abstract The term corporate governance is used in two distinct ways. In Anglo0Saxon
countries like the US and UK good corporate governance involves firms pur0 suing the
interests of shareholders. In other countries like Japan, Germany and France it involves ...
D Gale - The Review of Economic Studies, 1979 - restud.oxfordjournals.org
The last ten years have seen a long series of papers published about models of non-
Walrasian equilibrium, most of them concerned with" Keynesian economics" or"
underemployment equilibrium" or some such idea. In recent years two approaches have ...
F Allen… - Economics in an Imperfect World: Essays in …, 2003 - books.google.com
Financial crises have become a popular academic subject since the recent events in Asia,
Russia, and elsewhere. Of course, financial crises are nothing new; they are part of the long
and colorful history of the development of the financial system. They are also an important ...
F Allen… - NYU Working Paper No. S-FI-03-07, 2003 - papers.ssrn.com
Abstract: We define a financial system to be fragile if small shocks have disproportionately
large effects. In a model of financial intermediation, we show that small shocks to the
demand for liquidity cause either high asset-price volatility or bank defaults or both. ...
S Choi, D Gale… - Advances in Applied …, 2005 - emeraldinsight.com
ABSTRACT Networks are natural tools for understanding social and economic phenomena.
For example, all markets are characterized by agents connected by complex, multilateral
information networks, and the network structure influences economic outcomes. In an ...
D Gale… - Econometrica, 2005 - Wiley Online Library
Extensive-form market games typically have a large number of noncompetitive equilibria. In
this paper, we argue that the complexity of noncompetitive behavior provides a justification
for competitive equilibrium in the sense that if rational agents have an aversion to ...
D Gale - Capital markets and financial intermediation, 1993 - books.google.com
The starting point for the work reported in this paper is the observation that banks are
information-gathering and information-processing institutions. When a bank makes a loan, it
investigates the borrowing firm's assets and business plan. It later acquires information in ...
F Allen… - The GENEVA Papers on Risk and Insurance-Theory, 1990 - Springer
Traditional analyses with incomplete markets take the securities that are traded as
exogenous. In this paper we endogenize the market structure by considering incentives to
introduce (costly) options exchanges which issue derivative securities. The method of ...
D Gale - The Quarterly Journal of Economics, 1988 - qje.oxfordjournals.org
Abstract The paper studies a market in which there are two sellers and one buyer. Each
agent wants to trade at most one unit of an indivisible commodity. The sellers are uncertain
whether the buyer is receiving offers from one or both of them at any given time. This ...
D Gale - The Evolving Financial System and Public Policy. …, 2004 - econ.nyu.edu
Abstract Capital adequacy requirements are justified on two grounds. On the one hand,
equity capital reduces the incentive for excessive risk taking (asset subsitution or risk-shifting
behavior). On the other, it provides a buffer that offsets a shortfall in the realized value of ...
F Allen… - New York University, unpublished, 2000 - madrid-cls-holder.wss.yale.edu
Abstract This paper integrates a number of recent themes in the literature on bankM ing and
asset markets6optimal risk sharing, limited market participation, assetMprice volatility,
market liquidity, and financial crises6in a generalM equilibrium theory of the financial ...
F Allen… - Asset Price Bubbles: The Implications for …, 2003 - books.google.com
Stock market interlinkages have played an important role in the formation and collapse of
bubbles from early times. For example, Carswell (1960) describes the links between the
1719 bubble in the stock of the Mississippi Company in Paris and the 1720 bubble in the ...
DM Gale… - The American economic review, 2007 - JSTOR
... Gale: Department of Economics, New York University, 269 Mercer Street, #507, New York, NY,
10003 (e-mail: douglas.gale@nyu.edu); Kariv ... REFERENCES Allen, Franklin, and Douglas Gale.
2000. "Finan- cial Contagion." Journal of Political Economy, 108(1): 1-33. ...
D Gale - Journal of Economic Theory, 1980 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks.
Money, information and equilibrium in large economies. Douglas Gale (). Journal
of Economic Theory, 1980, vol. 23, issue 1, pages 28-65. ...
F Allen… - 2008 - finance.wharton.upenn.edu
The first true central bank was the Bank of Sweden founded over 300 years ago in 1668.
Others, such as the Bank of England, were founded soon after. Initially they had a variety of
roles. Over time one of the main roles of central banks came to be to intervene in times of ...
S Choi, R Fisman, DM Gale… - The American economic review, 2007 - JSTOR
... choi@ucl.ac.uk); Fisman: Graduate School of Business, Columbia University, Uris 823, New York,
NY 10027 (e-mail: rf250@columbia.edu); Gale: Department of Economics, New York University,
269 Mercer Street, #507, New York, NY, 10003 (e-mail: douglas.gale@nyu.edu ...
D Gale… - Journal of the European Economic …, 2005 - Wiley Online Library
Since the inception of the first Basel Accord, capital regulation has been one of the main policy
tools used by central bankers to control financial instability. There are two main functions of bank
capital. The first is the incentives function. Because of the debt-like nature of their ...
F Allen… - Credit, Intermediation, and the …, 2004 - finance.wharton.upenn.edu
The purpose of a financial system is to channel hands from agents with surpluses to agents
with deficits. In the traditional literature there have been two approaches to analyzing this
process. The first is to consider how agents interact through financial markets. The second ...
D Gale… - 2010 - papers.ssrn.com
Abstract: We study a competitive model in which market incompleteness implies that debt-
financed firms may default in some states of nature and default may lead to the sale of the
firms' assets at fire sale prices when markets are illiquid. This incompleteness is the only ...
[CITATION] Informed speculation in large markets
D Gale… - Multicopiado, University of Pittsburgh, 1987
[CITATION] Comparative financial systems
F Allen… - Cambridge, Mass, 2000
D Gale - 1986 - nyu.edu
-I- 1. Introduction. The classical examples of perfectly competitive markets are Che exchanges
organized for trading financial assets. One of the salient characteristics of markets for commodity
futures, foreign currencies, stocks and bonds is chat they are centralized. Traders are ...
D Gale - The Economic Journal, 1983 - JSTOR
The notion of an equilibrium with quantity-rationing has been with us for a long time. In a
rudimentary form it was found in all those early Keynesian models which explained
unemployment by positing a fixed money wage. The advantage of the more recent ...
D Gale - Review of Economic Studies, 1981 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
[CITATION] Branch Banking, unitary banking and competition
D Gale - Mimeo, 1992 - Department of Economics Boston …
D Gale - The Review of Economic Studies, 1978 - JSTOR
This note is a gloss on a paper by F. Hahn (1978). There is nothing really new here except
the method of proving the two main results: existence of a non-Walrasian conjectural
equilibrium and impossibility of rational conjectural equilibrium (in Hahn's sense). A great ...
D Gale - Framing Financial Structure in an Information …, 2003 - Citeseer
Financial crises have become a popular academic subject since the recent events in Asia,
Russia, and elsewhere. Of course, financial crises are nothing new. They are part of the long
and colorful history of the development of the financial system. They are also an important ...
D Gale - Economic Theory, 2001 - Springer
Summary. The paper analyzes an economy with two-sided adverse selection, focusing on
equilibria that satisfy a refinement based on the notion of strategic stability. In the familiar
case of one-sided adverse selection, agents reveal all of their private information as long ...
S Choi, D Gale… - WP, May, 2009 - homepages.ucl.ac.uk
Abstract Individuals living in society are bound together by a social network and, in many
social and economic situations, individuals learn by observing the behavior of others in their
local environment. This process is called social learning. Learning in incomplete networks ...
D Gale - Journal of Financial Intermediation, 1991 - Elsevier
Abstract We frequently observe that contracts do not include all of the contingencies that
would seem to be necessary for optimal risk sharing between the parties to the contract. One
reason may be that the possibility of renegotiation makes the contract more contingent ...
[CITATION] Corruption and Competition
F Allen, D Gale… - 2007 - working paper, University of …
S Choi, D Gale… - Journal of Economic Theory, 2008 - Elsevier
A monotone game is an extensive-form game with complete information, simultaneous
moves and an irreversibility structure on strategies. It captures a variety of situations in which
players make partial commitments and allows us to characterize conditions under which ...
S Choi, D Gale, S Kariv… - Games and Economic Behavior, 2011 - Elsevier
This paper reports the results of an experimental investigation of dynamic games in
networks. In each period, the subjects simultaneously choose whether or not to make an
irreversible contribution to the provision of an indivisible public good. Subjects observe ...
[CITATION] Preference shocks
S Bhattacharya… - Liquidity, and Central Bank Policy, in, 1987
D Gale… - STICERD-Theoretical Economics Paper Series, 1984 - ideas.repec.org
Shubik, Martin, 1990." A game theoretic approach to the theory of money and financial
institutions," Handbook of Monetary Economics, in: BM Friedman & FH Hahn (ed.),
Handbook of Monetary Economics, edition 1, volume 1, chapter 5, pages 171-219 ...
[CITATION] Comparative financial systems: Competition versus insurance
F Allen… - 1995 - Wharton School, University of …
D Gale… - Journal of Economic Theory, 2004 - upi-yptk.ac.id
Results from D. Gale and RW Rosenthal [J. Econ. Theory 84 (1999), 1 40] are extended to
characterize convergence properties of the model for (almost) every set of parameters. In
particular, there is a sharp delineation between the parameter region in which the process ...
D Gale… - 2011 - papers.ssrn.com
Abstract: We present a model of banks' liquidity management where banks choose a
portfolio of liquid and illiquid assets, and later on decide to lend or hoard liquidity. Ex ante,
banks choose whether to be" liquid", by holding both liquid and illiquid assets, or" illiquid", ...
[CITATION] MLiquidity Preference
F Allen… - Market Participation and Asset Price Volatility, N …, 1994
D Gale, M Hellwig… - 1986 - econ.nyu.edu
1. IMTRODUCTIOH This paper analyses the comparative statics of borrowing and reaL
investment when a firm raises outside capital and incurs a positive probability of bankruptcy.
The possibility of bankruptcy introduces an important nonconvexity into the firm's decision ...
D Gale - LSE Financial Market Group, mimeo, 2000 - econ.nyu.edu
Financial crises in Southeast Asia, Russia, and elsewhere, have revived inЛ terest in models
of financial fragility. Recent empirical work on banking and currency crises by Kaminsky and
Reinhart (1999) has indicated that the adЛ vent of financial liberalisation in many ...
F Allen… - Working Papers, 1995 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
[CITATION] Corporate Governance: Theoretical and Empirical Perspectives
F Allen… - 2000 - University Press
D Gale… - Games and Economic Behavior, 2006 - Elsevier
Rubinstein and Wolinsky [Rev. Econ. Stud. 57 (1990) 63] show that a simple homogeneous
market with exogenous matching has a continuum of (non-competitive) perfect equilibria;
however, the unique Markov-perfect equilibrium of this model is competitive. By contrast, ...
D Gale - New York University Mimeo, 2005 - fic.wharton.upenn.edu
Abstract A stylized theory of money and central banking is added to a model of competitive
equilibrium in asset markets to explain the determination of the general level of asset prices
and interest rates. The cash-in-advance constraint provides a transactions demand for ...
[CITATION] Economies with Trading Uncertainty
DM Gale - 1977
D Gale - The Review of Economic Studies, 1991 - restud.oxfordjournals.org
Abstract Efficiency is analyzed in a Walrasian model of labour markets with adverse
selection. Workers are distinguished by productivity and preferences; firms are distinguished
by productivity and ability to distinguish workers. An equilibrium is defined to be ...
[CITATION] Comparing financial systems MIT Press
F Allen… - Cambridge, Massachusetts, 2000
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