Replication data for: Optimal Intermediary Rents
Principal Investigator(s): View help for Principal Investigator(s) Josef Schroth
Version: View help for Version V1
Name | File Type | Size | Last Modified |
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Optimal_Intermediary_Rents_AEJMacro-2014-0043_data | 10/25/2021 01:07:PM | ||
LICENSE.txt | text/plain | 14.6 KB | 10/12/2019 03:32:PM |
Project Citation:
Schroth, Josef. Replication data for: Optimal Intermediary Rents. Nashville, TN: American Economic Association [publisher], 2016. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114088V1
Project Description
Summary:
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This paper studies a dynamic production economy with financial intermediation. It is assumed that claims held on intermediaries cannot be fully enforced such that intermediation is subject to intermediary equity requirements. It is shown that competitive equilibria are not constrained efficient whenever the aggregate amount of intermediary equity in the economy is low enough to limit production. Specifically, a constrained social planner can achieve a Pareto improvement by creating long-term rents for intermediaries, which immediately reduces intermediary equity requirements. The constrained-efficient allocation can be implemented by a positive tax on future intermediary activity. (JEL D21, D82, D86, G21, G28)
Scope of Project
JEL Classification:
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D21 Firm Behavior: Theory
D82 Asymmetric and Private Information; Mechanism Design
D86 Economics of Contract: Theory
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
G28 Financial Institutions and Services: Government Policy and Regulation
D21 Firm Behavior: Theory
D82 Asymmetric and Private Information; Mechanism Design
D86 Economics of Contract: Theory
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
G28 Financial Institutions and Services: Government Policy and Regulation
Universe:
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small production economy with ficial intermediation; numerical model shows transition from low intermediary net worth
Data Type(s):
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program source code
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