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The Theory Of Money And Financial Institutions: A Summary Of A Game Theoretic Approach, Martin Shubik Jul 2006

The Theory Of Money And Financial Institutions: A Summary Of A Game Theoretic Approach, Martin Shubik

Cowles Foundation Discussion Papers

A game theoretic approach to the theory of money and financial institution is given utilizing both the strategic and coalitional forms for describing the economy. The economy is first modeled as a strategic market game, then the strategic form is used to calculate several cooperative forms that differ from each other in their utilization of money and credit and their treatment of threats. It is shown that there are natural upper and lower bounds to the monetary needs of an economy, but even in the extreme structures the concept of “enough money” can be defined usefully, and for large economies …


Extreme Adverse Selection, Competitive Pricing, And Market Breakdown, George J. Mailath, Georg Nöldeke Jul 2006

Extreme Adverse Selection, Competitive Pricing, And Market Breakdown, George J. Mailath, Georg Nöldeke

Cowles Foundation Discussion Papers

Extreme adverse selection arises when private information has unbounded support, and market breakdown occurs when no trade is the only equilibrium outcome. We study extreme adverse selection via the limit behavior of a financial market as the support of private information converges to an unbounded support. A necessary and sufficient condition for market breakdown is obtained. If the condition fails, then there exists competitive market behavior that converges to positive levels of trade whenever it is first best to have trade. When the condition fails, no feasible (competitive or not) market behavior converges to positive levels of trade.


Occ Report Of Examination Of Wachovia Bank, David Wilson, Delora Ng Jee Jun 2006

Occ Report Of Examination Of Wachovia Bank, David Wilson, Delora Ng Jee

Documents

No abstract provided.


Freddie Mac 2005 Annual Report, Federal Home Loan Mortgage Corporation (Freddie Mac), Richard F. Syron, Eugene M. Mcquade Jun 2006

Freddie Mac 2005 Annual Report, Federal Home Loan Mortgage Corporation (Freddie Mac), Richard F. Syron, Eugene M. Mcquade

Documents

No abstract provided.


Frb Transcript Of The Consumer Advisory Council Meeting, Lorie R. Swanson, Lisa Sodeika, Stella Adams, Faith L. Anderson, Dorothy Bridges, Shiela Canavan, Carolyn Carter, Michael Cook, Donald S. Currie, Anne Diedrick, Hattie Dorsey, Sarah Ludwig, Peter J. Wallison, Bruce B. Morgan, Lance Morgan, Joshua Peirez, Anna Mcdonald Rentschler, Faith Arnold Schwartz, Mary Jane Seebach, Edward Sivak, Paul J. Springman, Forrest F. Stanley, Anselmo Villarreal, Alan White, Marva E. Williams, Sandra F. Braunstein, Ben S. Bernanke, Susan Bies, Mark Olson, Kevin Warsh Jun 2006

Frb Transcript Of The Consumer Advisory Council Meeting, Lorie R. Swanson, Lisa Sodeika, Stella Adams, Faith L. Anderson, Dorothy Bridges, Shiela Canavan, Carolyn Carter, Michael Cook, Donald S. Currie, Anne Diedrick, Hattie Dorsey, Sarah Ludwig, Peter J. Wallison, Bruce B. Morgan, Lance Morgan, Joshua Peirez, Anna Mcdonald Rentschler, Faith Arnold Schwartz, Mary Jane Seebach, Edward Sivak, Paul J. Springman, Forrest F. Stanley, Anselmo Villarreal, Alan White, Marva E. Williams, Sandra F. Braunstein, Ben S. Bernanke, Susan Bies, Mark Olson, Kevin Warsh

Documents

No abstract provided.


Spain: Financial System Stability Assessment, Including Reports On The Observance Of Standards And Codes On The Following Topics: Banking Supervision, Insurance Supervision, Securities Supervision, Payment Systems, Securities Settlement Systems, And Finan, International Monetary Fund (Imf) Jun 2006

Spain: Financial System Stability Assessment, Including Reports On The Observance Of Standards And Codes On The Following Topics: Banking Supervision, Insurance Supervision, Securities Supervision, Payment Systems, Securities Settlement Systems, And Finan, International Monetary Fund (Imf)

Documents

No abstract provided.


Spain: Financial Sector Assessment Program -Detailed Assessment Of The Imf Code Of Good Practices On Transparency In Monetary And Financial Policies: Financial Policies, International Monetary Fund (Imf) Jun 2006

Spain: Financial Sector Assessment Program -Detailed Assessment Of The Imf Code Of Good Practices On Transparency In Monetary And Financial Policies: Financial Policies, International Monetary Fund (Imf)

Documents

No abstract provided.


2006-Nc2 01r Citi Commitment Letter, Citigroup, Inc. Jun 2006

2006-Nc2 01r Citi Commitment Letter, Citigroup, Inc.

Documents

No abstract provided.


Microfinance Games, Xavier Gine, Pamela Jakiela, Dean Karlan, Jonathan Morduch Jun 2006

Microfinance Games, Xavier Gine, Pamela Jakiela, Dean Karlan, Jonathan Morduch

Discussion Papers

No abstract provided.


Lumpy Investment In Dynamic General Equilibrium, Ruediger Bachmann, Ricardo J. Caballero, Eduardo Engel Jun 2006

Lumpy Investment In Dynamic General Equilibrium, Ruediger Bachmann, Ricardo J. Caballero, Eduardo Engel

Cowles Foundation Discussion Papers

Microeconomic lumpiness matters for macroeconomics. According to our DSGE model, it explains roughly 60% of the smoothing in the investment response to aggregate shocks. The remaining 40% is explained by general equilibrium forces. The central role played by micro frictions for aggregate dynamics results in important history dependence in business cycles. In particular, booms feed into themselves. The longer an expansion, the larger the response of investment to an additional positive shock. Conversely, a slowdown after a boom can lead to a long lasting investment slump, which is unresponsive to policy stimuli. Such dynamics are consistent with US investment patterns …


Empirical Likelihood Methods In Econometrics: Theory And Practice, Yuichi Kitamura Jun 2006

Empirical Likelihood Methods In Econometrics: Theory And Practice, Yuichi Kitamura

Cowles Foundation Discussion Papers

Recent developments in empirical likelihood (EL) methods are reviewed. First, to put the method in perspective, two interpretations of empirical likelihood are presented, one as a nonparametric maximum likelihood estimation method (NPMLE) and the other as a generalized minimum contrast estimator (GMC). The latter interpretation provides a clear connection between EL, GMM, GEL and other related estimators. Second, EL is shown to have various advantages over other methods. The theory of large deviations demonstrates that EL emerges naturally in achieving asymptotic optimality both for estimation and testing. Interestingly, higher order asymptotic analysis also suggests that EL is generally a preferred …


Efficient Recommender Systems, Dirk Bergemann, Deran Ozmen Jun 2006

Efficient Recommender Systems, Dirk Bergemann, Deran Ozmen

Cowles Foundation Discussion Papers

We study the efficient allocation of buyers in the presence of recommender systems. A recommender system affects the market in two ways: (i) it creates value by reducing product uncertainty for the customers and hence (ii) its recommendations can be offered as add-ons, which generates informational externalities. We investigate the impact of these factors on the efficient allocation of buyers across different products. We find that the efficient allocation requires that the seller with the recommender system has full market share. If the recommender system is sufficiently effective in reducing uncertainty, it is optimal to have some products to be …


International Convergence Of Capital Measurement And Capital Standards, Bank For International Settlements (Bis) Jun 2006

International Convergence Of Capital Measurement And Capital Standards, Bank For International Settlements (Bis)

Documents

A Revised Framework Comprehensive Version


Office Of Federal Housing Enterprise Oversight Report : Fannie Mae Facade - Fannie Mae Criticized For Earnings Manipulation, James B. Lockhart, United States: Office Of Federal Housing Enterprise Oversight (Ofheo) May 2006

Office Of Federal Housing Enterprise Oversight Report : Fannie Mae Facade - Fannie Mae Criticized For Earnings Manipulation, James B. Lockhart, United States: Office Of Federal Housing Enterprise Oversight (Ofheo)

Documents

No abstract provided.


United States Of America Office Of Federal Housing Enterprise Oversight In The Matter Of The Federal National Martgage Association Fannie Mae, James B. Lockhart, Stephen B. Ashley, Daniel Mudd, United States: Office Of Federal Housing Enterprise Oversight (Ofheo) May 2006

United States Of America Office Of Federal Housing Enterprise Oversight In The Matter Of The Federal National Martgage Association Fannie Mae, James B. Lockhart, Stephen B. Ashley, Daniel Mudd, United States: Office Of Federal Housing Enterprise Oversight (Ofheo)

Documents

No abstract provided.


Ofheo Sec Reach Settlement With Fannie Mae Penalty Imposed, United States: Office Of Federal Housing Enterprise Oversight (Ofheo), Otto Schulz May 2006

Ofheo Sec Reach Settlement With Fannie Mae Penalty Imposed, United States: Office Of Federal Housing Enterprise Oversight (Ofheo), Otto Schulz

Documents

No abstract provided.


Fannie Mae Stipulation And Consent To The Issuance Of A Consent Order, United States: Office Of Federal Housing Enterprise Oversight (Ofheo) May 2006

Fannie Mae Stipulation And Consent To The Issuance Of A Consent Order, United States: Office Of Federal Housing Enterprise Oversight (Ofheo)

Documents

Fannie Mae consenting to the issuance of a consent order. The director of OFHEO (James Lockhart) determined to initiate cease and desist proceedings and impose a civil money penalty against Fannie Mae.


Does The Liberalization Of Trade Advance Gender Equality In Schooling And Health?, T. Paul Schultz May 2006

Does The Liberalization Of Trade Advance Gender Equality In Schooling And Health?, T. Paul Schultz

Discussion Papers

No abstract provided.


Gene Modification With Triplex-Forming Oligonucleotides, Jennifer Melissa Kalish May 2006

Gene Modification With Triplex-Forming Oligonucleotides, Jennifer Melissa Kalish

Yale Medicine Thesis Digital Library

No abstract provided.


Countrywide Mozilo Email To Sieracki Cc Kurland, Sambol, Spector, Mcmurray Re 1q 2006 Earnings, Angelo Mozilo, Eric Sieracki Apr 2006

Countrywide Mozilo Email To Sieracki Cc Kurland, Sambol, Spector, Mcmurray Re 1q 2006 Earnings, Angelo Mozilo, Eric Sieracki

Documents

No abstract provided.


What Determines Technological Spillovers Of Foreign Direct Investment: Evidence From China, Galina Hale, Cheryl Long Apr 2006

What Determines Technological Spillovers Of Foreign Direct Investment: Evidence From China, Galina Hale, Cheryl Long

Discussion Papers

No abstract provided.


Alma's Illustrative Questionnaire For Due Diligence Of Bear Stearns High Grade Structured Credit Strategies Fund, Heather Malloy, Alternative Investment Management Association (Alma) Mar 2006

Alma's Illustrative Questionnaire For Due Diligence Of Bear Stearns High Grade Structured Credit Strategies Fund, Heather Malloy, Alternative Investment Management Association (Alma)

Documents

No abstract provided.


Frb Transcript Of The Counsumer Advisory Council Meeting, Lorie R. Swanson, Lisa Sodeika, Stella Adams, Dennis L. Algiere, Faith L. Anderson, Dorothy Bridges, Tony T. Brown, Shiela Canavan, Carolyn Carter, Michael Cook, Donald S. Currie, Anne Diedrick, Kurt Eggert, Sarah Ludwig, Mark M. Metz, Lance Morgan, Bruce B. Morgan, Joshua Peirez, Anna Mcdonald Rentschler, Faith Arnold Schwartz, Mary Jane Seebach, Edward Sivak, Paul J. Springman, Forrest F. Stanley, Anselmo Villarreal, Kelly K. Walsh, Alan White, Marva E. Williams, Sandra F. Braunstein, Ben S. Bernanke, Mark Olson, Kevin Warsh Mar 2006

Frb Transcript Of The Counsumer Advisory Council Meeting, Lorie R. Swanson, Lisa Sodeika, Stella Adams, Dennis L. Algiere, Faith L. Anderson, Dorothy Bridges, Tony T. Brown, Shiela Canavan, Carolyn Carter, Michael Cook, Donald S. Currie, Anne Diedrick, Kurt Eggert, Sarah Ludwig, Mark M. Metz, Lance Morgan, Bruce B. Morgan, Joshua Peirez, Anna Mcdonald Rentschler, Faith Arnold Schwartz, Mary Jane Seebach, Edward Sivak, Paul J. Springman, Forrest F. Stanley, Anselmo Villarreal, Kelly K. Walsh, Alan White, Marva E. Williams, Sandra F. Braunstein, Ben S. Bernanke, Mark Olson, Kevin Warsh

Documents

No abstract provided.


Housing Policy Council Letter To Ots, John H. Dalton Mar 2006

Housing Policy Council Letter To Ots, John H. Dalton

Documents

No abstract provided.


American Financial Serivces Association Letter To Federal Regulators, Robert Mckew Mar 2006

American Financial Serivces Association Letter To Federal Regulators, Robert Mckew

Documents

This letter was also specifically addressed to Mary Rupp, Jennifer Johnson, and Robert E. Feldman.


Countrywide Mozilo Email To Kurland, Sambol, Dieracki, Spector, And Mcmurray Re Hsbc, Angelo Mozilo Mar 2006

Countrywide Mozilo Email To Kurland, Sambol, Dieracki, Spector, And Mcmurray Re Hsbc, Angelo Mozilo

Documents

No abstract provided.


Iceland: Geyser Crisis, Carsten Valgreen, Lars Christensen, Peter Possing Andersen, Rene Kallestrup Mar 2006

Iceland: Geyser Crisis, Carsten Valgreen, Lars Christensen, Peter Possing Andersen, Rene Kallestrup

Documents

No abstract provided.


Govenor Donald L. Kohn Speech Monetary Policy And Asset Prices, Donald L. Kohn Mar 2006

Govenor Donald L. Kohn Speech Monetary Policy And Asset Prices, Donald L. Kohn

Documents

This Speech took place at a "Monetary Policy: A Journey from Theory to Practice," a European Central Bank Colloquium held in honor of Otmar Issing, Frankfurt, Germany


Washington Mutual 10-K, Washington Mutual, Inc. Mar 2006

Washington Mutual 10-K, Washington Mutual, Inc.

Documents

No abstract provided.


Office Of Thrift Supervision Report Of Examination : Aig Financial Products, Inc. – Significant Products And Activities, United States: Department Of The Treasury: Office Of Thrift Supervision Mar 2006

Office Of Thrift Supervision Report Of Examination : Aig Financial Products, Inc. – Significant Products And Activities, United States: Department Of The Treasury: Office Of Thrift Supervision

Documents

No abstract provided.