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Optimal Information Disclosure In Auctions, Dirk Bergemann, Tibor Heumann, Stephen Morris, Constantine Sorokin, Eyal Winter Jan 2021

Optimal Information Disclosure In Auctions, Dirk Bergemann, Tibor Heumann, Stephen Morris, Constantine Sorokin, Eyal Winter

Cowles Foundation Discussion Papers

We characterize the revenue-maximizing information structure in the second price auction. The seller faces a classic economic trade-o¤: providing more information improves the efficiency of the allocation but also creates higher information rents for bidders. The information disclosure policy that maximizes the revenue of the seller is to fully reveal low values (where competition will be high) but to pool high values (where competition will be low). The size of the pool is determined by a critical quantile that is independent of the distribution of values and only dependent on the number of bidders. We discuss how this policy provides …

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Minutes Of The Monetary Policy Meeting On December 17 And 18, 2020, Bank Of Japan/Central Bank Of Japan Jan 2021

Minutes Of The Monetary Policy Meeting On December 17 And 18, 2020, Bank Of Japan/Central Bank Of Japan

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No abstract provided.

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The Ninth Report Of The Congressional Oversight Commission, United States: Congressional Oversight Commission Jan 2021

The Ninth Report Of The Congressional Oversight Commission, United States: Congressional Oversight Commission

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No abstract provided.

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Ppi – Deadline Has Now Passed, Financial Ombudsman Service Jan 2021

Ppi – Deadline Has Now Passed, Financial Ombudsman Service

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No abstract provided.

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State Aid Sa.58478 (2020/N) - Denmark Third Prolongation Of The Winding-Up Scheme For Small Banks, European Union: European Commission Jan 2021

State Aid Sa.58478 (2020/N) - Denmark Third Prolongation Of The Winding-Up Scheme For Small Banks, European Union: European Commission

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No abstract provided.

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A Characterization For Optimal Bundling Of Products With Inter-Dependent Values, Soheil Ghili Jan 2021

A Characterization For Optimal Bundling Of Products With Inter-Dependent Values, Soheil Ghili

Cowles Foundation Discussion Papers

This paper studies optimal bundling of products with inter-dependent values. I show that, under some conditions, a firm optimally chooses to sell only the full bundle of a given set of products if and only if the optimal sales volume of the full bundle is larger than the optimal sales volume for any smaller bundle. I then provide an interpretation of this characterization based on (i) the magnitude of the variation across consumers in how complementary they find different products, and (ii) how this variation correlates with price sensitivity.

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Federal Reserve Board Of Governors, Press Release January 27, 2021, Federal Reserve System: Board Of Governors Jan 2021

Federal Reserve Board Of Governors, Press Release January 27, 2021, Federal Reserve System: Board Of Governors

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No abstract provided.

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The Instrument Of Government, Sweden: Riksdag Jan 2021

The Instrument Of Government, Sweden: Riksdag

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No abstract provided.

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Liquidation Filing For Legacy Laiki Took Seven Years, Elias Hazou Jan 2021

Liquidation Filing For Legacy Laiki Took Seven Years, Elias Hazou

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No abstract provided.

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Bayesian Persuasion With Lie Detection, Florian Ederer, Weicheng Min Jan 2021

Bayesian Persuasion With Lie Detection, Florian Ederer, Weicheng Min

Cowles Foundation Discussion Papers

We consider a model of Bayesian persuasion in which the Receiver can detect lies with positive probability. We show that the Sender lies more when the lie detection probability increases. As long as the lie detection probability is sufficiently small the Sender's and the Receiver's equilibrium payoffs are unaffected by the lie detection technology because the Sender simply compensates by lying more. When the lie detection probability is sufficiently high, the Sender's (Receiver's) equilibrium payoff decreases (increases) with the lie detection probability.

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Monetary Policy Report - December 2020, Bank Of Korea Jan 2021

Monetary Policy Report - December 2020, Bank Of Korea

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No abstract provided.

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Ypfs Lessons Learned Oral History Project: An Interview With Chris Ricciardi, Chris Ricciardi, Steven H. Kasoff, Matthew A. Lieber Jan 2021

Ypfs Lessons Learned Oral History Project: An Interview With Chris Ricciardi, Chris Ricciardi, Steven H. Kasoff, Matthew A. Lieber

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Suggested Citation Form: Ricciardi, Chris, 2021. “Lessons Learned Interview."Interview by Steve Kasoff and Matthew Lieber. Yale Program on Financial Stability Lessons Learned Oral History Project. January 20, 2021 Transcript. https://ypfs.som.yale.edu/library/ypfs-lesson-learned-oral-history-project-interview-chris-ricciardi

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Trade And Informality In The Presence Of Labor Market Frictions And Regulations, Rafael Dix-Carneiro, Pinelopi K. Goldberg, Costas Meghir, Gabriel Ulyssea Jan 2021

Trade And Informality In The Presence Of Labor Market Frictions And Regulations, Rafael Dix-Carneiro, Pinelopi K. Goldberg, Costas Meghir, Gabriel Ulyssea

Cowles Foundation Discussion Papers

We build an equilibrium model of a small open economy with labor market frictions and imperfectly enforced regulations. Heterogeneous firms sort into the formal or informal sector. We estimate the model using data from Brazil, and use counterfactual simulations to understand how trade affects economic outcomes in the presence of informality. We show that: (1) Trade openness unambiguously decreases informality in the tradable sector, but has ambiguous effects on aggregate informality. (2) The productivity gains from trade are understated when the informal sector is omitted. (3) Trade openness results in large welfare gains even when informality is repressed. (4) Repressing …

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Rbi Domestic Systemically Important Banks (Dsibs) 2020, Reserve Bank Of India Jan 2021

Rbi Domestic Systemically Important Banks (Dsibs) 2020, Reserve Bank Of India

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No abstract provided.

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Consumer Information And The Limits To Competition, Mark Armstrong, Jidong Zhou Jan 2021

Consumer Information And The Limits To Competition, Mark Armstrong, Jidong Zhou

Cowles Foundation Discussion Papers

This paper studies competition between firms when consumers observe a private signal of their preferences over products. Within the class of signal structures which induce pure-strategy pricing equilibria, we derive signal structures which are optimal for firms and those which are optimal for consumers. The firm-optimal policy amplifies underlying product differentiation, thereby relaxing competition, while ensuring consumers purchase their preferred product, thereby maximizing total welfare. The consumer-optimal policy dampens differentiation, which intensifies competition, but induces some consumers to buy their less-preferred product. Our analysis sheds light on the limits to competition when the information possessed by consumers can be designed …

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Mixed Bundling In Oligopoly Markets, Jidong Zhou Jan 2021

Mixed Bundling In Oligopoly Markets, Jidong Zhou

Cowles Foundation Discussion Papers

This paper proposes a framework for studying competitive mixed bundling with an arbitrary number of firms. We examine both a firm’s incentive to introduce mixed bundling and equilibrium tariffs when all firms adopt the mixed-bundling strategy. In the duopoly case, relative to separate sales, mixed bundling has ambiguous impacts on prices, profit and consumer surplus; with many firms, however, mixed bundling typically lowers all prices, harms firms and benefits consumers.

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Fannie Mae, Freddie Mac Can Keep Future Earnings, Per Agreement Between Treasury And Regulators, Jacob Passy Jan 2021

Fannie Mae, Freddie Mac Can Keep Future Earnings, Per Agreement Between Treasury And Regulators, Jacob Passy

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No abstract provided.

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Increasing Deposit Insurance And Nationalization In Times Of Crisis, Sumeyra Atmaca, Karolin Kirschenmann, Steven Ongena, Koen J.L. Schoors Jan 2021

Increasing Deposit Insurance And Nationalization In Times Of Crisis, Sumeyra Atmaca, Karolin Kirschenmann, Steven Ongena, Koen J.L. Schoors

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No abstract provided.

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Fhfa: Gses Can't Exit Conservatorship On Retained Earnings, Kelsey Ramirez Jan 2021

Fhfa: Gses Can't Exit Conservatorship On Retained Earnings, Kelsey Ramirez

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No abstract provided.

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Hfsf Announcement For Piraeus Bank, Hellenic Financial Stability Fund Jan 2021

Hfsf Announcement For Piraeus Bank, Hellenic Financial Stability Fund

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No abstract provided.

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Lessons Learned: Ron Borzekowski, Mercedes Cardona, Rosalind Z. Wiggins Jan 2021

Lessons Learned: Ron Borzekowski, Mercedes Cardona, Rosalind Z. Wiggins

Journal of Financial Crises

Ron Borzekowski was a senior economist at the Federal Reserve Board when he was detailed to join the Financial Crisis Inquiry Commission (FCIC) as a senior researcher and later became deputy to research director Greg Feldberg. The 10-member bipartisan commission, charged with investigating and determining the causes of the crisis, held more than 19 hearings, and interviewed more than 700 people from September 2009 to Jan. 2011. It issued a 662-page report explaining why the crisis came about and the roles of financial institutions, government, and the public. This Lessons Learned is based on an interview with Mr.Borzekowski.

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Lessons Learned: Greg Feldberg, Sandra Ward, Rosalind Z. Wiggins Jan 2021

Lessons Learned: Greg Feldberg, Sandra Ward, Rosalind Z. Wiggins

Journal of Financial Crises

Greg Feldberg was a senior supervisory financial analyst at the Board of Governors of the Federal Reserve experienced in regulating large banks when he was recruited to the Financial Crisis Inquiry Commission (FCIC) where he worked from 2010-11, becoming its Director of Research. The FCIC was a bipartisan commission charged with investigating the causes of the global financial crisis of 2007-09. Feldberg shared thoughts about some of the challenges faced by the commission and why its report is important. This "Lessons Learned" is based on an interview with Mr. Feldberg.

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Lessons Learned: Christopher Seefer, Mercedes Cardona Jan 2021

Lessons Learned: Christopher Seefer, Mercedes Cardona

Journal of Financial Crises

Christopher Seefer was recruited to the Financial Crisis Inquiry Commission (FCIC) to serve as the commission’s director of investigations. The 10-member bipartisan commission wascharged with investigating and determining the cause of the global financial crisis of 2007-09 (GFC). The commission held over 19 hearings and interviewed more than 700 people from September 2010 to January 2011 and produced a662-page report that attempted to explain why the crisis came about and the roles of government and private enterprises in the crisis.This “Lessons Learned” is based on an interview with Mr. Seefer.

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Lessons Learned: Gary Cohen, Sandra Ward Jan 2021

Lessons Learned: Gary Cohen, Sandra Ward

Journal of Financial Crises

Gary Cohen joined the Financial Crisis Inquiry Commission (FCIC) in December 2009 to serve as its general counsel at the request of commission chairman Phil Angelides. The FCIC was a 10-member bipartisan group convened by Congress to investigate the causes of the global financial crisis of 2007-09. Cohen had a wide-ranging and ad hoc position that included advising commissioners and staffers on administrative matters and protocols. In addition, he assisted in document requests and compelling witnesses to testify and, on occasion, in conducting interviews and public hearings. He played an instrumental role in editing the commission’s final report. This “Lessons …

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Lessons Learned: Wendy Edelberg, Sandra Ward Jan 2021

Lessons Learned: Wendy Edelberg, Sandra Ward

Journal of Financial Crises

Wendy Edelberg served initially as Director of Research at the Financial Crisis Inquiry Commission (FCIC) before eventually being named Executive Director. Established in the wake of the global financial crisis of 2007-09, the FCIC was a bipartisan panel of six Democrats and four Republicans charged with determining the causes of the worst financial crisis since the Great Depression. Edelberg built the organization from the ground up, hiring staff, instituting operating procedures, establishing guidelines, managing communications, and reporting to the commissioners. This "Lesson Learned" is based on an interview with Ms. Edelberg.

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Lessons Learned: Phil Angelides, Sandra Ward Jan 2021

Lessons Learned: Phil Angelides, Sandra Ward

Journal of Financial Crises

Phil Angelides chaired the Financial Crisis Inquiry Commission (FCIC) established by Congress in the aftermath of the global financial crisis of 2007-09 with the purpose of understanding what precipitated the crisis so that any future crises might be averted. The 10-member bipartisan commission, known as the “Angelides Commission” after its chair, convened in September 2010. Meeting in a span of 15 months and holding 19 public hearings and interviewing more than 700 people, the commission submitted its findings in January 2011. The commission concluded that the crisis was avoidable, the “result of human actions, inactions, and misjudgments.” The report included …

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Monetization Of Fiscal Deficits And Covid-19: A Primer, Aidan Lawson, Greg Feldberg Jan 2021

Monetization Of Fiscal Deficits And Covid-19: A Primer, Aidan Lawson, Greg Feldberg

Journal of Financial Crises

Monetization—also known as “money-financed fiscal programs” or “money-printing”—occurs when a government finances itself by issuing currency or other non-interest-bearing liabilities, such as bank reserves. It poses real risks—potentially excessive inflation and encroachment on central-bank independence—and some paint it as a relic of a bygone era. The onset of the COVID-19 crisis, however, forced governments to spend heavily to combat the considerable economic and public health impacts. As government deficits climbed, monetization re-entered the conversation as a way to avoid the massive debt burdens that some nations may face. This paper describes how monetization works, provides key historical examples, and examines …

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Ypfs Lessons Learned Oral History Project: An Interview With Brian Stoker, Brian Stoker, Steven H. Kasoff, Matthew A. Lieber Jan 2021

Ypfs Lessons Learned Oral History Project: An Interview With Brian Stoker, Brian Stoker, Steven H. Kasoff, Matthew A. Lieber

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Suggested Citation Form: Stoker, Brian, 2021. “Lessons Learned Interview."Interview by Steve Kasoff and Matthew Lieber. Yale Program on Financial Stability Lessons Learned Oral History Project. 14 January 2021 Transcript. https://ypfs.som.yale.edu/library/ypfs-lesson-learned-oral-history-project-interview-brian-stoker

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Conservatorship: Senior Preferred Stock Purchase Agreements Webpage, United States: Federal Housing Finance Agency (Fhfa) Jan 2021

Conservatorship: Senior Preferred Stock Purchase Agreements Webpage, United States: Federal Housing Finance Agency (Fhfa)

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No abstract provided.

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Fhfa And Treasury Allow Fannie Mae And Freddie Mac To Continue To Retain Earnings, United States: Federal Housing Finance Agency (Fhfa) Jan 2021

Fhfa And Treasury Allow Fannie Mae And Freddie Mac To Continue To Retain Earnings, United States: Federal Housing Finance Agency (Fhfa)

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No abstract provided.

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