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Multiproduct Intermediaries, Andrew Rhodes, Makoto Watanabe, Jidong Zhou May 2020

Multiproduct Intermediaries, Andrew Rhodes, Makoto Watanabe, Jidong Zhou

Cowles Foundation Discussion Papers

This paper develops a new framework for studying multiproduct intermediaries when consumers demand multiple products and face search frictions. We show that a multiproduct intermediary is profitable even when it does not improve consumer search efficiency. In its optimal product selection, it stocks high-value products exclusively to attract consumers to visit, then profits by selling non-exclusive products which are relatively cheap to buy from upstream suppliers. However, relative to the social optimum, the intermediary tends to be too big and stock too many products exclusively. As applications we use the framework to study the optimal design of a shopping mall, …


Governments Support Businesses Through Equity Investments, Mallory Dreyer, Kaleb Nygaard May 2020

Governments Support Businesses Through Equity Investments, Mallory Dreyer, Kaleb Nygaard

Documents

No abstract provided.


Municipal Liquidity Facility Term Sheet (Effective May 11, 2020), Federal Reserve System: Board Of Governors May 2020

Municipal Liquidity Facility Term Sheet (Effective May 11, 2020), Federal Reserve System: Board Of Governors

Documents

No abstract provided.


Yes Bank: F4q20 Conference Call Takeaways, Morgan Stanley May 2020

Yes Bank: F4q20 Conference Call Takeaways, Morgan Stanley

Documents

No abstract provided.


Ecb Decides On Measures To Address Severe Tensions In Financial Markets, European Central Bank (Ecb) May 2020

Ecb Decides On Measures To Address Severe Tensions In Financial Markets, European Central Bank (Ecb)

Documents

No abstract provided.


Commercial Paper Purchases Continue, Sveriges Riksbank May 2020

Commercial Paper Purchases Continue, Sveriges Riksbank

Documents

https://www.riksbank.se/en-gb/press-and-published/notices-and-press-releases/press-releases/2020/commercial-paper-purchases-continue/


Annex To The Minutes: Commercial Paper Purchases Continue, Sveriges Riksbank May 2020

Annex To The Minutes: Commercial Paper Purchases Continue, Sveriges Riksbank

Documents

No abstract provided.


Transcript Of The Background Briefing On The Short-Term Liquidity Line, International Monetary Fund (Imf) May 2020

Transcript Of The Background Briefing On The Short-Term Liquidity Line, International Monetary Fund (Imf)

Documents

No abstract provided.


Fhfa Allows Federal Home Loan Banks To Take Ppp Loans As Collateral, Vaasavi Unnava May 2020

Fhfa Allows Federal Home Loan Banks To Take Ppp Loans As Collateral, Vaasavi Unnava

Documents

No abstract provided.


The Money Market Mutual Fund Liquidity Facility, Marco Cipriani, Gabriele La Spada, Reed Orchinik, Aaron Plesset May 2020

The Money Market Mutual Fund Liquidity Facility, Marco Cipriani, Gabriele La Spada, Reed Orchinik, Aaron Plesset

Documents

No abstract provided.


Report To Congress Pursuant To Section 13(3) Of The Federal Reserve Act: Main Street Priority Loan Facility, Federal Reserve System: Board Of Governors May 2020

Report To Congress Pursuant To Section 13(3) Of The Federal Reserve Act: Main Street Priority Loan Facility, Federal Reserve System: Board Of Governors

Documents

No abstract provided.


Denmark Extends Duration Of Covid-19 Support Programs And Introduces New Measures, Mallory Dreyer May 2020

Denmark Extends Duration Of Covid-19 Support Programs And Introduces New Measures, Mallory Dreyer

Documents

No abstract provided.


Use Of Federal Reserve Programs As Of May 7, Pascal Ungersboeck May 2020

Use Of Federal Reserve Programs As Of May 7, Pascal Ungersboeck

Documents

No abstract provided.


Faith Shattered! Yes Bank Deposits Down 54% From Rs 2.27 Lakh Crore Peak, Niti Kiran May 2020

Faith Shattered! Yes Bank Deposits Down 54% From Rs 2.27 Lakh Crore Peak, Niti Kiran

Documents

No abstract provided.


U.S. Bank Regulators Modify Liquidity Regulation To Support Participation In Fed Programs, Kaleb Nygaard May 2020

U.S. Bank Regulators Modify Liquidity Regulation To Support Participation In Fed Programs, Kaleb Nygaard

Documents

No abstract provided.


Liquidity Coverage Ratio Rule: Treatment Of Certain Emergency Facilities, U. S. Department Of The Treasury, Federal Reserve System, United States: Federal Deposit Insurance Corporation (Fdic) May 2020

Liquidity Coverage Ratio Rule: Treatment Of Certain Emergency Facilities, U. S. Department Of The Treasury, Federal Reserve System, United States: Federal Deposit Insurance Corporation (Fdic)

Documents

Federal Register, Vol. 85, No. 88


Chronology Of Selected Events Related To Lehman Brothers And The Possibility Of Government Assistance, Lehman Brothers Holdings Inc., United States: Financial Crisis Inquiry Commission (Fcic) May 2020

Chronology Of Selected Events Related To Lehman Brothers And The Possibility Of Government Assistance, Lehman Brothers Holdings Inc., United States: Financial Crisis Inquiry Commission (Fcic)

Documents

This file includes a series of communications between Lehman Brother LLC, its employees and regulatory bodies such as the Federal Reserve Bank, Federal Reserve Bank of New York and the US Treasury. Staff working on the FCIC's investigation into Lehman Brother's LLC completed this chronology.


Us Dollar Liquidity Facility Tender Result, Hong Kong Monetary Authority May 2020

Us Dollar Liquidity Facility Tender Result, Hong Kong Monetary Authority

Documents

No abstract provided.


Multinational Organizations’ Efforts To Assist Countries Through Covid-19 Crisis, Aidan Lawson, Manuel Leon Hoyos, June Rhee May 2020

Multinational Organizations’ Efforts To Assist Countries Through Covid-19 Crisis, Aidan Lawson, Manuel Leon Hoyos, June Rhee

Documents

No abstract provided.


Additional Guidance On Gm Initial Public Offering, U. S. Department Of The Treasury May 2020

Additional Guidance On Gm Initial Public Offering, U. S. Department Of The Treasury

Documents

No abstract provided.


Federal Bank Regulatory Agencies Modify Liquidity Coverage Ratio For Banks Participating In Money Market Mutual Fund Liquidity Facility And Paycheck Protection Program Liquidity Facility, Federal Reserve System: Board Of Governors May 2020

Federal Bank Regulatory Agencies Modify Liquidity Coverage Ratio For Banks Participating In Money Market Mutual Fund Liquidity Facility And Paycheck Protection Program Liquidity Facility, Federal Reserve System: Board Of Governors

Documents

No abstract provided.


Faqs: Primary Market Corporate Credit Facility And Secondary Market Corporate Credit Facility, Effective May 4, 2020., Federal Reserve System: Federal Reserve Bank Of New York May 2020

Faqs: Primary Market Corporate Credit Facility And Secondary Market Corporate Credit Facility, Effective May 4, 2020., Federal Reserve System: Federal Reserve Bank Of New York

Documents

No abstract provided.


Private Tenancies (Coronavirus Modifications) Act (Northern Ireland) 2020, Northern Ireland: Northern Ireland Assembly May 2020

Private Tenancies (Coronavirus Modifications) Act (Northern Ireland) 2020, Northern Ireland: Northern Ireland Assembly

Documents

No abstract provided.


Federal Reserve To Report Monthly On Cares Act Program, Priya Sankar May 2020

Federal Reserve To Report Monthly On Cares Act Program, Priya Sankar

Documents

No abstract provided.


Federal Reserve Expands Eligibility For Municipal Liquidity Facility, Vaasavi Unnava May 2020

Federal Reserve Expands Eligibility For Municipal Liquidity Facility, Vaasavi Unnava

Documents

No abstract provided.


Heimat Im Wartezimmer: Architecture, Identity, And Migration In A Socialist Model City, Holly Bushman May 2020

Heimat Im Wartezimmer: Architecture, Identity, And Migration In A Socialist Model City, Holly Bushman

Masters of Environmental Design Theses

Eisenhüttenstadt, the first “socialist model city” designed and constructed in the German Democratic Republic (GDR), provides an opportunity to scrutinize the relationship between state conceptions of architectural design and national identity in the early 1950s. Known as Stalinstadt until 1961, the community was founded in eastern Brandenburg in 1950 as housing for workers at the nearby ironworks Eisenhüttenkombinat Ost “J. W. Stalin.” While its original masterplan by the architect Kurt Leucht indicates the stylistic preferences of the ruling Sozialistische Einheitspartei Deutschlands (Socialist Unity Party of Germany or SED), the city’s subsequent developments trace the changing economic and social conditions of …


Robust Identification Of Investor Beliefs, Xiaohong Chen, Lars P. Hansen, Peter G. Hansen May 2020

Robust Identification Of Investor Beliefs, Xiaohong Chen, Lars P. Hansen, Peter G. Hansen

Cowles Foundation Discussion Papers

This paper develops a new method informed by data and models to recover information about investor beliefs. Our approach uses information embedded in forward-looking asset prices in conjunction with asset pricing models. We step back from presuming rational expectations and entertain potential belief distortions bounded by a statistical measure of discrepancy. Additionally, our method allows for the direct use of sparse survey evidence to make these bounds more informative. Within our framework, market-implied beliefs may differ from those implied by rational expectations due to behavioral/psychological biases of investors, ambiguity aversion, or omitted permanent components to valuation. Formally, we represent evidence …


Financing Firms In Hibernation During The Covid-19 Pandemic, Tatiana Didier, Federico Huneeus, Mauricio Larrain, Sergio L. Schmukler May 2020

Financing Firms In Hibernation During The Covid-19 Pandemic, Tatiana Didier, Federico Huneeus, Mauricio Larrain, Sergio L. Schmukler

Cowles Foundation Discussion Papers

The coronavirus (COVID-19) pandemic has halted economic activity worldwide, hurting firms and pushing them toward bankruptcy. This paper provides a unified framework to organize the policy debate related to firm financing during the downturn, centered along four main points. First, the economic crisis triggered by the spread of the virus is radically different from past crises, with important consequences for optimal policy responses. Second, to avoid inefficient bankruptcies and long-term detrimental effects, it is important to preserve firms’ relationships with key stakeholders, like workers, suppliers, customers, and creditors. Third, firms can benefit from “hibernating,” using the minimum bare cash necessary …


Stability And Robustness In Misspecified Learning Models, Mira Frick, Ryota Iijima, Yuhta Ishii May 2020

Stability And Robustness In Misspecified Learning Models, Mira Frick, Ryota Iijima, Yuhta Ishii

Cowles Foundation Discussion Papers

We present an approach to analyze learning outcomes in a broad class of misspecified environments, spanning both single-agent and social learning. Our main results provide general criteria to determine—without the need to explicitly analyze learning dynamics—when beliefs in a given environment converge to some long-run belief either locally or globally (i.e., from some or all initial beliefs). The key ingredient underlying these criteria is a novel “prediction accuracy” ordering over subjective models that refines existing comparisons based on Kullback-Leibler divergence. We show that these criteria can be applied, first, to unify and generalize various convergence results in previously studied settings. …


Belief Convergence Under Misspecified Learning: A Martingale Approach, Mira Frick, Ryota Iijima, Yuhta Ishii May 2020

Belief Convergence Under Misspecified Learning: A Martingale Approach, Mira Frick, Ryota Iijima, Yuhta Ishii

Cowles Foundation Discussion Papers

We present an approach to analyze learning outcomes in a broad class of misspecified environments, spanning both single-agent and social learning. We introduce a novel “prediction accuracy” order over subjective models, and observe that this makes it possible to partially restore standard martingale convergence arguments that apply under correctly specified learning. Based on this, we derive general conditions to determine when beliefs in a given environment converge to some long-run belief either locally or globally (i.e., from some or all initial beliefs). We show that these conditions can be applied, first, to unify and generalize various convergence results in previously …