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A general equilibrium analysis of the credit market
(Centro de Investigación y Docencia Económicas, División de Economía, 2009)
I analyse a model of incentive contracts where principals who each
possesses the same monitoring technologies, contract with agents from a
pool of individuals differing in their wealth endowments. Principals and
agents ...
Job matching, competition and managerial incentives
(Centro de Investigación y Docencia Económicas, División de Economía, 2009)
When a manager’s principal task is to organize production more efficiently, the intensity of the product market competition is crucial in determining the nature of firm-manager matching as well as the structure of managerial ...
On the relationship between market power and bank risk taking
(Centro de Investigación y Docencia Económicas, División de Economía, 2009)
We analyse risk-taking behaviour of banks in the context of spatial
competition. Banks mobilise unsecured deposits by offering deposit rates,
which they invest either in a prudent or a gambling asset. Limited liability
along ...