We develop a macroeconomic agent-based model to study the role of demand and supply factors in determining inflation dynamics. Local interactions of heterogeneous firms and households in the labor and goods markets characterize the model. Asymmetric information implies that firm selection is...

Widespread market imperfections in agricultural value chains raise the possibility that regulatory interventions may enhance efficiency and farmers' welfare. We develop a structural model of agricultural value chains and estimate it using rich data from Costa Rica's coffee sector to evaluate...

This article examines U.S. Treasury securities market functioning from the global financial crisis (GFC) through the Covid-19 pandemic given the ensuing market developments and associated policy responses. We describe the factors that have affected intermediaries, including regulatory changes,...

This study aims to investigate the impact of the market structure and efficiency on firm performance in the meat and milk processing industry in Poland, Czechia, and Slovakia. Using stochastic frontier analysis and a profitability regression model applied to data from 2015 to 2021, the results...

Government bond markets play a critical role in the smooth functioning of the financial system, in the conduct and transmission of monetary policy and in the economy as a whole. Maintaining resilient government bond markets is fundamental for policymakers and authorities. This note examines the...

In this work, we develop a macroeconomic agent-based model to study the role of demand and supply factors in the determination of inflation dynamics. The model is characterized by local interactions of heterogeneous firms and households in the labor and goods markets. Imperfect information...

Research Question/Issue: Do large, within-firm executive pay differences hurt firm performance? Prior literature shows mixed results concerning the sign of the relationship between executive pay disparity and firm performance. This study evaluates that literature, clarifies what tournament...

Quasi-markets in the provision of public services are increasingly common but also highly contested. We formulate a conceptual framework based on economic theory to describe how quasi-markets differ from traditional markets in five aspects: 1) revenues, costs, and profits, 2) the matching of...

The Indonesian food and beverage industry contributes significantly to the economy of the country. However, previous studies have shown that the industry has a high industrial concentration and price-cost margin (PCM). High industrial concentration can exert market power to set price levels and...

I study the relationship between competition and innovation, focusing on the distinction between product and process innovations. By considering product innovation, I expand upon earlier research on the topic of the relationship between competition and innovation, which focused on process...

The flourishing of IT-sector and IT-enabled services has led to emergence of different activities by leaps and bounds thanks to proliferation of Virtual plattorm-based transactions, and E-commerce. However, massive layoffs started in 2022, as all tech giants encountered revenue declines amidst...

The flourishing of IT-sector and IT-enabled services has led to emergence of different activities by leaps and bounds thanks to proliferation of Virtual plaform-based transactions, and E- commerce. However, massive layoffs started in 2022, as all tech giants encountered revenue declines amidst...

Audits by private, third-party auditors are frequently mandated to ensure compliance with regulations (e.g., accounting or environmental standards). We examine how such mandates shape the market for audits. In our empirical examination, we focus on one of the oldest and most prominent audit...

The trading of bonds and swaps largely relies on bank dealers as core market-makers. Dealers provide liquidity and trade the instruments with smaller or less active firms, in part by using their own balance sheets for inventory holding or hedging purposes. The reforms carried out in the...

We use China's growth experience as a laboratory to study how reductions in entry barrier contribute to economic growth by inducing a more competitive market structure. The removal of entry restrictions on private firms in the late 1990s and early 2000s made the Chinese economy more competitive...

We study the determination of market power at the firm and industry levels when heterogeneous firms compete for sales to ex ante homogeneous buyers in a market with both directed and random search and free entry of firms that differ in productivity. Search and the distribution of productivity...

The functioning of the banking sector is key for economic growth. In this paper, we first gather banks' balance sheet monthly regulatory information in a consistent manner for seven Latin American countries. Second, we estimate lending markups and deposits markdowns in each country over time....

Heterogeneous interconnections, which link regulated electricity markets to liberalised ones, are becoming increasingly important. Several such interconnections are set to be established in the near future especially between European and North African countries (e.g., Tunisia-Italy,...

State governments provide grants to students to subsidize college attendance. In response, colleges can adjust their tuition, aid policies, and admission standards, affecting equilibrium enrollment and pass-through of aid to students. To quantify demand- and supply-side responses, I develop a...

Non-bank financial institutions, such as principal-trading firms and hedge funds, increasingly compete with bank-owned dealers in fixed-income markets. Some market participants worry that if non-bank financial institutions push out established bank dealers, liquidity will become unreliable...

We study the welfare effects of a merger between ad-funded platforms facing elastic consumer demand. We show that advertising fees as well as quality investment levels by the platforms fall post-merger. Interestingly, despite the lower advertising fees, advertisers may be worse off when their...

Online platforms have evolved into powerful programmable architectures that enable heterogeneous groups of autonomous but interdependent users to interact. Based on a stratified sample of 1,380 companies from a newly developed enterprise survey in Austria, the analysis aims to reduce the lack of...

We develop a macroeconomic agent-based model to study the role of demand and supply factors in determining inflation dynamics. Local interactions of heterogeneous firms and households in the labor and goods markets characterize the model. Asymmetric information implies that firm selection is...