This paper explores the private and social benefits from barter exchange in a monetized economy. We first prove a no-trade theorem regarding the ability of firms with double-coincidences-of-wants to negotiate improvements in trade among themselves relative to the market outcomes. We then...

In this paper we study how the pattern of segmentation in the euro area money market has been affected by the recent turmoil in financial markets. We use nonparametric estimates of realized volatility to test for volatility spillovers between rates at different maturities. For the pre-turmoil...

This paper proposes a new approach for online market segmentation using clickstream data. The concept of the customer journey is used to frame the analysis of the online search and buying behaviour. A novel methodology that employs Machine Learning (ML) is proposed and a detailed framework...

Since the REIT form of real estate securitization began, the variety of property types available for investment has grown while institutions have increasingly played a more prominent role in the REIT market. If different types of institutions have no property sector preferences, their...

This paper analyzes the design of simple macroprudential rules for bank and non-bank credit markets in a medium-scale dynamic stochastic general equilibrium model. In the model, mutual funds support corporate bond issuance by firms with access to capital markets; a banking sector supplies loans...

This study attempts to understand the growth of services & informal sector’s capital formation, by modelling the formal-informal sector value chain in an economy with goods, asset and labour market segmentation. It considers a developing economy with a large informal sector and splits the...