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Lopez, Jorge Cruz; Harris, Jeffrey; Hurlin, Christophe; … - HAL - 2014

We present CoMargin, a new methodology to estimate collateral requirements in derivatives central counterparties (CCPs …

Persistent link: https://www.econbiz.de/10010899571

The Stabilizing Virtues of Fiscal vs. Monetary Policy on Endogenous Bubble Fluctuations

Clain-Chamosset-Yvrard, Lise; Seegmuller, Thomas - HAL - 2013

monetary policies. Consumers' credit constraints, the role of collateral and a portfolio choice are the key ingredients of our …

Persistent link: https://www.econbiz.de/10010933884

Learning Financial Shocks and the Great Recession

Pintus, Patrick A.; Suda, Jacek - HAL - 2014

This paper develops a simple business-cycle model in which financial shocks have large macroeconomic effects when private agents are gradually learning their uncertain environment. When agents update their beliefs about the parameters that govern the unobserved process driving financial shocks...

Persistent link: https://www.econbiz.de/10010933890

Debt-Deflation versus the Liquidity Trap : the Dilemma of Nonconventional Monetary Policy

Giraud, Gaël; Pottier, Antonin - HAL - 2012

backed by collateral, the value of which depends on monetary policy. The decision to default is endogenous and depends on the … relative value of the collateral to the loan. We show that Collateral Monetary Equilibria exist and prove there is also a … running an inflationary risk ; 3) else the money injected by the Central Bank increases the leverage of indebted investors …

Persistent link: https://www.econbiz.de/10011025794

In search of an alternative to shareholder value maximization

Giraud, Gaël; Renouard, Cécile - HAL - 2011

This paper argues that mainstream economic theory, far from providing an indisputable plea in favor of shareholder value-maximization, offers striking arguments showing quite the opposite : profit-maximization cannot be a legitimate goal for private firms. This opens the door for a widening of a...

Persistent link: https://www.econbiz.de/10011025817

In search of an alternative to shareholder value maximization

Giraud, Gaël; Renouard, Cécile - HAL - 2011

This paper argues that mainstream economic the- ory, far from providing an indisputable plea in favor of shareholder value-maximization, o ers striking arguments showing quite the opposite: pro t maximization cannot be a legitimate prioritar- ian goal for private rms. This opens the door for a...

Persistent link: https://www.econbiz.de/10009207103

"Deep Pockets'', Collateral Assignments of Patents, and the Growth of Innovations

Amable, Bruno; Chatelain, Jean-Bernard; Ralf, Kirsten - HAL - 2006

This paper studies how the imperfect collateral assignments of patents contribute to "deep pockets'' savings of … innovations, using a version of the Kiyotaki and Moore [1997] model of credit cycles. Results are: patents as collateral leverage … of patents as collateral. …

Persistent link: https://www.econbiz.de/10008794903

"Deep Pockets'', Collateral Assignments of Patents, and the Growth of Innovations

Amable, Bruno; Chatelain, Jean-Bernard; Ralf, Kirsten - HAL - 2006

Persistent link: https://www.econbiz.de/10009021740

Financial crashes versus liquidity trap : the dilemma of monetary policy

Giraud, Gaël - HAL - 2010

. Players may share heterogenous beliefs. Short positions in derivatives are constrained by collateral requirements. A central … Bank stands ready to lend money or engage in unconventional monetary policy such as quantitative easing. In sharp contrast … condition : 1) either the economy enters a liquidity trap in the first period ; 2) or the money injected by the Central Bank …

Persistent link: https://www.econbiz.de/10010635211

Learning by Trading in Infinite Horizon Strategic Market Games with Default

Brangewitz, Sonja; Giraud, Gaël - HAL - 2012

We study the consequences of dropping the perfect competition assumption in a standard infinite horizon model with infinitely-lived traders and real collateralized assets, together with one additional ingredient : information among players is asymmetric and monitoring is incomplete. The key...

Persistent link: https://www.econbiz.de/10010635262