Copyright law grants copyright owners exclusive rights so that they have adequate financial incentives to create and innovate. However, when firms are copyright owners, they can leverage their right to sell or distribute products exclusively and thus obtain excessive financial gains. This paper...

The efficiency of resource allocation is often analyzed in static frameworks with a focus on the cross-sectional heterogeneity in the willingness to pay among users. When the resource is durable in nature, the temporal heterogeneity could be important in assessing the efficiency properties of...

The efficiency of resource allocation is often analyzed in static frameworks with a focus on the cross-sectional heterogeneity in the willingness to pay among users. When the resource is durable in nature, the temporal heterogeneity could be important in assessing the efficiency properties of...

The efficiency of resource allocation is often analyzed in static frameworks with a focus on the cross-sectional heterogeneity in the willingness to pay among users. When the resource is durable in nature, the temporal heterogeneity could be important in assessing the efficiency properties of...

This paper uses reinforcement learning (RL) to approximate the policy rules of banks participating in a high-value payments system (HVPS). The objective of the RL agents is to learn a policy function for the choice of amount of liquidity provided to the system at the beginning of the day....

Should a central bank take over the provision of e-money, a circulable electronic liability? We discuss how the e-money technology changes the tradeoff between public and private provision, and the tradeoff between e-money and central bank's existing liabilities like banknotes and reserves. The...

This paper studies the contribution of limited asset market participation to the variability of real interest rates in the UK. Using a quadratic term structure model of real interest rates in an economy with endogenously segmented asset markets, I estimate the contribution of money and real...

Should a central bank take over the provision of e-money, a circulable electronic liability? We discuss how e-money technology changes the tradeoff between public and private provision, and the tradeoff between e-money and a central bank's existing liabilities like bank notes and reserves. The...

This paper uses reinforcement learning (RL) to approximate the policy rules of banks participating in a high-value payments system. The objective of the agents is to learn a policy function for the choice of amount of liquidity provided to the system at the beginning of the day. Individual...