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Seminars in Economics Piero Gottardi (EUI)

"A Theory of Repurchase Agreements, Collateral Re-use, and Repo Intermediation" Abstract This paper characterizes repurchase agreements (repos) as equilibrium contracts starting from first principles. We show that a repo allows the borrower to augment its consumption today while hedging both agents against future market price risk. As a result, safer assets will command a lower…

Monday Lunch Seminars Toomas Hinnosaar (CCA)

"Rent-seeking contest design" Abstract This paper studies the relationship between information, incentives, and outcomes in rent-seeking contests. A common solution to limiting socially wasteful rent-seeking activities is transparency. I show that information strictly increases efforts in rent-seeking contests. Thus, the socially optimal rent-seeking contest provides as little information as possible about the competition. The model…

Monday Lunch Seminars Matteo Triossi (University of Chile)

"Costly Information acquisition: the role of abstention" Abstract Citizens have little and uneven levels of political knowledge, consistently with the rational ignorance hypothesis. The paper presents a strategic model of common value elections with voluntary voting and endogenous information acquisition accounting for these facts. While, under compulsory voting, majoritarian elections generically fail to completely aggregate…

Seminars in Economics Philipp Schmidt-Dengler (University of Vienna)

"Information and Price Dispersion: Theory and Evidence" abstract We study the empirical importance of consumer information in generating price dispersion. Limited information is the key element generating price dispersion in modelsof homogeneous goods markets. We show that in these models the global relationship between information and price dispersion is an inverse-U shape. We test this mechanism using a…

Monday Lunch Seminars Rigas Oikonomou (UC Louvain)

"Long Term Government Bonds" abstract We study the impact of debt maturity on optimal fiscal policy by focusing on the case where the government issues a bond of maturity N > 1: Isolating these e ffects helps provide insight into the construction of optimal government debt portfolios. We find long bonds may not complete the…

Monday Lunch Seminars Matteo Cacciatore (HEC Montreal)

"Market Reforms at the Zero Lower Bound" Abstract We study the impact of product and labor market reforms when an economy faces major slack and a binding constraint on monetary policy easing---such as the zero lower bound. To this end, we build a two-country two-final-goods model featuring endogenous producer entry, labor market frictions, and nominal…

Seminars in Statistics Boyu Ren (Harvard T.H. Chan School of Public Health)

A Bayesian Nonparametric model for microbiome data analysis We develop a statistical model to analyse microbiome profiling data based on sequencing of genetic fingerprints in 16S ribosomal RNA. The analysis allows us to quantify the uncertainty in  ecological ordination and clustering methods commonly applied in microbiome research. In addition, it can be extended into a…

Seminars in Economics Adriaan Kalwij (Utrecht University School of Economics – U.S.E.)

"The impact of financial education on financial literacy and saving behavior: Evidence from a controlled field experiment at Dutch primary schools" Abstract This paper estimates the short term impact of a 90-minutes financial education program on financial literacy at Dutch primary schools using a controlled field experiment. We find that of the improvements in pupils’…