Conferences - Seminars

03MAY
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  10:30-12:00 Unil, Extranef building, room 126

This paper shows that after the global financial crisis UK firms with high pre-crisis cash holdings relative to their industry rivals invest significantly more than their cash-poor counterparts. The differential effect already appears during the crisis but amplifies throughout the recovery phase, resulting in a persistent and growing investment gap. This amplification effect is absent ... Read more about "All You Need is Cash: Corporate Cash Holdings and Investment after the Financial Crisis"
By Neeltje van HOREN, Bank of England
10MAY
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  10:30-12:00 Unil, Extranef building, room 126

I illustrate that the equilibria of games with strategic complementarities may be of little predictive value if the players have non-compact action sets. Motivated by this observation, I study a class of macroeconomic models in which all firms can costlessly choose any price at each date from a compact interval (indexed to last period’s price ... Read more about "Bounds on Price Setting"
By Narayana KOCHERLAKOTA, University of Rochester
17MAY
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  10:30-12:00 Unil, Extranef building, room 126

We address the determination and evolution of bitcoin prices in a simple monetary economy that captures the salient features of a decentralized network. Network users forecast the transactional and resale value of bitcoin holdings and consider the risk of a network attack. Miners contribute resources that enhance network security and compete for mining rewards received ... Read more about "Bitcoin as Decentralized Money: Prices, Mining, and Network Security"
By Emiliano PAGNOTTA, Imperial College, London