Conferences - Seminars
03MAY
10:30-12:00
Unil, Extranef building, room 126
All You Need is Cash: Corporate Cash Holdings and Investment after the Financial Crisis
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 ...
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By Neeltje van HOREN, Bank of England
10MAY
10:30-12:00
Unil, Extranef building, room 126
Bounds on Price Setting
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 ...
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By Narayana KOCHERLAKOTA, University of Rochester
17MAY
10:30-12:00
Unil, Extranef building, room 126
Bitcoin as Decentralized Money: Prices, Mining, and Network Security
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 ...
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By Emiliano PAGNOTTA, Imperial College, London
20MAY
12:00-13:00
Unil, Extranef building, room 126
Portability of deposits and policies: Why do banks react differently from insurers?
By Peter ZWEIFEL, University of Zurich