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Replication data for: Optimal Intermediary Rents

Version
V0
Resource Type
Dataset
Creator
  • Schroth, Josef
Publication Date
2016-01-01
Description
  • Abstract

    This paper studies a dynamic production economy with financial intermediation. It is assumed that claims held on intermediaries cannot be fully enforced such that intermediation is subject to intermediary equity requirements. It is shown that competitive equilibria are not constrained efficient whenever the aggregate amount of intermediary equity in the economy is low enough to limit production. Specifically, a constrained social planner can achieve a Pareto improvement by creating long-term rents for intermediaries, which immediately reduces intermediary equity requirements. The constrained-efficient allocation can be implemented by a positive tax on future intermediary activity. (JEL D21, D82, D86, G21, G28)
Availability
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Relations
  • Is supplemented by
    DOI: 10.1257/mac.20140043 (Text)
Publications
  • Schroth, Josef. “Optimal Intermediary Rents.” American Economic Journal: Macroeconomics 8, no. 1 (January 2016): 98–118. https://doi.org/10.1257/mac.20140043.
    • ID: 10.1257/mac.20140043 (DOI)

Update Metadata: 2019-10-13 | Issue Number: 1 | Registration Date: 2019-10-13

Schroth, Josef (2016): Replication data for: Optimal Intermediary Rents. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. http://doi.org/10.3886/E114088