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Dynamic moral hazard with sequential tasks
(Elsevier, 2019-10)
We study a sequential agency problem with hidden actions in an infinite horizon dynamic setting. The principal has a project that requires completion of two sequential tasks where the predecessor must be finished before ...
Global trends in liquidity creation: The role of the off-balance sheet
(Peter Lang AG, 2019-03-28)
Banks create liquidity by transforming liquid liabilities into illiquid assets and this is one of their main functions. Yet excessive liquidity creation, especially via off-balance sheet activities, might have contributed ...
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