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  • 1
    Electronic Resource
    Electronic Resource
    Options and sunspots in a simple monetary economy (1998)
    Springer
    Economic theory 11 (1998), S. 295-315 
    Details
    ISSN: 1432-0479
    Keywords: JEL Classification Numbers: D52 ; D84 ; E62 ; G10.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary. We study sunspot immunity in a dynamic monetary economy in which consumers are allowed to trade put and call option contracts on the general price level. We define the concept of strong sunspot immunity to characterize economies that have no sunspot equilibria regardless of the number of extrinsic states and their probabilities of occurrence. We show that a small number of option contracts can make an economy strongly sunspot immune. In addition, we demonstrate how asset re-trading opportunities, and the associated capital gains and losses, reduce the number of options needed for this result to obtain.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001990050189
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  • 2
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    Bank Runs and Institutions: The Perils of Intervention (2009)
    American Economic Association
    Details
    Publication Date: 2009-08-01
    Description: We study ex post efficient policy responses to a run on the banking system and the ex ante incentives these responses create. We show that the efficient response to a run is typically not to freeze all remaining deposits, since doing so imposes heavy costs on some individuals. Instead, once a run is underway, (benevolent) government institutions would allow additional deposit withdrawals, placing further strain on the banking system. When depositors anticipate these extra withdrawals, their incentive to participate in the run increases. In fact, ex post efficient interventions can generate the conditions necessary for a self-fulfilling run to occur. (JEL G21, G8)
    Print ISSN: 0002-8282
    Electronic ISSN: 1944-7981
    Topics: Economics
    Published by American Economic Association
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