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| Kim, Donghun. |
| There is considerable literature on price pass-through modeling. This literature has focused on pass-through of cost shocks for homogenous products. To get results with the homogenous products case, empirical implementation has required the maintained hypothesis of competition, or agreement, in quantity modeling. A major contribution of this paper is modeling pass-through for a differentiated products market under the maintained hypothesis of price competition or price agreement. We estimate a mixed logit model for U.S processed cheese market using unbalanced panel data and implement a price pass through simulation and related consumer welfare analysis under different regimes of competition. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Market Structure; Price Pass-Through; Consumer Welfare; Mixed Logit; Industrial Organization. |
| Ano: 2004 |
URL: http://purl.umn.edu/25157 |
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| Madestam, Andreas. |
| I study the coexistence of formal and informal finance in underdeveloped credit markets. While weak institutions constrain formal banks, shallow pockets hamper informal lenders. In such economies, informal finance has two effects. By increasing the investment return it decreases borrowers’ relative payoff following default, inducing banks to lend more liberally (disciplinary effect). By channeling bank capital it reduces banks’ agency costs from lending directly to borrowers, limiting banks’ extension of borrower credit (rent-extraction effect). Among other things, the model shows that informal interest rates are higher, borrower welfare lower, and informal finance more prevalent when the rent-extraction effect prevails, consistent with stylized facts in... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Credit Markets; Financial Development; Institutions; Market Structure; Financial Economics; O12; O16; O17; D40. |
| Ano: 2009 |
URL: http://purl.umn.edu/54288 |
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