Archives for CORE

The Myth of the Credit Spread Puzzle Peter FELDHUTTER, London Business School We ask whether standard structural models of credit risk are able to explain credit spreads on corporate bonds and, in contrast to much of the literature, we find that the models match the level of investment...

Short-time Work and Employment in the Great Recession in France Pierre Cahuc, Ecole Polytechnique et directeur du laboratoire de Macroéconomie du CREST (INSEE) Short-time work increased dramatically in France in 2009, during the Great Recession. Relying on administrative data covering...

Shared Information Sources in Exchanges Mariann Ollár (University of Groningen) In financial and commodity exchanges, traders gain information from shared information sources, such as commonly accessed forecasts and standardized reports, which induce interdependence in forecast errors. In...

Retail Competition with Switching Consumers in Electricity Markets Carlos RUIZ, Universidad Carlos III de Madrid In this work we consider a game theoretical model where asymmetric electricity retailers compete in prices to increase their profits by accounting for the utility function of...