Author: Bruno Sultanum

Guido Menzio presenting on June 15, 2020

Paper: Product Design, Competition and Prices with Declining Search Frictions Abstract: As search frictions becomes smaller in a product market, buyers are able to locate more and more sellers. Sellers respond by designing varieties of the product that are more and more specialized. I find necessary and sufficient conditions under which the increase in specialization […]

Ricardo Lagos presenting on June 1, 2020

Paper: “On the Limits of onetary Economics: On Money as a Latent Medium of Exchange” (joint with Shengxing Zhang) Abstract: We formulate a generalization of the traditional medium-of-exchange function of money in contexts where there is imperfect competition in the intermediation of credit, settlement, or payment services used to conduct transactions. We find that the […]

Pierre-Olivier Weill presenting on May 18, 2020

Paper: “Inventory, Market Making, and Liquidity: Theory and Application to the Corporate Bond Market” (with Mahyar Kargar and Ben Lester) Abstract: We develop a search-theoretic model of over-the-counter markets in which customers trade through dealers who face an asset-in-advance constraint; that is, when a customer and a dealer meet, we assume that dealers can only […]