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    • Publications (2)
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  1. Publication

    Central Bank Forecasts and Disclosure Policy: Why It Pays to be Optimistic

    01.01.2007

    In a model with forward-looking behavior, we study disclosure policy when a central bank has private information on the future state of the economy. We find that the effects of advance disclosure depends on the presence of uncertainty about policy...

  2. Publication

    The Use of Collateral in Formal and Informal Lending

    01.10.2013

    We offer a new test of the ex ante theory of collateral. Theory states that lenders rely less on collateral if they have better information about borrowers. We test this by contrasting the use of collateral between formal and – better informed –...

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