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Augustin Landier et Kenichi Ueda
n° 10-238, 5 juin 2009, révision 16 décembre 2010
We formalize the taxpayer burden implied by various bank restructuring plans. Even assuming minimal frictions, in spirit of Modigliani and Miller (1958), when debt contracts cannot be changed, transfers from the taxpayer (in a Net Present Value sense) are necessary. Debt holders benefit from a...
Marco Ottaviani
Toulouse, France, 5–6 juin 2009
Ron Siegel
Doh-Shin Jeon
Michael Mazzeo
Jin Li
Bruno Jullien
Christian Bontemps
5 juin 2009
Emmanuelle Augeraud-Véron et Hippolyte D'Albis
n° 09-047, 3 juin 2009
Age structured populations are studied in economics through overlapping generations models. These models allow for a realistic characterization of life-cycle behaviors and display intertemporal equilibrium that are not necessarily efficient. This article uses the latest developments in continuous...
