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Speech
The transition to a robust reference rate regime: remarks at Bank of England’s Markets Forum 2018, London, England
Remarks at Bank of England?s Markets Forum 2018, London, England.
Working Paper
Collusion in Repeated Auctions with Costless Communication
In this paper, we present a model of repeated first-price private value auctions in which the bidders have access to a cheap talk communication mechanism. In this framework, messages allow bidders to transmit their preference rankings over the goods to be auctioned, similar to Pesendorfer (2000). We show that collusion through this static mechanism not only dominates the static bid rotation mechanism presented by McAfee and McMillan (1992), but it is also not strictly dominated by the dynamic bid rotation mechanism presented by Aoyagi (2003). However, we show that asymptotic efficiency of ...
Speech
Trends in foreign exchange markets and the challenges ahead
Remarks at the 2015 FX Week Conference, New York City.