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Summary of the Report on the Competitiveness of Puerto Rico's Economy

Remarks before the Puerto Rico Chamber of Commerce Annual Convention, Fajardo, Puerto Rico.
Speech , Paper 86

Working Paper
Tax competition and tax harmonization with evasion

We examine a two-jurisdiction tax competition environment where local governments can only imperfectly monitor where agents pay taxes and risk-averse individuals my choose to cross borders to pay lower taxes in a neighboring location. ; In the game between local authorities, when communities differ in size, in equilibrium the smaller community sets lower taxes and attracts agents from the larger jurisdiction. With identical communities, tax rates must be equal. Whenever the smaller community benefits from tax harmonization, the larger one will also. ; If the high-tax community chooses a ...
Working Papers , Paper 2002-015

Working Paper
The effects of local banking market structure on the banking-lending channel of monetary policy

We study the relationship between banking competition and the transmission of monetary policy through the bank lending channel. Using business small loan origination data provided from the Community Reinvestment Act from 1996-2002 in our analysis, we are able to reaffirm the existence of the bank lending channel of monetary transmission. Moreover, we find that the impact of monetary policy on loan originations is weaker in more concentrated markets.
Finance and Economics Discussion Series , Paper 2005-16

Journal Article
NAFTA, trade diversion and Mexico's textiles and apparel boom and bust

Southwest Economy , Issue Sep , Pages 11-13

Can competition between brokers mitigate agency conflicts with their customers?

We study competitive, but strategic, brokers executing trades for an informed trader in a multi-period setting. The brokers can choose to (a) execute the order, as agents, first, and trade for themselves, as dealers, afterwards; or (b) trade for themselves first and execute the order later. We show that the equilibrium outcome depends on the number of brokers. When the number of brokers exceeds a critical number (greater than one), the informed trader distributes his order (equally) among the available brokers. The brokers, in turn, execute the informed trader's order first and trade personal ...
Staff Reports , Paper 25

Journal Article
Competition among bank regulators

Economic Quarterly , Issue Fall , Pages 19-36

Working Paper
Regulatory distortion of competition

Working Papers , Paper 89-28

Journal Article
Is state and local competition for firms harmful?

FRBSF Economic Letter

Working Paper
Stable cartels with a Cournot fringe

Working Papers , Paper 90-24

Working Paper
Competition by choice

This paper relates firm location choice and consumer search. Firms that cluster together attract consumers by facilitating price comparison, but clustering increases the intensity of local competition. I construct a simple model which shows that firms may choose head-on competition by locating together. In special cases, this can be the unique equilibrium outcome. I also use the model to show that price setting firms may earn more in equilibrium than quantity setting firms.
International Finance Discussion Papers , Paper 327



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Wirtz, Ronald A. 9 items

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