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Contingent capital: the trigger problem

Edward Prescott ()

No 11-07, Working Paper from Federal Reserve Bank of Richmond

Abstract: Price triggers in contingent capital bonds are analyzed. Pervasiveness of multipleequilibria and nonexistence of equilibrium in theoretical models is illustrated. Evidence of these problems from market experiments is summarized. Possible solutions are evaluated.

Keywords: Financial markets; Financial institutions (search for similar items in EconPapers)
Date: 2011
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