Seminario CEDE - Paula Beltran

In this paper, I study the transmission of an aggregate funding supply shock in a lending network and quantitatively assess the implications for the allocative efficiency of funding pro-vision of the US Money Markets Funds Industry.  I build a tractable model that features bank sand funds that bargain over the terms of trade subject to an incomplete network of existing counter parties and bilateral bargaining.  I discipline the model using data on the funds’ port-folio.  I show how to identify the key parameters of the model by exploiting granular shocks of connected agen

Seminario CEDE - Dario Romero

This paper studies how changes in access to international markets affect the direction of technical change. I use two historical trade shocks that transformed markets for the Spanish textile industry at the end of the 19th century, along with newly digitized data on textile patents and production in Spain. First, after Spain effectively forced its colonies to buy manufactured cotton goods in 1891, I document an increase in cotton textile innovation relative to other fabrics.