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| 02530cam 2200397zi 4500 |
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| 001 | 9.888262 |
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| 003 | CaOODSP |
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| 005 | 20221107171935 |
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| 006 | m o d f |
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| 007 | cr |n||||||||| |
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| 008 | 200615t20202020oncd ob f000 0 eng d |
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| 040 | |aCaOODSP|beng|erda|cCaOODSP |
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| 043 | |an-cn--- |
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| 086 | 1 |aFB3-5/2020-22E-PDF |
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| 100 | 1 |aAllen, Jason, |eauthor. |
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| 245 | 10|aDynamic competition in negotiated price markets / |cby Jason Allen and Shaoteng Li. |
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| 264 | 1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2020. |
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| 264 | 4|c©2020 |
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| 300 | |a1 online resource (52 pages) : |bgraphs (mostly colour). |
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| 336 | |atext|btxt|2rdacontent |
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| 337 | |acomputer|bc|2rdamedia |
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| 338 | |aonline resource|bcr|2rdacarrier |
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| 490 | 1 |aStaff working paper = Document de travail du personnel, |x1701-9397 ; |v2020-22 |
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| 500 | |aCover title. |
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| 500 | |a"Last updated: June 4, 2020." |
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| 504 | |aIncludes bibliographical references (pages 44-47). |
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| 520 | 3 |a"This paper develops a framework for investigating dynamic competition in markets where price is negotiated between an individual customer and multiple firms repeatedly. Using contract-level data for the Canadian mortgage market, we provide evidence of an "invest-then-harvest" pricing pattern: lenders offer relatively low interest rates to attract new borrowers and poach rivals' existing customers, and then at renewal charge interest rates which can be higher than what may be available through other lenders in the marketplace. We build a dynamic model of price negotiation with search and switching frictions to capture key market features. We estimate the model and use it to investigate (i) the effects of dynamic competition on borrowers' and banks' payoffs, (ii) the implications of dynamic versus static settings for merger-studies, and (iii) the impacts from recent Canadian macroprudential policies"--Abstract. |
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| 650 | 0|aReal estate business|xEconomic aspects|zCanada. |
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| 650 | 0|aMortgages|xRates|zCanada. |
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| 650 | 0|aCompetition|xGovernment policy|zCanada. |
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| 650 | 6|aImmobilier|xAspect économique|zCanada. |
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| 650 | 6|aHypothèques|xTarifs|zCanada. |
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| 650 | 6|aConcurrence|xPolitique gouvernementale|zCanada. |
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| 710 | 2 |aBank of Canada, |eissuing body. |
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| 830 | #0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2020-22.|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s3.28 MB|uhttps://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-5-2020-22-eng.pdf |
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