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Faculty & Research

Ansgar Walther-Corrective Regulation with Imperfect Instruments

25 May
2023
10:30 am
Jouy-en-Josas
English

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2023-05-25T10:30:00 2023-05-25T12:00:00 Ansgar Walther-Corrective Regulation with Imperfect Instruments Finance Speaker : Ansgar Walther (Imperial College, London) Room: T025 Jouy-en-Josas

Finance

Speaker : Ansgar Walther (Imperial College, London)

Room: T025

Abstract

This paper studies optimal second-best corrective regulation, when some agents/activities
cannot be perfectly regulated. We show that policy elasticities and Pigouvian wedges
are sufficient statistics to characterize the marginal welfare impact of regulatory policies
in a large class of environments. We show that a subset of policy elasticities, leakage
elasticities, determine optimal second-best policy, and characterize the marginal value of relaxing
regulatory constraints. We apply our results to scenarios with unregulated agents/activities,
uniform regulation across agents/activities, and costly regulation. We illustrate our results in
applications to financial regulation with environmental externalities, shadow banking, behavioral
distortions, asset substitution, and fire sales.

Participate

Add to Calendar
2023-05-25T10:30:00 2023-05-25T12:00:00 Ansgar Walther-Corrective Regulation with Imperfect Instruments Finance Speaker : Ansgar Walther (Imperial College, London) Room: T025 Jouy-en-Josas