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Dive into the research topics where Pricila Maziero is active.

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Featured researches published by Pricila Maziero.


Journal of Economic Theory | 2016

Non-Exclusive Dynamic Contracts, Competition, and the Limits of Insurance

Laurence Ales; Pricila Maziero

We study how the presence of non-exclusive contracts limits the amount of insurance provided in a decentralized economy. We consider a dynamic Mirrleesian economy in which agents are privately informed about idiosyncratic labor productivity shocks. Agents sign privately observable insurance contracts with multiple firms (i.e., they are non-exclusive). Contracts specify both labor and savings requirements. Firms have no restriction on the contracts they can offer and interact strategically. In equilibrium, contrary to the case with exclusive contracts, a standard Euler equation holds, and the marginal rate of substitution between consumption and leisure is equated to the workers marginal productivity. Also, each agent receives zero net present value of transfers. These conditions imply the equilibrium allocation is equivalent to a standard incomplete markets model. To sustain this equilibrium, more than one firm must be active and must also offer latent contracts to deter deviations to more profitable contingent contracts. In this environment, the non-observability of contracts removes the possibility of additional insurance beyond self-insurance.


2007 Meeting Papers | 2008

Accounting for Private Information

Laurence Ales; Pricila Maziero


2009 Meeting Papers | 2009

Adverse Selection and Non-Exclusive Contracts

Laurence Ales; Pricila Maziero


National Bureau of Economic Research | 2012

A Theory of Political and Economic Cycles

Laurence Ales; Pricila Maziero; Pierre Yared


Archive | 2012

Political Distortions and Endogenous Turnover

Laurence Ales; Pricila Maziero; Pierre Yared


National Bureau of Economic Research | 2012

Taxation and Redistribution of Residual Income Inequality

Mikhail Golosov; Pricila Maziero; Guido Menzio


2011 Meeting Papers | 2011

Imperfect Information and Political Economy

Pricila Maziero; Pierre Yared; Laurence Ales


2016 Meeting Papers | 2016

CEO replacement and the capital structure of firms

Pricila Maziero


2013 Meeting Papers | 2013

A Theory of Economic and Political Cycles

Pricila Maziero; Pierre Yared; Laurence Ales


2011 Meeting Papers | 2011

Social Insurance for Frictional Wage Inequality

Mikhail Golosov; Guido Menzio; Pricila Maziero

Collaboration


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Laurence Ales

Carnegie Mellon University

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Guido Menzio

National Bureau of Economic Research

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Antoine Martin

Federal Reserve Bank of New York

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Larry E. Jones

Federal Reserve Bank of Minneapolis

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Warren E. Weber

Federal Reserve Bank of Minneapolis

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