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Living with a Monetary System infected by Bubbles
(Vanderbilt University, 2011)
I study the real effects of bubbles in a price-settingenvironment. Bubbles cause price dispersion and overinvestment in assets that are overvalued. And when they pop some goods are not sold and capacity is not fully utilized. ...
Intergenerational Intermediation and Altruistic Preferences
(Vanderbilt University, 2011)
The paper analyzes the intermediation role of government under the assumption that it has an advantage over the private sector in collecting uncollateralized loan payments. It isshown that a government loan program may ...