This paper studies how the real interest rate affects the (mis)allocation of capital in a small open economy …

This note provides a methodological contribution to the allocation of joint revenues obtained from passepartouts. In a … unlimited number of times during a fixed period of time. The corresponding allocation problem is then how to share the total … appropriate allocation rule. …

not only the problem of maximizing the total joint reward, but also the allocation of these rewards among the agents …

This paper studies a novel type of misallocation of credit between investments of varying liquidity. One type of … investment types imply that the allocation of credit is constrained inefficient and that there is overinvestment in the liquid …-term welfare and output in a constrained inefficient equilibrium if it raises the liquidity of the liquid type. I show a maximum …