If bidders are better informed than the seller about a common component of auction heterogeneity, the seller can allocate more efficiently by keeping her reserve price secret and revising it using submitted bids. We build a model of a first‐price auction under unobserved auction...

Both monetary policy and real factors played crucial causal roles in the housing boom and bust. Monetary policy distorted relative prices, particularly intertemporal prices. Prices play a critical role in allocating resources by signaling the relative scarcity of resources. Prices convey...

The dynamics of the monetary system is undergoing significant changes in India. The entire concept and flow of money; narrow, broad or base, is being influenced by measures related to financial inclusion and also behavioural changes with respect to the increase in usage of plastic money and...

We develop a random-matching model to study the price dynamics of monies produced privately according to a time-consuming mining technology. We provide examples of mining technologies for which there exists a unique equilibrium where the value of money increases over time and reaches a steady...

We analyze consequences of changing the terms of trade between agriculture and industry on capital accumulation and on welfare of workers in different sectors. The issue was central to Soviet industrialization debate and it remains important in today's developing world. Through a simple general...