The author studies the terms of credit in a competitive market in which sellers are willing to repeatedly finance the purchases of buyers by extending direct credit. Lenders (sellers) can commit to deliver any long-term credit contract that does not result in a payoff that is lower than that...

President Charles I. Plosser discusses the meaning of resilience and shares his personal experiences with resilient communities, in opening remarks at "Reinventing Older Communities: Building Resilient Cities," in Philadelphia. He also outlines the Bank's new research project to measure urban...

·An in-depth look at the growth and decline of Atlantic City and the conditions in the city since casino gambling was legalized in 1978 as a "unique tool of urban redevelopment." The report expands on a case study of several of Atlantic City's census tracks with high levels of poverty. The case...