This paper analyzes the structural change implications of consumer credit expansions in a dual-sector open economy growth model. Policy-induced increases in banks' willingness and ability to lend result in new consumer lending, boosting consumption demand and average wages in the nontradable...

We consider the allotment problems of homogeneous indivisible objects among agents with single-peaked and risk-averse von Neumann-Morgenstern expected utility functions. We establish that the rule satisfies coalitional strategy-proofness, same-sideness, and strong symmetry if and only if it is...

Analysis of an original, broad, internet-based survey reveals that debt holding is related to three aspects of time discounting: (i) present bias, measured by the degree of declining impatience in the generalized hyperbolic discount function; (ii) borrowing aversion, captured by a sign effect -...