This paper studies economies with complete markets where there is positive default on consumer debt. In a simple tractable two-period model, households can default partially, at a finite punishment cost, and competitive intermediaries price loans of different sizes separately. This environment...

Despite changing attitudes around disability over time, people with disabilities still face large barriers to labour market participation. We apply a sociological framework that considers both supply- and demand-side explanations for labour market inequality to help understand the continuing...