We use a user-cost model to study how dispersed information among housing marketparticipants a¤ects the equilibrium … house price. In the model, agents are disparatelyinformed about local economic conditions, consume housing services, and … speculate onprice changes. Information dispersion leads agents to have heterogeneous expectationsabout housing demand and prices …

This paper studies the joint business cycle dynamics of inflation, money growth, nominal and real interest rates and the …

Institutions that rely on joint liability to facilitate lending to the poor have a long historyand are now a common … feature of many developing countries. Economists have proposedseveral theories of joint-liability lending that stress various … aspects of its informational andenforcement advantages over other forms of lending. This paper analyzes how joint …

This paper analyzes how group lending programs use joint liability to utilize localinformation that borrowers have … borrowing lower to safer borrowers: because they have safer partners,conditional on success their expected dues to the lender …