In a model with costly financial intermediation and financial disturbances, credit subsidies are desirable, irrespective of how they are financed. They are especially useful when the zero lower bound constraint is reached. They are superior to other credit policies such as direct lending.

We consider a multi-period facility location problem that takes into account changing trends in customer demands and costs. To this end, new facilities can be established at pre-specified potential locations and initially existing facilities can be closed over a planning horizon. Furthermore,...

We address an extension of the classical multi-period facility location problem in which customers are sensitive to delivery lead times. Accordingly, two customer segments are considered. The first segment comprises customers that require timely demand satisfaction, whereas customers accepting...

We investigate a recently introduced extension of the multi-period facility location problem that considers service-differentiated customer segments. Accordingly, some customers require their demands to be met on time, whereas the remaining customers accept delayed deliveries as long as lateness...

We address a stochastic multi-period facility location problem with two customer segments, each having distinct service requirements. While customers in one segment receive preferred service, customers in the other segment accept delayed deliveries as long as lateness does not exceed a...

E-commerce has experienced a remarkable growth in recent years. This trend is gradually driving retailers to shift from typical warehouse rental contracts with rigid conditions and long-term commitments to flexible alternatives that provide storage space on demand. This strategy gives retailers...

This paper addresses a new problem to design a two-echelon supply chain network over a multi-period horizon. Strategic decisions are subject to a given budget and concern the location of new facilities in the upper and intermediate echelons of the network as well as the installation of storage...

In this paper we determine the optimal combination of taxes on money, consumption and income in transaction technology models. We show that the optimal policy does not tax money, regardless of whether the government can use the income tax, the consumption tax, or the two taxes jointly. These...

How should monetary policy respond to changes in financial conditions? In this paper we consider a simple model where firms are subject to idiosyncratic shocks which may force them to default on their debt. Firms’ assets and liabilities are denominated in nominal terms and predetermined when...

This paper investigates whether the quantity theory of money is still alive. We demonstrate three insights. First, for countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best. Second, the fit markedly improves, when correcting...