This paper examines the equitable doctrine of marshaling, whereby a subordinate creditor petitions a court in equity to force a senior lien holder to foreclose on other assets of the debtor, leaving the subordinate creditor free to foreclose on the asset in which it holds an interest. The paper...

We develop a simple model of the exchange rate in which agents optimize their portfolio and use different forecasting rules. They check the profitability of these rules ex post and select the more profitable one. This model produces two kinds of equilibria, a fundamental and a bubble one. In a...

We develop a simple model of the exchange rate in which agents optimize their portfolio and use different forecasting rules. They check the profitability of these rules ex post and select the more profitable one. This model produces two kinds of equilibria, a fundamental and a bubble one. In a...