Uncertainty about the riskiness of new financial products was an important factor behind the U.S. credit crisis. We show that a boom-bust cycle in debt, asset prices and consumption characterizes the equilibrium dynamics of a model with a collateral constraint in which agents learn "by...

Motivated by bed allocation patterns of U.S. nursing homes, we formulate a queueing network model to study nonprofit and for-profit nursing homes' bed allocation decisions and the resulting access to care for the public. Nursing homes have a fixed number of beds that can be allocated among three...

We estimate a structural dynamic programming model of schooling decisions with unobserved heterogeneity in school ability and market ability on a sample taken from the National Longitudinal Survey of Youth (NLSY). Both the instantaneous utility of attending school and the wage regression...