This paper is motivated by empirical observations on the comovements of currency velocity, inflation, and the relative size of the credit services sector. We document these comovements and incorporate into a monetary growth model a credit services sector that provides services that help people...

This paper is motivated by a variety of empirical observations on the comovements of currency velocity, inflation, and the relative size of the "credit services" sector. By the credit services sector we mean the part of banking and credit sector which provides alternative means of transactions...

This paper evaluates the welfare gains to trade reform in a model of endogenous export participation. Specifically, assuming that firms face an up-front, sunk cost of entering foreign markets and a smaller period-by-period continuation cost, we derive the discrete entry and exit decisions...

This paper investigates the impact of borrowing constraints on human capital accumulation and welfare. In a standard overlapping-generations model where parental altruism results in transfers that children allocate to consumption and education, the average level of welfare is higher when...