This article analyses the role of parking lots in spatial agglomeration. We set up a spatial competitive monopolistic model of agglomeration. In their shopping trips, households travel by car to a parking lot from where they proceed on foot to do their shopping. We also show that the presence of...

This paper analyzes a spatial competitive monopolistic model of agglomeration in which households make only one shopping trip per period, and there are several firms in each industry. The model is a version of a model by Fujita (1988), but unlike his, in this model no equilibrium mixed district...

The main goal of this essay is to analyze the emergence of a barter economy, and the rise of centralized merchants and a barter redistribution system out of a primitive barter system. The environment is a spatial general equilibrium model where exchange is costly. Since exchange becomes more...

OPEC’s stated mission is to promote the economic development and growth of its member states while minimizing volatility in the oil markets. But after a promising beginning many member states’ economies have declined rather than prospered—a clear indication of OPEC’s failure to meet...

The purpose of this essay is to analyze the circumstances where a monetary economy dominates over a redistributive barter economy in which there is not an absence of double coincidence of wants problem. For this purpose, we develop a spatial general equilibrium model where individuals must trade...

This paper sets up a model to inquire into whether the rise and fall in barter transactions in Russia and other CIS countries during the 1990’s was an involuntary decision resulting from credit rationing or the consequence of firms’ optimal choice. We find that the transmission mechanism of...

This essay is a contribution to the empirical literature on the effect of inflation tax on capital structure. A simple empirical model considering the main results of the current theoretical development is studied, using microdata from a number of American corporations.

This paper develops a general equilibrium model and proposes a theory to explain the main stylized facts about the growth of barter transactions in Russia during the 1990s. Because of the high opportunity cost of using fiat money, with a tight enough credit market it may be optimal for firms to...