Contrary to what is consistently assumed in the literature, the return function cannot be hump-shaped in the Stiglitz-Weiss (1981) model. This has important consequences for the possible occurrence of credit rationing and redlining. With a single class of borrowers, banks offer credit in two...

Obstructions caused by accidents can trigger or exacerbate traffic congestion. This paper derives the efficient traffic pattern for a rush hour with congestion and accidents and the corresponding road toll. Compared to the model without accidents, where the toll equals external costs imposed on...

This paper gives a complete characterization of the equilibria in Shleifer and Vishny's (1997) model of "Limits of Arbitrage". We show that expected wealth (the arbitrageurs' objective function) is a possibly non-concave function of investment and that the relation between investment and prices...

The skewness-location approach to the analysis of downward nominal wage rigidity in micro data judges the existence of rigidity on the basis of estimated functional relationships between measures of location and of skewness of the distributions of individual rates of wage change in different...

Earlier studies of US wage data from the PSID with a variety of methods have led to mixed results with respect to the existence and extent of downward nominal wage rigidity. Here the kernellocation approach to the analysis of downward nominal wage rigidity in micro data is applied to that data...

This article presents a categorical model of fertility based on the statistical theory of the Generalised Linear Model (GLM). Focussing on the individual probability of giving birth to a child, we derive distributions which can be embedded in a GLM framework. A major advance of that methodology...

Based on a two-country model it is scrutinized how the structure of the unemployment benefit system affects the consequences of idiosyncratic labor market shocks on real wages and unemployment in other countries. International spillover effects are caused by changes in world real income. The...

The transitional dynamics of open-economy endogenous growth models are largely unexplored. The present paper fills this gap in the literature. By applying the familiar Dixit-Norman (1980) approach to a general class of growth models, it provides original results on the transitional dynamics of...

Wie die Rechtskleider aussehen sollten, die Sanierungsprozesse für Unternehmen lenken und strukturieren, ist eine sehr interessante und relevante Frage. Wir greifen aus diesem Problemfeld einen Teilaspekt heraus: Wir unterstellen, daß das Unternehmen insolvent gemäß den Kriterien des...

Der Finanzdienstleistungssektor befindet sich aktuell in einem nachhaltigen Struktur-wandel. Um im Spannungsfeld zwischen Kunden- und Effizienzorientierung die Befrie-digung individueller Kundenbedürfnisse mit der Realisierung von Economies of Scale verbinden zu können, wird in der Literatur...