The correlation and controllability of money supply as the intermediate object of monetary policy is gradually weakening, the argument that interest rate substitutes the money supply for the alternative object is hotly discussed. According to the Taylor rule and its extensions, this paper has a...

This Paper Extends a Model of a Three-Person Hierarchy Developed by Tyrole (1986) to the Case of Fiscal Or Military Bureaucraties. It Is Demonstrated That a Decrease in Economies of Scale in the Application of Military Force Results in a Contraction of Territorial Boundaries and an Expansion of...

This study uses the example of the German cooperatives to test one hypothesis often advanced by advocates of microcredit institutions: that cooperatives succeeded because they overcame problems caused by asymmetric information and enforcement problems in credit markets.