We examine the question of why a government would default on debt denominated in its own currency. Using a newly constructed dataset of 14 emerging markets, we document that the private sector continues to borrow from abroad in foreign currency while sovereigns increasingly borrow from...

Abstract. Why are debt securities so common? I show that debt securities minimize the welfare losses from the moral hazards of excessive risk-taking and lax effort. For any security design, the variance of the security payoff is a statistic that summarizes these welfare losses. Debt securities...

Parties in financial markets, industries, compensation design or politics may negotiate on either a piecemeal or a bundled basis. Little is known about the desirability of bundling when values are common and/or information endogenous. The paper shows that bundling encourages...

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A collaboration of medical professionals with economists and computer scientists involved in ?market design? had led to the redesign of the clearinghouse assigning medical students to internships in Israel. The new mechanism presents significant efficiency gains relative to the previous one, and...

In this paper we provide a model of the macroeconomic consequences of a shortage of safe assets. In particular, we discuss the emergence of a deflationary safety trap equilibrium which is an acute form of a liquidity trap. In this context, issuing public debt, swapping private risky assets for...

We provide a condition which is both necessary and sufficient for uniform validity of asymptotic approximations using the delta-method, that is for uniform negligibility of the remainder of such approximations. This condition is easily verified and permits to identify settings and parameter...

This study aims at evaluating the accuracy of mitosis detection on multispectral histopathological images by developing a solution specifically designed to take advantage of multi-spectral information. The proposed framework includes a selection of spectral bands and focal plane, detection of...

Digital pathology represents one of the major and challenging evolutions in modern medicine. Pathological exams constitute not only the gold standard in most of medical protocols, but also play a critical and legal role in the diagnosis process. Diagnosing a disease after manually analyzing...