This review provides a common framework for researchers thinking about the next generation of micro-founded macro models of growth, inequality, and financial deepening, as well as direction for policy makers targeting microfinance programs to alleviate poverty. Topics include treatment of financial structure general equilibrium models: testing for as-if-complete markets or other financial under...

This paper analyzes dynamic equilibrium risk sharing contracts between profit-maximizing intermediaries and a large pool of ex-ante identical agents that face idiosyncratic income uncertainty that makes them heterogeneous ex-post. In any given period, after having observed her income, the agent can walk away from the contract, while the intermediary cannot, i.e. there is one-sided commitment. W...

This paper analyzes dynamic equilibrium risk sharing contracts between profit-maximizing intermediaries and a large pool of ex-ante identical agents that face idiosyncratic income uncertainty that makes them heterogeneous ex-post. In any given period, after having observed her income, the agent can walk away from the contract, while the intermediary cannot, i.e. there is one-sided commitment. W...

This paper quantifies the welfare impact of a permanent increase in the level of per capita income brought about by a temporary growth effect following financial liberalization. We find that a lion’s share of the welfare benefits from financial liberalization accrue over relatively short horizons, and in the early years after the policy is implemented. Evaluating welfare gains from liberalizati...

The development of decentralized renewable energy systems is of crucial importance for the decarbonization of energy generation worldwide. Purchase decisions regarding innovative energy systems depend to some extent on consumers’ perception of the systems’ degree of autarky. We assumed that, in addition to the energetic perspective, consumers associate other non-energetic facets such as indepen...

BACKGROUND Economists believe that barter is the ultimate cause of social wealth--and even much of our human culture--yet little is known about the evolution and development of such behavior. It is useful to examine the circumstances under which other species will or will not barter to more fully understand the phenomenon. Chimpanzees (Pan troglodytes) are an interesting test case as they are a...

Autarkies are partial truth assignments that satisfy all clauses having literals in the assigned variables. Autarkies provide important information in the analysis of unsatisfiable formulas. Indeed, clauses satisfied by autarkies cannot be included in minimal explanations or in minimal corrections of unsatisfiability. Computing the maximum autarky allows identifying all such clauses. In recent ...