We augment a simple Real Business Cycle model with financial intermediaries that may default on their liabilities and friction generating social costs of default. derive closed-form solution for the general equilibrium economy, providing analytical results. Endogenous generates negative skew aggregate variables positive credit spreads, as documented in empirical literature. Larger frictions str...

We study targeting of advertising based on information about the consumer's likely ranking products. Firms send ads to more promising consumers. Thus, increases expected willingness pay for product consumer learns but also reduces differentiation these The two effects push search, and so prices, in opposite direction. first effect is important lower search costs. second stronger larger number i...

Non-specific T wave abnormalities have challenged both the clinician and the insurance medical director for decades. Distinction between pathologic and physiologic T wave changes often requires costly and time-consuming diagnostic studies. The literature is reviewed on the subject of T wave manipulation by the oral administration of both potassium and glucose, introducing the concept of T wave ...