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...

We examine the relationship between the equilibrium number of the firms entering the market and socially efficient one. Salop (1979) investigates a mill pricing model and shows that the former is larger than the latter (excess entry theorem). We find that, in contrast to Salop (1979), the equilibrium number of the firms can be either larger or smaller than the efficient one. If the entry cost i...

We set up a symmetric two-country model with two multinationals competing on the quantities and possibly manipulating their transfer prices. Governments choose both the corporate profit tax rate and the level of enforcement of the “arm’s length” principle. We show that stronger enforcement increases equilibrium tax rates. We also find that a larger international ownership of multinationals lead...

We study equilibrium security price dynamics in an economy where nonfundamental risk arises from agents' heterogeneous beliefs about extraneous processes. We completely characterize equilibrium in terms of the economic primitives, via a representative agent with stochastic weights. Besides pricing fundamental risk, an agent now also prices nonfundamental risk with a market price which is a risk...

We study a two-sided market in which a platform mediates between sellers and buyers, and signs private contracts with sellers. We compare this market with (i) a one-sided market with public contracts, and (ii) a two-sided market with public contracts. We find that equilibrium royalties can be positive or negative in a one-sided market with public contracts, are negative in a twosided market wit...

A model is presented where universities competitively supply education to mobile students. Students are subject to a liquidity constraint so that tuition must be paid out of pre-university income. It is shown that student loans provided by home jurisdictions will ensure an efficient quality of higher education if loans do not contain any subsidy. If there is income-related debt relief, however,...

Two-sided search is an important feature of the Real Estate market (REM). Existing empirical equilibrium search models assume that only one side of the market searches and, thus, can not adequately describe this market. We specify a two-sided equilibrium search model of the REM that incorporates five very important characteristics of the REM: a) buyers' and sellers' search behavior, b) heteroge...

I challenge the dominant understanding of what it means to say two thoughts are associated. The two views that dominate the current literature treat association as a kind of mechanism that drives sequences of thought (often implicitly so). The first, which I call reductive associationism, treats association as a kind of neural mechanism. The second treats association as a feature of the kind of...

context migraine is a kind of primary headache that affects 10% to 20% of people worldwide. recent studies have shown that migraines can be involved in strokes incidences, especially ischemic strokes.hence, the current study aimed to review evidence in relation to migraine and risk of stroke. evidence acquisition a literature search was done for related articles dated between 1993 and 2013 on p...