This paper considers an economy where agents face limited commitment and must transfer a durable asset as collateral to borrow. Rehypothecation allows lenders to re-sell this pledged asset or re-use it as collateral to sustain further borrowing. As such, it increases the ultimate supply of durable asset in the economy along collateralized credit chains. However, limited commitment now affects r...

The point of this paper is that if output is durable then optimal behavior of a supplier is characterized by production smoothing. Durability of goods (such as capital) has opposite effects on the supply of the goods. Higher durability on the one hand raises the variability of investment demand for the goods by lowering the user’s cost, which tends to raise the variability of supply; on the oth...

This paper presents evidence on the relationship between shocks to relative male wages, and changes in household consumption in Mexico during the 1990s decade, which is a period characterized by high volatility. Apart from performing analysis of this type for Mexico for the first time, the paper has mainly two contributions. The first is the use of alternative data sources to construct instrume...

An empirically meaningful theory of dynamic games has to incorporate real-life phenomena. Durable strategies, which effects last for a period time, are prevalent in situations. Revenue generating investments, toxic waste disposal and purchase durable goods common examples strategies. This paper first provides review on durable-strategies game theory. A practically relevant advancement - random ...

In this paper three hypotheses concerning the cyclicality of U.S. consumers’ expenditure are proposed. These hypotheses are based upon the distinction between expenditure on durable and non-durable goods. It is argued that durability will lead to increased cyclical sensitivity and that this increased cyclicality will be of an asymmetric nature. The asymmetric adjustment will be of the form of d...

Durable democracies display a huge variety of combinations of basic institutional formulas. A quantitative logical model shows that while there are multiple equilibrium sets of institutions, each involves some trade-off between the size of the country, the territorial structure of government and the electoral system. Specifically, the larger the country, the more important is federalism in comp...

This paper characterizes the labor supply and borrowing of a household facing collateral requirements that limit its debt and compel it to accumulate equity in its durable goods stock. The household's discount rate exceeds the market rate of interest, so it would otherwise finance increased current consumption by borrowing against future wages. Collateral constraints generate a positive comovem...

Many recent antitrust cases concern aftermarkets: markets for goods or services used together with durable equipment but purchased after the consumer has invested in the equipment. Examples include computer parts, software upgrades, repair manuals, and training. Durable goods manufacturers are often the dominant providers of aftermarket products. The cases involve a variety of alleged anticompe...

Delivery agents which can carry the {Ru(NO)}(6) chromophore ("caged NO") are desired for vasodilation and for photodynamic therapy of tumors. Toward these goals, complexes derived from [RuCl(3)(NO)(H(2)O)(2)]= (1) have been prepared using dipyridylamine (dpaH) as mono and bis adducts, [Ru(NO)Cl(3)(dpaH)] = (2) and [Ru(NO)Cl(dpaH)(2)]Cl(2) = (3). The dpaH ligands coordinate cis to the Ru(NO) axi...

In this paper, we report the first successful attack on a DES crypto co-processor protected by the “Positive” Wave Dynamic Differential Logic (WDDL+) and embedded in a Field Programmable Gates Array (FPGA). This attack is unambiguous as the full key is retrieved. We experimentally show that this countermeasure resists to Differential Power Analysis (DPA), but can be broken by a totally non-inva...