I study the relevance of the composition of the public debt between domestic and foreign liabilities in a standard stochastic small open-economy framework. The government issues nominal bonds of several maturities with noncontingent face value at redemption. Intervening in the exchange market to...

We develop a theory of contracts with competing agencies under symmetric information and under moral hazard. In contrast to much of the literature, we allow the agencies to choose from a general contract space. Under the assumption of supermodularity, we show that in both cases the equilibria in...