A technical basis for the definition of services, using the so-called IHIP characteristics, is rejected in favour of one based on institutional arrangements. Mundane Transaction Costs and the notion of qualification are discussed in relation to making services tradable. The evolution of the...

Weak enforcement of international contracts can substantially reduce international trade. We develop a model where agents build reputations to overcome the difficulties that this institutional failure causes in a context of incomplete information. The model describes the interplay between...

This paper analyzes the stability of monetary regimes in an economy where fiat money is endogenously created by the government, information about its value is imperfect, and learning is decentralized. We show that monetary stability depends crucially on the speed of information transmission in...