This page is forthcoming in the journal, Macroeconomic Dynamics, as an Announcement from the Editor. The page provides information about the conversion of the journal's submission procedure from on-paper to all electronic. The new system was created by Stephen Spear and is maintained by him on...

#abstract# We develop a credit market model with adverse selection where risk-neutral borrowers self select because lenders make use of a costly screening technology. The model has some features which are similar to the Rothschild-Stiglitz adverse selection model. If an equilibrium exists it is...

We study a dynamic model with positive gross flows between employment and unemployment. There is moral hazard associated with search effort and job-retention effort. A quantitative comparison of the unemployment insurance system currently in place in the United States with an optimal system...