This paper describes the construction and use of a small macroeconomic model, MINIMOD, of the United States and its major industrial trading partners. The goal is to have a readily understandable and transparent model of manageable size that is suitable for policy analysis. Consequently, an...

The paper addresses the problem of establishing monetary control in financial systems with insolvent institutions. In particular, it examines the potential adverse selection, moral hazard, and collusion problems that can arise if indirect, auction-based monetary control systems are used in this...

This paper presents a framework for evaluating the relative contributions of different creditors in cases where only partial payments can be made by the debtor country. A methodology is developed to calculate partial payments--or, alternatively put, to determine residual financing. By focusing...