Frontmatter -- Inhaltsübersicht -- I. Der individuelle Straßenverkehr -- II. Die inneren Gesetze des Verkehrsstromes -- III. Begriffe der Leistungsfähigkeit -- IV. Die freie Strecke -- V. Knoten ohne Signalregelung -- VI. Signalgeregelte Knoten -- VII. Koordinierte Signalsteuerung --...

What is the relation between infrequent price adjustment and the dynamic response of the aggregate price level to monetary shocks? The answer to this question ranges from a one-to-one-link (Calvo, 1983) to no connection whatsoever (Caplin and Spulber, 1987). The purpose of this paper is to...

The government contracts with a foreign firm to extract a natural resource that requires an upfront investment and which faces price uncertainty. In states where profits are high, there is a likelihood of expropriation, which generates a social cost that increases with the expropriated value. In...

Microeconomic flexibility, by facilitating the process of creative destruction, is at the core of economic growth in modern market economies. The main reason why this process is not infinitely fast is the presence of adjustment costs, some of them technological, others institutional. Chief among...