We propose a model in which money performs an essential role in the process of exchange, despite the presence of a multilateral clearing house. Agents are assumed to be anonymous and unable to make binding commitments. The clearing house can detect deviations but it cannot identify the...

This paper presents a model economy with endogenous credit constraints and endogenous growth, in which agents face a trade-off between investing resources to improve the pledgeability of collateral assets and the accumulation of human capital. The model generates both growth miracles and...

We offer an example of the job market where the number of agents is uncertain, modeling it as a Poisson game. We allow for heterogeneity of companies and workers, and show that in equilibrium more productive types choose higher terms of trade