要旨：Intermediaries often bundle credit and trade, from rural traders to digital platforms. This study investigates the equilibrium impacts of expanding external finance (e.g., microfinance) within these intermediated markets.
We develop a simple model, illustrated in a village setting, where farmers trade with either small buyers or dominant, financially interlinked middlemen. Providing external credit to poor farmers strengthens their option to sell to small buyers and intensifies competition faced by the middleman.
In equilibrium, the middleman responds by shrinking its network, reducing allocative efficiency and potentially making farmers worse off. By contrast, financing middleman entrants or richer farmers can better align incentives and improve welfare, highlighting the role of interlinked market structure in financial inclusion.

Abstract: Sovereign debt restructurings can have large impacts on trade, with a significant compression of imports and a more ambiguous effect on exports. We show that the magnitude of that impact depends on whether restructurings preempt a default or take place after payments have been missed, with the latter associated with longer and deeper crises. Import compression is significantly higher following post-default restructurings, which also tend to be associated with higher exports relative to preemptive restructurings. This is consistent with the need for a larger external adjustment following a default. We also show how the effect varies across types of goods, and a larger impact when initial aggregate domestic demand in the debtor’s economy is high.

要旨：We present a macro-finance model with innovation and knowledge spillover. Skilled agents engage in R&D activities (establish firms) or work in the knowledge-intensive sector. Unskilled agents work in the traditional sector. Knowledge spillover from innovations to the two sectors is initially high and uneven (unbalanced growth), but eventually weakens and equalizes (balanced growth). A rational stock bubble (prices exceed fundamentals) necessarily emerges, even though it is expected to burst with regime switching. Despite the inevitable collapse, stock bubbles and technological innovation reinforce each other and lead to permanently higher output and wages because technologies developed during the bubble era prevail.

Abstract: This study investigates why inflation converges only slowly to its target by combining laboratory experiments with structural estimation. We create a laboratory environment in which subjects act as firms and set prices under Calvo-type stickiness, where profits are determined as a weighted average of competitors’ prices and an exogenously given aggregate price. The experimental results show that both higher aggregate inflation and stronger strategic complementarity hinder convergence to the theoretical equilibrium under rational expectations. Using Bayesian MCMC estimation, we systematically compare subjects’ behavior with rational-expectations predictions, allowing for small deviations motivated by bounded rationality. The results reveal that subjects overestimate strategic complementarity, which contributes to delayed inflation convergence.

Abstract: This paper develops an analytical framework for heterogeneous agent models with household-level heterogeneity in labor productivity and wealth returns, accommodating both growth and business cycle dynamics. I establish the existence of moment-recursive competitive equilibrium (MRCE), where aggregate dynamics depend only on aggregate capital and wealth-idiosyncratic state covariances. The framework yields three key insights: (i) distributional covariances create state-dependent aggregate dynamics through novel channels; (ii) idiosyncratic return risks are priced via their wealth covariance; (iii) equilibrium outcomes are invariant to individual beliefs about aggregates, eliminating expectation formation concerns. This framework enables unified analysis of growth, business cycles, inequality dynamics, and their interactions.