Quantity rationing

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  • In a competitive world of symmetric information and costless enforcement, credit contracts could be written conditional on borrower behavior. Borrowers would then have access to loans under any interest rate-collateral combination that would yield lenders a zero expected profit. However, as a large literature has shown, information asymmetries and enforcement costs make such conditional contracting infeasible and restrict the set of available contracts, eliminating as incentive incompatible high interest rate, low collateral contracts.

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  • In this book we try to present a balanced overview of modern macroeconomic theory. We have adhered to two guiding principles in writing this book. First, we have adopted a rather eclectic approach by paying attention not just to the most recent insights in the field but also to developments that are currently less fashionable. In doing so we hope to provide the students with a better overview of current and past debates in macroeconomic theory.

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  • The two volumes here published contain but a small selection from the numerous writings of Acton on a variety of topics, which are to be found scattered through many periodicals of the last half-century. The result here displayed is therefore not complete. A further selection of nearly equal quantity might be made, and still much that is valuable in Acton's work would remain buried. Here, for instance, we have extracted nothing from the Chronicle; and Acton's gifts as a leader-writer remain without illustration. Yet they were remarkable.

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  • Exposure to an allergen is essential for the development of allergic sensitization. However, the quantity of allergen necessary for sensitization is not known and may depend on the individual and the allergen itself. For sensitization to dust mites, there does appear to be a dose–response relationship, with atopically predisposed individuals exposed to more allergen being more likely to become sensitized (Platts-Mills et al., 2001).

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