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Despite economists'' long standing arguments in favor of systematic indexation of loan contracts to remove the risks associated with fluctuations in the purchasing power of money (Jevons (1875), Marshall (1887, 1923), F~lsher (1922), Friedman (1991)), surprisingly few loan contracts are indexed in most Western Eclonomies. fin the United States even thirty year corporate and government bonds are not indexed. The situation is however different in many Latin American countries where indexing is widely used as a way of coping with high and variable inflation rates. What seems difiicult to eicplain is that it takes lvgh variability in inflation rates before private sector agents shift from lmindexed to indexed contracts. In practice, indexing a loan contract m.eans linking its payoff to the value of an officially computed price index such as the Consumer Price Index (CPI). Such an index is always an imperfect measure of the purchasing power of money: in particular, it fluctuates not only with variations in the general level of prices but also varies with changes in the relative prices of goods. This paper formalizes the idea that the imperfections of indexing may serve tal explain why agents prefer nominal bonds in economies with a low variability in purchasing power of money and only resort to indexing when the variability becomes sufficiently high. The model is a variant of the two-period general equilibrium model with incomplete markets (GEI) in which the purchasing power of money depends on a (broadly defined) measure of the amount of money available in the economy and on an index of real output. The objective of the analysis is to compare two second-best situations, in which in addition to a given security structure, there is either a nominal bond which has the risks induced by fluctuations in the purchasing power of money or an indexed bond which has the risks induced by relative price fluctuations. Adding a bond to an existing market structure has two effects: the first is the direct effect of increasing the span of the fmancial markets i.e. increasing the opportunity sets of agents for transferring income; the second is the indirect effect of changing spot and security prices, which can either increase or decrease agents'' welfare. This paper only compares direct effects, all indirect effects being absent by virtue of the specification of agents'' preferences. The direct effects are always present, even with more general preferences, but some of the results that we

Recommended readings (Machine generated): K.J. Arrow [1953], (1964), 'The Role of Securities in the Optimal Allocation of Risk-Bearing', Review of Economic Studies, 31 (2), April, 91-6 -- Peter A. Diamond (1967), 'The Role of a Stock Market in a General Equilibrium Model with Technological Uncertainty', American Economic Review, 57 (4), September, 759-76 -- Roy Radner (1972), 'Existence of Equilibrium of Plans, Prices, and Price Expectations in a Sequence of Markets', Econometrica, 40 (2), March, 289-303 -- Jacques H. Drèze (1974), 'Investment Under Private Ownership: Optimality, Equilibrium and Stability', in Jacques H. Dreze (ed) (ed.), Allocation Under Uncertainty: Equilibrium and Optimality, Chapter 9, New York, NY: John Wiley and Sons, 129-66 -- Oliver D. Hart (1975), 'On the Optimality of Equilibrium when the Market Structure is Incomplete', Journal of Economic Theory, 11 (3), December, 418-43 -- David Cass (2006), 'Competitive Equilibrium with Incomplete Financial Markets', Journal of Mathematical Economics, 42 (4/5), 384-405 -- Michael J.P. Magill and Wayne J. Shafer (1990), 'Characterisation of Generically Complete Real Asset Structures', Journal of Mathematical Economics, 19 (1/2), 167-94 -- Darrell Duffie and Wayne Shafer (1985), 'Equilibrium in Incomplete Markets: I. A Basic Model of Generic Existence', Journal of Mathematical Economics, 14 (3), 285-300 -- M.D. Hirsch, M. Magill and A. Mas-Colell (1990), 'A Geometric Approach to a Class of Equilibrium Existence Theorems', Journal of Mathematical Economics, 19 (1/2), 95-106 -- Steinar Ekern and Robert Wilson (1974), 'On the Theory of the Firm in an Economy with Incomplete Markets', Bell Journal of Economics and Management Science, 5 (1), Spring, 171-80 -- Roy Radner (1974), 'A Note on Unanimity of Stockholders' Preferences among Alternative Production Plans: A Reformulation of the Ekern-Wilson Model', Bell Journal of Economics and Management Science, 5 (1), Spring, 181-4 -- Sanford J. Grossman and Oliver D. Hart (1979), 'A Theory of Competitive Equilibrium in Stock Market Economies', Econometrica, 47 (2), March, 293-329 -- Joseph E. Stiglitz (1982), 'The Inefficiency of the Stock Market Equilibrium', Review of Economic Studies, XLIX (2), April, 241-61 -- John D. Geanakoplos and Heraklis M. Polemarchakis (1986), 'Existence, Regularity, and Constrained Suboptimality of Competitive Allocations when the Asset Market is Incomplete', in Walter P. Heller (ed), Ross M. Starr (ed) and David A. Starrett (ed) (eds), Uncertainty, Information, and Communication: Essays in Honor of Kenneth J. Arrow, Volume III, Chapter 3, Cambridge: Cambridge University Press, 65-95 -- J. Geanakoplos, M. Magill, M. Quinzii and J. Drèze (1990), 'Generic Inefficiency of Stock Market Equilibrium when Markets are Incomplete', Journal of Mathematical Economics, 19 (1/2), 113-51 -- Alessandro Citanna, Atsushi Kajii and Antonio Villanacci (1998), 'Constrained Suboptimality in Incomplete Markets: A General Approach and Two Applications', Economic Theory, 11 (3), 495-521 -- John Geanakoplos and Andreu Mas-Colell (1989), 'Real Indeterminacy with Financial Assets', Journal of Economic Theory, 47 (1), February, 22-38 -- David Cass (1992), 'Sunspots and Incomplete Financial Markets: The General Case', Economic Theory, 2 (3), 341-58 -- Piero Gottardi and Atsushi Kajii (1999), 'The Structure of Sunspot Equilibria: The Role of Multiplicity', Review of Economic Studies, 66 (3), July, 713-32

Care management (CM) is a promising team-based, patient-centered approach "designed to assist patients and their support systems in managing medical conditions more effectively." As little is known about its implementation, this article describes CM implementation and associated lessons from 12 Agency for Healthcare Research and Quality–sponsored projects. Two rounds of data collection resulted in project-specific narratives that were analyzed using an iterative approach analogous to framework analysis. Informants also participated as coauthors. Variation emerged across practices and over time regarding CM services provided, personnel delivering these services, target populations, and setting(s). Successful implementation was characterized by resource availability (both monetary and nonmonetary), identifying as well as training employees with the right technical expertise and interpersonal skills, and embedding CM within practices. Our findings facilitate future context-specific implementation of CM within medical homes. They also inform the development of medical home recognition programs that anticipate and allow for contextual variation.