David R. Stockman

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Is a balanced-budget rule compatible with a government honoring its debt obligations? According to the conventional explanation, governments honor their debt obligations to maintain a good reputation for future borrowing. The ability to borrow is desirable because it allows for greater tax smoothing. However, a balanced-budget rule limits the ability to(More)
Benhabib and Farmer (1996) explore the possibility of local indeterminacy in a twosector model with sector-specific externalities. They find that very small sector-specific externalities are sufficient for local indeterminacy. In this case, it is possible to construct sunspot equilibria where extrinsic uncertainty matters. In this paper, I provide a global(More)
The major globulin of the French bean (Phaseolus vulgaris L.) undergoes a reversible pH-dependent polymerization. At pH values above 6.5, the monomeric form of the protein predominates; and at pH values below 6.5, the protein occurs as a polymer, probably a tetramer. At extremes of pH, the protein dissociates further into peptides. The reversible(More)
Motivated by problems from dynamic economic models, we consider the problem of defining a uniform measure on inverse limit spaces. Let f : X → X where X is a compact metric space and f is continuous, onto and piecewise one-to-one and Y := lim ←− (X, f). Then starting with a measure μ1 on the Borel sets B(X), we recursively construct a sequence of(More)