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Investment Under Uncertainty
Economics defines investment as the act of incurring an immediate cost in the expectation of future rewards. Firms that construct plants and install equipment, merchants who lay in a stock of goods
ASSET PRICES IN AN EXCHANGE ECONOMY
THIS PAPER IS A THEORETICAL examination of the stochastic behavior of equilibrium asset prices in a one-good, pure exchange economy with identical consumers. The single good in this economy is
Recursive methods in economic dynamics
I. THE RECURSIVE APPROACH 1. Introduction 2. An Overview 2.1 A Deterministic Model of Optimal Growth 2.2 A Stochastic Model of Optimal Growth 2.3 Competitive Equilibrium Growth 2.4 Conclusions and
Models of business cycles
Preface. Section I. Section II. Section II. Section III. Section IV. Section V. Section VI. Section VII. Section VIII. Index.
Inflation and Welfare
This paper reviews research on the welfare cost of inflation. New estimates are provided, based on U.S. time series for 1900-94, interpreted in a variety of ways. It is estimated that the gain from
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