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On the Mechanics of Economic Development
This paper considers the prospects for constructing a neoclassical theory of growth and international trade that is consistent with some of the main features of economic development. Three models areExpand
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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 goodsExpand
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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 isExpand
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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 andExpand
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Expectations and the neutrality of money
This paper provides a simple example of an economy in which equilibrium prices and quantities exhibit what may be the central feature of the modern business cycle: a systematic relation between theExpand
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Econometric policy evaluation: A critique
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Models of business cycles
Preface. Section I. Section II. Section II. Section III. Section IV. Section V. Section VI. Section VII. Section VIII. Index.
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Optimal fiscal and monetary policy in an economy without capital
Abstract This paper is concerned with the structure and time-consistency of optimal fiscal and monetary policy in an economy without capital. In a dynamic context, optimal taxation means distributingExpand
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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 fromExpand
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General Equilibrium Analysis of the Eaton-Kortum Model of International Trade
We study a variation of the Eaton-Kortum model, a competitive, constant-returns-to-scale multicountry Ricardian model of trade. We establish existence and uniqueness of an equilibrium with balancedExpand
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