D Cass… - The Journal of Political Economy, 1983 - JSTOR
Can extrinsic uncertainty (" animal spirits,"" market psychology,"" sunspots,"...) play a
significant role in rational expectations equilibrium models? We establish that extrinsic
uncertainty cannot matter in the static Arrow-Debreu economy with complete markets. But ...
Y Balasko… - Journal of Economic Theory, 1980 - karlshell.com
The overlapping-generations model'was introduced by Samuelson [171 in 1958.
Samuelson's seminal paper has several important themes. He provides examples with
nicely behaved agents, complete and costless markets, full information, and no ...
K Shell - The American Economic Review, 1966 - JSTOR
I. Introduction In at least two recent models of economic growth, the rate of techni- cal change
depends upon other economic variables. The first, a model introduced by Kaldor [3] [4] [5], assumes
a positive relationship (the technical progress function) between relative changes in ...
FM Fisher… - 1972 - getcited.org
An academic directory and search engine.
K Shell - Essays on the Theory of Optimal Economic Growth, 1967 - dklevine.com
In the contemporary revival of the theory of economic growth, the implications of capital
accumulation and population growth have been investigated by several authors, for
example,[17, 18]. However, technical change has been introduced into these models by ...
K Shell - The Journal of Political Economy, 1971 - JSTOR
This is an attempt to expose the essence of Samuelson's consumption loan paradox. It is
maintained that the double infinity of traders and dated commodities allows for competitive
equilibria that are not Pareto-optimal. While such models are most interesting in the ...
J Peck… - Journal of Political Economy, 2003 - JSTOR
We analyze a banking system in which the class of feasible deposit contracts, or
mechanisms, is broad. The mechanisms must satisfy a sequential service constraint, but
partial or full suspension of convertibility is allowed. Consumers must be willing to deposit, ...
[CITATION] Taste and quality change in the pure theory of the true cost-of-living index
FM Fisher… - Price Indexes and Quality …, 1971 - Harvard University Press, Boston
K Shell… - The quarterly journal of economics, 1967 - qje.oxfordjournals.org
Because contemporary growth theory has focused upon models with a single capital good,' allocation
of investment in the dynamic capitalist economy had been uninvestigated until Professor Hahn's
recent contribution? Hahn shows that an economy with several capital goods faces two ...
Y Balasko… - Journal of Economic Theory, 1981 - karlshell.com
Government debt instruments (eg, money and government bonds) serve many functions in
the private sector. They can be stores of value, vehicles for the payment of taxes, media for
transactions, and so forth. Their roles vary from economy to economy depending upon ...
Y Balasko, D Cass… - … Scientific Work of David Cass: Part …, 2011 - books.google.com
In the companion chapter, Balasko and Shell (1980) establish existence of competitive
equilibrium for a pure-distribution, overlapping-generations economy without money (see,
especially, Propositions (3.10) and (3.11) in Section 3). That argument is remarkably ...
[CITATION] Essays on the theory of optimal economic growth
K Shell - 1967 - The MIT Press
P Auerswald, S Kauffman, J Lobo… - Journal of Economic …, 2000 - Elsevier
We do two things in this paper. First, we put forward some elements of a microeconomic
theory of technological evolution. This involves adding nascent (essentially undiscovered)
technologies to the existing technologies of neoclassical production theory, and, more ...
K Shell - Models of Economic Growth, 1973 - karlshell.com
Empirical studies by Abramowitz, Denison, Kendrick, Solow and others have made it quite
clear that the deepening of capital cannot in itself explain observed increases in productivity.
While it is probably incorrect to attribute all the residual (unexplained increases in ...
WA Barnett… - 1989 - books.google.com
The contents of this volume comprise the proceedings of the International Symposia in
Economic Theory and Econometrics conference held in 1987 at the IC^ T2 (Innovation,
Creativity, and Capital) Institute at the University of Texas at Austin. The essays present ...
J Peck, K Shell… - Journal of Mathematical Economics, 1992 - Elsevier
Abstract We analyze the canonical market game. There are ℓ commodities, a single inside
money, ℓ markets in which commodities are exchanged for inside money, and n consumers.
Each consumer's strategy is the nonnegative vector of his commodity offers and his money ...
K Shell, M Sidrauski… - The Review of Economic Studies, 1969 - JSTOR
Since the General Theory, the consumption function, relating the level of consumption to"
income", has been a standard part of macroeconomic theory. In the usual analysis, the
measure of" income" that is employed in the determination of the level of consumption is ...
Y Balasko… - Journal of Economic Theory, 1981 - karlshell.com
Existence of competitive equilibria in the overlapping-generations model has been studied
in some detail; see [4-6, 9]. We need to know more about the properties of these equilibria.
How many are there? How do they depend on the basic parameters of the economy? We ...
[CITATION] General equilibrium
LW McKenzie, FM Fisher, J Geanakoplos, FH Hahn… - 1989 - Macmillan
D Cass… - The Collected Scientific Work of David Cass: …, 2011 - books.google.com
Macroeconomic control of contemporary private enterprise economies is exercised primarily
through changes in the magnitude of the government's deficit (fiscal policy) and changes in
the composition of the government's debt, that is, its cumulated deficits, between ''fiat'' ...
J Peck… - The Review of Economic Studies, 1991 - restud.oxfordjournals.org
Abstract An imperfectly competitive economy is very prone to market uncertainty, including
uncertainty about the liquidity (or “thickness”) of markets. We show, in particular, that there
exist stochastic equilibrium outcomes in nonstochastic market games if (and only if) the ...
K Shell… - Economic Theory, 1993 - Springer
Summary We analyze economies with indivisible commodities. There are two reasons for
doing so. First, we extend and provide some new insights into sunspot equilibrium theory.
Finite competitive economies with perfect markets and convex consumption sets do not ...
ES Phelps… - Journal of Economic Theory, 1969 - karlshell.com
In his" Principles of Political Economy and Taxation"[9], Ricardo cautioned that the deficit-
financing of public expenditures sets back the growth of capital. The reference was to
economies with rapid adjustment to" full-employment" equilibrium. While the Keynesians ...
K Shell - Essays on the Theory of Optimal Economic Growth, 1967 - karlshell.com
Recall the aggregative economic growth model of Solow [13] and Swan [14]. In the model
economy, there are two factors of production, capital and labor, that are combined to
produce a single homogeneous output. At any instant in time a fraction of this ...
A Ando… - The Brookings model: Perspective and …, 1975 - economics-ejournal.org
abstract={Estimated US M1 demand functions appear unstable, regularly\ " breaking
down,\ " over 1960-88 (eg, missing money, great velocity decline, M1-explosion). The
authors propose a money demand function whose arguments include inflation, real ...
WP Heller… - The American Economic Review, 1974 - JSTOR
In adopting a set of taxes, governments are influenced by the relative costs of administering
and enforcing each kind of tax. Similarly, costs of compliance and transactions for
households and firms depend on the mix of taxes used. Yet, in previous studies of optimal ...
K Shell - 1998 - books.google.com
This long-awaited work on index-number construction focuses on production indexes,
including output and input deflators that can be used for constructing real output and real
input. Fisher and Shell treat separately the different production units: the firm, the industry, ...
Y Balasko, D Cass… - The Review of Economic …, 1995 - restud.oxfordjournals.org
Abstract We investigate the structure of competitive equilibria in an exchange economy
parametrized by (i) endowments and (ii) restrictions on market participation. For arbitrary
regular endowments, if few consumers are restricted, there are no sunspot equilibria. If ...
FM Fisher… - 1970 - dspace.mit.edu
1. Introduction While the economic theory of the cost-of-living index is firmly grounded in the
theory of the consumer, apparently no similar foundation for the other principal type of
priceindex number construction—the deflation of money output by a price index to obtain ...
J Peck… - Games and Economic Behavior, 1990 - Elsevier
Abstract A market is liquid if no individual's actions have a big effect on the prices of goods
traded in that market. Perfectly competitive markets are therefore perfectly liquid. It is well
known that market liquidity can be achieved by increasing the number of traders so that ...
K Shell, JJ Behr, S Fischer, RD Mosenson… - 1967 - karlshell.com
No. 1] THE EDUCATIONAL OPPORTUNITY BANK the Bank be authorized to borrow money
at government rates and to lend money to postsecondary students, regardless of the student's
resources. The Panel recom- mended that the student be able to bor- row an amount ...
[CITATION] Lump-Sum Taxes and Transfers: The Overlapping-Generations Model with Money
Y Balasko, K Shell… - 1983 - University of Pennsylvania, Center …
C Caton… - The Review of Economic Studies, 1971 - JSTOR
The basic result of Hahn's seminal contribution to the descriptive theory of heterogeneous
capital accumulation [2] is that the short-run-perfect-foresight balanced-growth equilibrium is
a saddlepoint in the space of capital-labour ratios and capital goods prices. In the context ...
D Cass… - Journal of Economic Theory, 1976 - karlshell.com
Economics during the fifties and sixties was marked by a substantial resurgence of interest
in the theory of capital. While the advances during this period were very impressive, there
was also an uneveness in the development of the subject. One-good models were studied ...
Y Balasko… - General equilibrium, growth and trade. Essays in …, 1993 - karlshell.com
How does government fiscal policy affect the allocation of resources? This is a central
question for the theory and practice of public finance. In a series of three papers (Balasko
and Shell, 1981a, 1981b, 1986), we analyzed the effects of money lump-sum taxes and ...
J Peck… - 1985 - karlshell.com
TE We acknowledge the generous financial support from the National Science Foundation
under Grants SES-83-08450 to the University of Pennsylvania and BNS-80-11494 to the
Center for Advanced Study in the Behavioral Sciences. We thank Rich McLean and Yves ...
A Goenka… - Economic Theory, 1997 - Springer
Summary. A sunspot equilibrium (SSE) is based on some extrinsic randomizing device (RD).
We analyze the robustness of SSE.(1) We say that an SSE allocation is robust to refinements
if it is also an SSE allocation based on any refinement of its RD.(2) We introduce two core ...
EC Prescott… - Journal of Economic Theory, 2002 - Elsevier
This introduces the symposium on sunspots and lotteries. Two stochastic general-
equilibrium concepts, sunspot equilibrium (SE) and lottery equilibrium (LE), are compared. It
is shown that, for some general, pure-exchange economies which allow for consumption ...
J Peck… - xerox, December, 1999 - clevelandfed.org
The theoretical literature on bank runs is based on the early work of Bryant (1980) and the
now classic model of Diamond and Dybvig (1983)—henceforth DD. While DD claim that with
simple deposit contracts bank runs are possible, they show that bank run equilibria can be ...
C Ghiglino… - Journal of Economic Theory, 2000 - Elsevier
In overlapping-generations economies with perfect financial markets and lump-sum taxation,
restrictions on the government budget deficit do not limit the set of achievable allocations.
For economies in which the tax instruments are distortionary and limited in number, this ...
DK Foley, K Shell… - The Journal of Political Economy, 1969 - JSTOR
There have been two broad strategic approaches to the study of economic growth. The first,
exemplified by Solow's paper (1956), attempts to explain how an enterprise economy will
grow, given its technology and the market behavior of its consumers. The second ...
G Rocheteau, P Rupert, K Shell… - Journal of Economic Theory, 2008 - Elsevier
In a general-equilibrium economy with nonconvexities, there are sunspot equilibria with
good welfare properties; sunspots can ameliorate the effects of the nonconvexities. For
these economies, we show that agents act as if they have quasi-linear utility functions. We ...
R Garratt, T Keister, CZ Qin… - Journal of Economic Theory, 2002 - Elsevier
We analyze sunspot-equilibrium prices in nonconvex economies with perfect markets and a
continuous sunspot variable. Our primary result is that every sunspot equilibrium allocation
can be supported by prices that, when adjusted for probabilities, are constant across ...
J Peck… - Economic complexity: chaos, sunspots, …, 1989 - books.google.com
Abstract: We analyze two imperfectly competitive economies that face intrinsic and, or
extrinsic uncertainty. The economies differ only in the structure of the markets for insurance.
One economy is the Arrow-securities market game, and the other is the contingent- ...
P Auerswald, J Lobo… - Computing in Economics and …, 1996 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
K Shell… - 1970 - karlshell.com
IN A RECENT article [5], my colleagues and I studied the economics of the Educational
Opportunity Bank, a contingent repayment loan program for higher education proposed by
the Zacharias Panel [2] in 1967, but traceable to the 1955 contribution of Milton Friedman [ ...
[CITATION] Mathematical methods in investment and finance
GP Szegö… - 1972 - North-Holland
J Bhattacharya, MG Guzman… - journal of economic theory, 1998 - Elsevier
We investigate sunspot equilibria in a static, one-commodity model with taxes and transfers
denominated in money units. Volatility in this economy is purely monetary, since the only
uncertainty is about the price level. We construct simple, robust examples of sunspot ...
[CITATION] Asymmetric information and sunspot equilibria: a family of simple examples
RJ Aumann, J Peck… - 1989 - Cornell University, Mathematical …
Y Balasko, D Cass… - Cahiers du Département d' …, 1990 - econpapers.repec.org
Related works: Working Paper: Market Participation and Sunspot Equilibria (1988) Journal
Article: Market Participation and Sunspot Equilibria (1995) This item may be available elsewhere
in EconPapers: Search for items with the same title. ... This site is part of RePEc and all ...
R Garratt, T Keister… - International Economic Review, 2004 - Wiley Online Library
Sunspot equilibrium and lottery equilibrium are two stochastic solution concepts for
nonstochastic economies. We compare these concepts in a class of completely
finite,(possibly) nonconvex exchange economies with perfect markets, which requires ...
K Shell - Mathematical Methods in Investment and Finance, …, 1972 - karlshell.com
In order to illustrate the (partial equilibrium) theory of consumer behavior toward risk, I begin
with an exposition of the Arrow-Pratt theory of risk aversion.'This theory can be extended
quite easily to include a special three-asset (money, short-term government bonds, and ...
K Shell - Metroeconomica, 1966 - Wiley Online Library
In this note, certain simpie propositions in comparative statics are developed for the two-
sector model. I was led to the study of such propositions because of their relevance to the
direction and stability of long-run growth in certain models; see for example [51. It seems ...
C Ghiglino… - Economic Theory, 2003 - Springer
Summary. The present paper is an extension of Ghiglino and Shell [7] to the case of
imperfect consumer credit markets. We show that with constraints on individual credit and
only anonymous (ie, non-personalized) lump-sum taxes, strong (or “global”) irrelevance of ...
[CITATION] Technological knowledge and economic growth
K Shell - Industrial Planning and Programming Series, 1967
A Goenka… - Economic Theory, 1997 - Springer
Summary We show that a finite, competitive economy isimmune to sunspots if (i) preferences
are strictly convex,(ii) the set of feasible allocations is convex, and (iii) the contingent-claims
market is perfect. The conditions (i)–(ii) cover some, but not all, economies with ...
G Antinolfi, T Keister… - Journal of Economic Theory, 2001 - Elsevier
We investigate the dependence of the dynamic behavior of an endogenous growth model
on the degree of returns to scale. We focus on a simple (but representative) growth model
with publicly funded inventive activity. We show that constant returns to reproducible ...
K Shell - Harvard Medical Alumni Bulletin, 1969 - karlshell.com
HE cost of medical education is rising at a very rapid rate. How is this cost to be financed,
while the independence of private medical schools is maintained? In the face of rising tuition
charges, how can the number of practicing physicians be substantially increased? And ...
[CITATION] Market uncertainty: Correlated equilibrium and sunspot equilibrium in market games
J Peck, K Shell… - 1986 - European University Institute
J Peck… - Journal of Monetary Economics, 2010 - Elsevier
Restrictions placed on bank portfolios are analyzed in a banking model designed to capture
the role of checking accounts in facilitating transactions. Forcing banks to hold only liquid
assets creates the incentive for liquidity-based runs. Even when a run does not occur, ...
[CITATION] Lump" Sum Taxes and Transfers: Public Debt in the Overlapping" Generations Model, volume Essays in honor of Kenneth J. Arrow. Volume 2. Equilibrium …
Y Balasko… - 1986 - New York: Cambridge University …
[CITATION] nInventive Activity, Industrial Organisation and Economic Growth, o in James A. Mirrlees and Nicolas Stern (edited), Models of Economic Growth
K Shell - 1973 - London, UK: Macmillan, 77&100
L Aguiar-Conraria… - Singapore Economic Review, 2005 - karlshell.com
Capital gains play an essential role in the intertemporal allocation of resources, but they can
also fuel self-fulfilling bubbles. The simple case of 2 “identical” capitals is analyzed in an
overlapping generations model. The only trajectory in which expectations are realized at ...
G Rocheteau, P Rupert, K Shell… - 2005 - economics.uwo.ca
Abstract We construct a simple model of monetary exchange where, as in Lagos and Wright
(2004), trades take place in both centralized and decentralized markets. However, in
constrast to Lagos and Wright, we allow for general preferences and introduce ...
[CITATION] Essays on the Theory of Economic Growth
K Shell - 1967 - MIT Press, Cambridge, Mass., and …
[CITATION] jGeneral Equilibrium with Nonconvexities
G Rocheteau, P Rupert, K Shell… - Sunspots and Money, kmimeo, University …, 2005
L Aguiar‐Conraria… - International Journal of Economic …, 2006 - Wiley Online Library
We analyze a simple overlapping-generations model with two capital goods. The dynamical
system is defined by savings behavior and short-run perfect-foresight asset-market clearing.
Because lifetimes are finite, there is no transversality condition. If there is a bubble in asset ...
[CITATION] K. and SE Spear (1992),“The market game–existence and structure of equilibrium,”
J Peck… - Journal of Mathematical Economics
K Shell… - Economic Theory, 1996 - ideas.repec.org
We show that a finite, competitive economy is immune to sunspots if (i) preferences are
strictly convex,(ii) the set of feasible allocations is convex, and (iii) the contingent-claims
market is perfect. The conditions (i)-(ii) cover some, but not all, economies with nonconvex ...
[CITATION] jLump $ Sum Taxation: The Static Economy, kin Gen" eral Equilibrium Growth and Trade, Volume 2: The Legacy of Lionel McKenzie (Robert Becker, ed.)
Y Balasko… - 1993 - San Diego: Harcourt Brace, pp. …
[CITATION] Sunspot equilibria in an overlapping generations model with an idealized contingent-commodities market
D Cass… - 1989 - Chaos, Sunspots, Bubbles, and …
[CITATION] MD interview: An interview with Karl Shell
K Shell - Macroeconomic Dynamics, 2001
[CITATION] A Model of Inventive Activity and Capital Accumulation,[w:] Essays on the Theory of Optimal Economic Growth
K Shell - 1967 - K. Shell (red.), MIT Press, …
[CITATION] 77ie Economic Theory of Price Indices
F Fisher… - 1972 - New York: Academic Press
[CITATION] The Educational Opportunity Bank
K Shell - National Tax Journal (March 1968)
M Okuno-Fujiwara… - Macroeconomic Dynamics, 2009 - Cambridge Univ Press
Abstract Hirofumi Uzawa is one of the giants of modern economic theory. Hiro is probably
best known to the readers of Macroeconomic Dynamics (MD) for his seminal articles on two-
sector economic growth. The two-sector technology is more general than the one-sector ...
[CITATION] Patterns of technical change and capital accumulation
KL Shell - 1965 - Dept. of Economics
R Berner, MВ Johnson… - mimeographed report, Department …, 1972 - karlshell.com
A NEW VARIANT OF THE EDUCATIONAL OPPORTUNITY BANK DESIGNED FOR STABILITY
AND EASE OF ADMINISTRATION IN "SMALL-SCALE" APPLICATION* Richard Berner Michael
B. Johnson Karl Shell October 30, 1972 Department of Economics University of ...
[CITATION] The Allocation of Investment in a Dynamic Economy
S Karl… - Quarterly Journal of Economics, 1967
K Shell… - 2004 Meeting Papers, 2004 - econpapers.repec.org
Related works: Working Paper: Bank Portfolio Restrictions and Equilibrium Bank Runs
(2003) This item may be available elsewhere in EconPapers: Search for items with the same
title. ... This site is part of RePEc and all the data displayed here is part of the RePEc data ...
J Child, C Clark, JR Commons… - … classical tradition in …, 1995 - books.google.com
Name index Ayres, CE 76, 79 Barbon, Nicholas 4, 6 Berkeley, George 4, 6, 9 Bharadwaj, Krishna
93-7, 100-103, 107-11 Bieston, Roger 4 Binmore, Ken 47 Blaug, Mark 63, 66-7 Brown, Vivienne
18 Burmeister, Edwin 97-101 Carlisle, Janice 77 Cass, David 97 Child, Josiah 4, 6 Clark, ...
A Goenka… - 2003 - vanderbilt.edu
Abstract: In this paper we consider a model where some consumers act in a boundedly
rational way by treating money as non-fungible (Kahneman and Tversky (1979) and (1984),
Thaler (1987) and (1990). The budget is broken up into different expenditure groups ( ...
K Shell… - 2004 Meeting Papers, 2004 - ideas.repec.org
In this paper we investigate the effects of government budget deficit restrictions in a finite
horizon model with imperfect consumer credit market. When financial markets are perfect
anonymous lump-sum taxes are sufficient to achieve irrelevance of government budget ...
K Shell… - Economic theory - orton.catie.ac.cr
SIDALC - Servicio de Informacion y Documentacion Agropecuaria de las Americas.
K Shell, P Investment… - The Journal of Finance, 1969 - karlshell.com
Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions
of Use, available at http://www. jstor. org/page/info/about/policies/terms. jsp. JSTOR's Terms
and Conditions of Use provides, in part, that unless you have obtained prior permission, ...
C Ghiglino… - 2005 - karlshell.com
Summary. Irrelevance of the government debt path has been shown in a variety of models
with a representative agent and free access to credit markets. However, this result typically
does not hold in the presence of individual borrowing constraints. In the present paper we ...
[CITATION] Economic Complexity: Proceedings of the Fourth International Symposium in Economic Theory and Econometrics
WA Barnett, J Geweke… - 1999 - Cambridge University Press
LA Conraria… - 2006 - repositorium.sdum.uminho.pt
We analyze a simple overlapping-generations model with two capital goods. The dynamical
system is defined by savings behavior and short-run perfect-foresight asset-market clearing.
Because lifetimes are finite, there is no transversality condition. If there is a bubble in asset ...
[CITATION] Journal of Economic Theory Symposium on Financial Economics
F Allen,
D Vayanos, X Vives, C Hellwig… - Journal of Economic …, 2011 - Elsevier
C Ghiglino… - 2004 - karlshell.com
Summary. In the present paper we focus on how a benevolent government would react to a
change in the budget deficit restriction. When financial markets are perfect, anonymous lump-
sum taxes are sufficient to achieve irrelevance and the maximal attainable welfare is ...
[CITATION] Journal of economic theory
K Shell, J Benhabib - 2003 - Academic Press
[CITATION] David Cass: Economic theorist
K Shell - Journal of Economic Theory, 2012 - Elsevier
K Shell, FM Fisher, DK Goley… - Working papers, 1967 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
K Shell… - 2006 - papers.ssrn.com
Abstract: Capital gains play an important, positive role in the inter-temporal allocation of
resources, but they can also be a source of economic instability. We analyze a simple
overlapping-generations economy with capital goods and irreversible investment. For ...
C Ghiglino… - 2011 - privatewww.essex.ac.uk
Summary. We consider an intertemporal general equilibrium model with production and
analyze how restrictions on the government debt path affects the set of equilibrium
allocations. The model is fairly general as agents are heterogeneous, there are many ...
R Garratt, K Shell… - 1993 - econ.ucsb.edu
Abstract We describe some static economies for which a (certainty) Walrasian equilibrium
does not exist but a sunspot equilibrium does exist. Our work depends on the indivisibility of
a freely produced good in economies with similar consumers.
A Ando… - karlshell.com
Suppose that there are three assets: equity, savings deposits, and money. 16 As in most of
the literature on the transactions demand for money, assume that commodities must be paid
for by money and some cost is incurred whenever money is exchanged with other ...
RJ Aumann, J Peck… - 1985 - karlshell.com
**** This paper is based on Rough Notes prepared 7/7/85 for an IMSSS all-day workshop
held at Stanford, July 16, 1985. We thank Mordecai Kurz for his encouragement of this note
and of its three authors. The current version is based on a presentation at the June 1987 ...
DK Levine, AJ Rolnick… - Economic Theory, 2004 - Springer
Bruce Smith is one of the finest men I have had the honor to have as a friend. This
appreciation, however, focuses on Bruce Smith the economist, and especially on his work
on financial intermediation and development. To understand Bruce's work, some historical ...
KSR Wright - 1991 - mpls.frb.org
ABSTRACT We analyze economies with indivisible commodities. There are two reasons for
doing so. First, we extend and provide new insights into sunspot equilibrium theory. Finite
competitive economies with perfect markets and convex consumption sets do not allow ...
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