Publisher Summary Milton's Friedman's doctrine regarding the “optimum quantity of money”—
according to which an optimal monetary policy would involve a steady contraction of the …

The first part of this paper considers the interaction between productive and nonproductive
savings in a growing economy. It employs an overlapping generations model with capital …

Can extrinsic uncertainty (" animal spirits,"" market psychology,"" sunspots,"...) play a
significant role in rational expectations equilibrium models? We establish that extrinsic …

This paper provides a fairly systematic study of general economic conditions under which
rational asset pricing bubbles may arise in an intertemporal competitive equilibrium …

Andreu Mas-Colell has been doing pioneering work using differential topology in the
analysis of general equilibrium. This work is regarded as outstanding and one of the major …

We present some mathematical theorems which are used to generalize previous results on
the existence of maximal elements and of equilibrium. Our main theorem in this paper is a …

In this paper we characterize and give examples o ('wide classes of utility functions which
generate erratic dynamics in the standard, deterministic, overlapping generations model …

Publisher Summary Competitive equilibria in economies of overlapping generations are
different from competitive equilibria in economies that have extended over finitely many …

It is generally acknowledged that deterministic formulations of dy namical phenomena in the
social sciences need to be treated differently from similar formulations in the natural …

The role of debt and equity changes over time and with the level of development. What are
these changes, and why should they systematically occur across different countries and time …