Since its publication over 60 years ago, Keynes' General Theory of Employment, Interest and Prices (1936) has substantially influenced both macroeconomic theory and popular opinion about what governments can and should do. However, the extent to which counter-cyclical stabilization has actually been attempted remains an open question. Investigation of this issue requires the construction of a c...

This paper provides an analytically tractable general-equilibrium model of money demand with micro-foundations. The model is based on the incomplete-market model of Bewley (1980) where money serves as a store of value and provides liquidity to smooth consumption. The model is applied to study the e¤ects of monetary policies. It is shown that heterogeneous liquidity demand can lead to sluggish m...

How to compensate people who provide relevant information to a decision-maker who faces uncertainty? This paper suggests some compensation rules. These are studied both in a cooperative and a noncooperative environment. JEL codes: C71, C72, D89.

It is shown that for a ‘complex economy’, characterised in terms of a formal dynamical system capable of computation universality, it is impossible to devise an e¤ective theory of policy. JEL Classi…cation Codes: C60, E60, E61, E69

In this note we look at sufficient conditions for stationarity of a simple random coefficient model and find that this model is guaranteed to be stationary under strict conditions. JEL codes: C22

The revelation principle has been known in the economics society for decades. In this paper, I will investigate it from an energy perspective, i.e., considering the energy consumed by agents and the designer in participating a mechanism. JEL codes: D7

We study the market implications of ambiguity in many common models. We show that generic determinacy is a robust feature in many general equilibrium models that allow a distinction between ambiguity and risk. JEL Codes: D0, D5, D8, G1

The present contribution tests whether countries can be pooled when studying the financegrowth nexus. Overall, our results point toward a ‘pragmatic’ positive answer, though considerable heterogeneity is present among developing countries. JEL codes: C23, O16

Dietary manipulation has been used as an experimental strategy to gain insight into the normal development of the gustatory system. Institution of a diet low in sodium chloride (NaCl) from embryonic day 3 (E3) to E12 (E3-E12 sodium-restricted rats) yields dramatically enlarged terminal fields of the chorda tympani (CT), greater superficial petrosal (GSP), and glossopharyngeal (IX) nerves in the...

The helix-loop-helix E2A proteins (E12 and E47) govern cellular growth and differentiation. To identify binding partners that regulate the function of these ubiquitous transcription factors, we screened for proteins that interacted with the C terminus of E12 by the yeast interaction trap. UbcE2A, a rat enzyme that is highly homologous to and functionally complements the yeast ubiquitin-conjugat...