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Abstract In empirical studies of macroeconomic theories, close attention should be paid to the relationships between the deterministic trends of different variables, especially when economic relations are investigated in the context of economic growth. The paper explains in an expository manner...
Abstract This paper presents two dynamic models of the economy in which credit constraints arise because creditors cannot force debtors to repay debts unless the debts are secured by collateral. The credit system becomes a powerful propagation mechanism by which the effects of shocks persist and...
Abstract The evolution of economic systems is viewed as a process in which various informal arrangements are experimented with for improving efficiency under changed economic environments, some of which may survive and become established as new social norms. The process is illustrated by a micro...
Abstract In this paper we consider a two-period decision problem, where the feasible set is the set of “certain X uncertain” consumption pairs. That is, the decision-maker chooses (x, m) in a feasible set, where x is a certain first-period consumption and m is a random second-period consumption,...
Abstract This brief note shows that the conventional view of the liquidity-preference schedule involving a liquidity trap is not only in discordance with Keynes’s own view, but also conceptually ill-founded. I propose an alternative view, which is more in concordance with Keynes’s view, and on...
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