R&D in a model of search and growth
Theories must be developed as a foundation for relating market organization with economic development. One such theory is endogenous growth, where a microeconomic foundation is established for the growth process. The theory has diverged focus into a capital accumulation market characterized by competitive price-takers and into a firm price-setting market marked by technological innovation. Removal of a Walrasian auctioneer's coordinating function allows the development of a market where search and bargaining frictions condition the trading process.
Publication Name: American Economic Review
Velocity of money in a modified cash-in-advance economy: theory and evidence
An analysis of money velocity under modified cash-in-advance economies is presented. The analysis develops a model where money precedes the purchase of consumption goods and of a fraction of the capitalm good. The modelthen allows an examination of money velocity against dynamic equilibrium constraints. It is shown that high money growth equilibria is positively related to lower welfare and velocity.
Publication Name: Journal of Macroeconomics
The economics of 'new blood.'
Uneven wages among various age groups are explained by differences in knowledge acquisition.
Publication Name: Journal of Economic Theory
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