We argue that in an unreliable enforcement regime, transactions tend to become intermediated through institutions or concentrated among agents bound by some form of private enforcement. Provision of funding shifts from risk capital to debt, and from markets to institutions with long term...

This manifesto challenges a pernicious orthodoxy that has gripped Europe's policy makers. It is that demand- and supply-side policies must have different aims, that a limited number of supply-side policies are to be devoted to fighting unemployment, and that demand management (and particularly...

Italian Abstract: La lettera, datata 14 settembre 1956, inizia una corrispondenza decennale tra Franco Modigliani e Paolo Sylos Labini. Qui Modigliani discute a lungo una prima bozza del libro di Sylos Labini sulla teoria dell'oligopolio. A differenza della ben nota recensione del 1958 di...

Italian Abstract: La lettera, datata 14 settembre 1956, inizia una corrispondenza decennale tra Franco Modigliani e Paolo Sylos Labini. Qui Modigliani discute a lungo una prima bozza del libro di Sylos Labini sulla teoria dell'oligopolio. Diversamente dalla ben nota recensione del libro di...

Italian Abstract: La lettera, datata 14 settembre 1956, inizia una corrispondenza decennale tra Franco Modigliani e Paolo Sylos Labini. Qui Modigliani discute a lungo una prima bozza del libro di Sylos Labini sulla teoria dell'oligopolio. Diversamente dalla ben nota recensione del libro di...

We argue that in an unreliable enforcement regime, transactions tend to become intermediated through institutions or concentrated among agents bound by some form of private enforcement. Provision of funding shifts from risk capital to debt, and from markets to institutions with long term...

The organization of the paper is simple. We start by examining the real effects of anticipated inflation in an economy that has fully adapted to inflation. In particular, in this economy: (i) public institutions are fully attuned to inflation (or inflation proof), (ii) the same is true of...

This manifesto challenges a pernicious orthodoxy that has gripped Europe's policy makers. It is that demand- and supply-side policies must have different aims, that a limited number of supply-side policies are to be devoted to fighting unemployment, and that demand management (and particularly...