In many contexts, individual agents' behavior depends on their expectations of other agents' expectations, about which there is no available source of objective information. Standard rational expectations models have avoided, not resolved, this problem. This paper models an alternative approach...

This paper calibrates a life cycle model which incorporates standard assumptions, similar to those in F. Modgliani's (1986) 'stripped down' version, including perfect capital markets. The resulting model generates strongly counterfactual predictions: planned wealth is negative for all or most of...

This book brings together ten original studies on the transition and growth experience and the foundations for long-term growth of the newly independent states created by the dissolution of the Soviet Union.