Recent monetary history has been characterized by monetary authorities that appear to shift periodically between distinct policy regimes associated with higher or lower average rates of money creation. As policy regimes are not directly observable and as the rate of monetary expansion varies for...

We examine how redistribution policy affects the distribution of income when human capital accumulation is endogenous and the fundamental source of heterogeneity in the economy stems from varying degrees of time preference across members of the population. In comparing the steady states of a...

This paper develops and analyzes a macroeconomic model in which aggregate growth and fluctuations arise from the discovery and diffusion of new technologies; there are no exogenous aggregate shocks. The temporal behavior of aggregates is driven by individuals' efforts to innovate and/or make use...

Why do democratic societies often impose legal restrictions that render various assets or entitlements inalienable, thereby limiting the disposable property rights of individuals? The explanation proposed here is that these constraints arise as an institutional response against private debt...