In an attempt to clean up an unruly literature, we specify the necessary and sufficient conditions for household optimality in a model where money is the only financial asset and provide the relevant proofs. We use our results to analyse when deflationary bubbles can and cannot exist. Our...

In this paper I argue that the insecure property rights and widespread predation that have characterized Russia during these past 12 or so years have depressed capital formation in all its dimensions, private, public, physical, human and environmental. The elimination of the conditions that gave...