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Knowledge, Information, and Expectations in Modern Macroeconomics : In Honor of Edmund S. Phelps
Acemoglu, Daron (contributor); Aghion, Philippe (contributor) - 2022
macroeconomic theory, it focuses on the rates at which new technologies arise and information about markets is dispersed …
Persistent link: https://www.econbiz.de/10014477903
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Land Speculation and Wobbly Dynamics with Endogenous Phase Transitions
Hirano, Tomohiro; Stiglitz, Joseph E. - National Bureau of Economic Research - 2022
This paper examines the global macro-dynamics of an OLG model with capital and land with rational expectations. Through the interactions between capital accumulation and land prices, the economy experiences phase transitions, endogenously moving back and forth from situations with unique and...
Persistent link: https://www.econbiz.de/10012938714
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The Wobbly Economy : Global Dynamics with Phase and State Transitions
Hirano, Tomohiro; Stiglitz, Joseph E. - National Bureau of Economic Research - 2022
We analyze global dynamics in the standard life-cycle model with production, showing that there can be a plethora of rational expectations dynamics, including "wobbly macro-dynamics". Depending on people's beliefs, the macroeconomy can bounce around infinitely, without converging, without...
Persistent link: https://www.econbiz.de/10012938775
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On the almost neutrality of inflation : notes on taxation and the welfare costs of inflation
Stiglitz, Joseph E. - 1980
Persistent link: https://www.econbiz.de/10009573655
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Macroeconomic fluctuations in an economy of Phelps-Winter markets
Greenwald, Bruce C. N.; Stiglitz, Joseph E. - In: Knowledge, information, and expectations in modern …, (pp. 123-136). 2003
Persistent link: https://www.econbiz.de/10001747067
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On the Almost Neutrality of Inflation : Notes on Taxation and the Welfare Costs of Inflation
Stiglitz, Joseph E. - 1980
In this paper I attempt to clarify the nature of the losses associated with inflation within a conventional model of a … competitive economy. I shall argue that were inflation fully anticipated, it would be "almost neutral" provided (a) that the tax … States). However, unanticipated inflation may have significant effects …
Persistent link: https://www.econbiz.de/10012478637
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On the Almost Neutrality of Inflation : Notes on Taxation and the Welfare Costs of Inflation
Stiglitz, Joseph E. - 2021
In this paper I attempt to clarify the nature of the losses associated with inflation within a conventional model of a … competitive economy. I shall argue that were inflation fully anticipated, it would be "almost neutral" provided (a) that the tax … States). However, unanticipated inflation may have significant effects …
Persistent link: https://www.econbiz.de/10013228048
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Bilateral information disclosure in adverse selection markets with nonexclusive competition
Stiglitz, Joseph E.; Yun, Jungyoll; Kosenko, Andrew - 2020
Persistent link: https://www.econbiz.de/10012231587
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Behavior towards risk with many commodities
Stiglitz, Joseph E. - In: Econometrica : journal of the Econometric Society, an … 37 (1969) 4, pp. 660-667
Persistent link: https://www.econbiz.de/10002859475
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On the almost neutrality of inflation : notes on taxation and the welfare costs of inflation
Stiglitz, Joseph E. - In: Development in an inflationary world : proceedings, (pp. 419-457). 1981
Persistent link: https://www.econbiz.de/10002860146