This paper establishes that the pro�t-seeking activities of private intermediaries can ensure Pareto e�ciency in the standard pure-exchange monetary overlapping generations economy without the need for government monetary or �scal policy intervention. Moreover, these...

First Welfare Theorem fails to hold for standard pure exchange overlapping generations economies because no agent exploits the profit opportunities which can arise from mediating intertemporal trade. This paper modifies the standard economy by introducing an optimizing corporate intermediary...

"Active Intermediation in a Monetary Overlapping Generations Economy" ( ps,297K) ( pdf,600K ), (with M. Pingle), Economic Report No. 42, Iowa State University, April 1997. Final version appears in Macroeconomic Dynamics 2 (1998), pp. 183--212. Abstract: This study demonstrates that the reason...

In this paper a process analysis model of production in the U.S. Steel Industry is developed and tested. A technology matrix, which represents recent industry input-output structure, is estimated using engineering and metallurgical information. This matrix together with detailed cost, sales and...

<title>Abstract</title> Dynamic models are increasingly used in economics, especially in macroeconomics. However, the skills required for constructing and analyzing dynamic models are advanced relative to those required for static models. Consequently, dynamic models are difficult to introduce into courses...