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We propose an extension of the class of rational expectations bubbles (REBs) to the more general rational beliefs … cancel each other out in aggregate anymore. This can make them an object of rational speculation. Diverse but correlated … beliefs can thus account for speculative bubbles, without the need for irrational agents or limits to arbitrage. Many of the …
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We explore how outcomes of trade policy retaliation (Nash tariff games) are affected when trade simultaneously takes places geographically across countries and through time via financial intermediation. In such models deficits and surpluses in goods trade are endogenously determined, and...
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Budgetdefizite steht im Mittelpunkt der Steuerglättungs-Theorie. Der Autor untersucht sowohl verzerrende Steuern auf das …
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