We develop a two-sector model to analyze which kind of social <p> organization generates trust. Social capital is de…ned as trust. We examine two <p> communities: the bedroom community in which people commute long distance <p> to work and the virility community in which people do not commute to work. <p>...</p></p></p></p>

This paper proposes conditions for the existence and uniqueness of solutions to systems of linear differential or algebraic equations with delays or advances, in which some variables may be non-predetermined. These conditions represent the counterpart to the Blanchard and Kahn conditions for the...

We derive necessary and suffcient conditions for simple monetary policy rules that guarantee equilibrium determinacy in the New Keynesian monetary model. Our modeling framework is derived from a fully specified optimization model that is still amenable to analytical characterisation. The...

This paper considers a prototypical monetary business cycle model for the U.S. economy, in which the equilibrium is undetermined if monetary policy is ‘inactive? In previous multivariate studies it has been common practice to restrict parameter estimates to values for which the equilibrium is...