We investigate whether a government should lead an activist policy in a rigorous utility maximizing framework under rational expectations. The economy is a monetary one with preset wages, and is subject to both demand and supply shocks. It is assumed that the government can never act on the...

The 1983 amendments to Federal Rule of Civil Procedure Rule 11, which dealt with frivolous litigation papers, prompted much controversy, satellite litigation, and a new cottage industry, Rule amendments in 1983 increased both the range of sanctionable attorney conduct and the extent of judicial...

This paper shows how any steady state distribution of ages and related hazard rates can be represented as a distribution across firms of completed contract lengths. The distribution is consistent with a Generalised Taylor Economy or a Generalised Calvo model with duration dependent reset...