"A simple model of the process of learning in a diverse economy is presented. This model produces a stylized business cycle with shocks which precipitate the learning process. All agents have the same information, which implies that this business cycle cannot be reduced by improved information...

"The recurrent banking panics of the 19th century and the Great Depression of the 1930s are widely viewed as failures of our economic system. A simple version of Samuelson's overlapping generations model is used to generate such failures of Walrasian equilibrium. The spontaneous "panics"...

"This paper presents a simple coherent general equilibrium example in which optimal provision of a public good implies counter-cyclical government expenditure"--Federal Reserve Bank of Minneapolis web site