This paper examines whether the existence and the timing of real balance effects contribute to the determination of the absolute price level, as suggested by Patinkin (1949,1965), and if they affect conditions for local equilibrium uniqueness and stability. I show that there exists a unique...

Analyses of responses to reforms in Ghana seem to indicate that current policies may be benefiting different segments of society disproportionately. Also, experience in the 1990s suggests that recurring budget deficits may adversely affect reform and poverty alleviation programmes. The aim of...

We study two-sided matching where one side (colleges) can make monetary transfers (offer stipends) to the other (students). Colleges have fixed budgets and strict preferences over sets of students. One different feature of our model is that colleges value money only to the extent that it allows...