1. Investigations into monetary theory -- 2. The purchasing power of the consumer and the depression -- 3. A note on the development of the doctrine of 'forced saving' -- 4. The present state and immediate prospects of the study of industrial fluctuations -- 5. Restoring the price-level? -- 6....

1. Building blocks -- 2. The Kydland-Prescott research program : from "optimal stabilization" and "time inconsistency" to "time to build" -- 3. Kydland-Prescott and Long-Plosser : development and cross-fertilization -- 4. Themes, variations, and initial extensions -- 5. Debates, augmentation,...

Despite the transnational character of the Great Depression of the years 1929-33, there are few works in the inter-war literature that deal in depth with the propagation of business cycles across national borders and systemic risks of depression in the world economy. Two notable exceptions are...

We document two striking facts about U.S. firm dynamics and interpret their significance for aggregate employment dynamics. The first observation is the steady decline in the firm entry rate over the last thirty years, and the second is the gradual shift of employment from younger to older firms...

This paper constructs a simple model in which asset price fluctuations are caused by sunspots. Most existing sunspot models use local linear approximations: instead, I construct global sunspot equilibria. My agents are expected utility maximizers with logarithmic utility functions, there are no...

In recent decades in the US, slack on the product and labor markets has fluctuated a lot over the business cycle while inflation has been very stable. Motivated by this observation, we develop a business-cycle model in which fluctuations in demand and supply lead to fluctuations in slack but not...