The paper shows how a dynamic neoclassical AS-AD can be derived and used to describe business cycles and growth trends to undergraduates. Derived within the Ramsey-Cass-Koopmans (RCK) model, the AS-AD is the stationary equilibrium of the deterministic dynamic general equilibrium framework. The...

The Cobb Douglas production function is a central element in economic growth theory and Microeconomics. Its popularity in economics stems from certain convenient mathematical properties. Some of these properties describe a set of (partial) differential equations. Although the Cobb Douglas...

Hidden type contracts are examined in their simplest formulation in order to fully prove the role of the single crossing property to eliminate rendundant constraints and to show how this necessary condition constrains the parameters in the case of linear functions. Mechanism design examples are...

In this paper, we present a novel framework for macroeconomic analysis, which tries to incorporate recent theoretical developments into a model describing an open economy. The model includes a monetary policy rule instead of the LM function together with an aggregate supply function derived from...

The rhetoric of positivism had a profound effect on the worldview and practice of economists in the middle of the last century. Though this influence has greatly diminished, it still may be found in the attitude of many economists towards the history of their discipline. This paper traces the...

The purpose of this case is to provide an introduction to fixed income portfolio management. In addition, the case describes the story of Bill Gross and the founding of PIMCO.Bill Gross continues to work the same schedule since joining PIMCO in 1970; a rigorous and structured workday that begins at...

The application of options pricing theory to value irreversible investment decisions has witnessed a marked increase over the last decade. For instructional and simplified applications, the Black-Scholes model is commonly demonstrated due to its tractability and acceptance in the finance...

In recent decades, there have been concerns within the economics profession about the narrowness in both graduate and undergraduate economics programs. These concerns have been based on the view that economic phenomena can be the subject of many modes of explanation, each based on a particular...

This study examines the impact of using technology designed for distance courses in a traditional classroom setting. While tools similar to Elluminate are often used to record lectures in qualitative courses, this study examines the effectiveness of using Elluminate to record step-by-step...

There is a great deal of interest in the Talmud today, especially in much of Asia. South Koreans, in particular, have developed a fascination with the Talmud and have made it part of their curriculum. Many Korean homes have a version of the Talmud and call it the “Light of Knowledge.” The...