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Irving Fisher long advocated inflation indexed bonds. I prove in the context of a multicommodity CAPM world that the best welfare improving bond pays the minimum money needed to achieve the same utility, and not the minimum needed to buy an ideal commodity bundle. Irving Fisher also developed...

The emphasis on growth has led to an under-emphasis of the micro-impacts of macro-economic policies. Whether growth reduces income-poverty is crucially dependent on its impact on employment. This paper addresses the question: what kind of productive employment can an economy generate that...

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