We develop an isotone recursive approach to the problem of existence, computation, and characterization of nonsymmetric locally Lipschitz continuous (and, therefore, Clarke-differentiable) Markovian equilibrium for a class of infinite horizon multiagent competitive equilibrium models with...

The purpose of this paper is to provide an analysis of the impact the UV-curve had on economic theory and to provide an account of the subsequent radical changes in its place and role over the decades since its first appearance in 1958. The paper traces the historical development of the UV-curve...

This four-chapter overview of basic exchange rate theories discusses (i) the elasticity and absorption approach, (ii) the (long-run) implications of the monetary approach, (iii) the short-run effects of monetary and fiscal policy under various economic conditions, and (iv) the transition from...

The establishment of appropriate policy measures for fighting unemployment has always been difficult since causes of unemployment are hard to identify. This paper analyses an approach used mainly in the 1960s and 1970s in economics, in which classification is used as a way to deal with such a...

Given limited research on monetary policy rules in emerging markets, this paper challenges the applicability of a nonlinear Taylor rule in characterizing the monetary policy behavior of the Brazilian Central Bank. It also investigates whether and how the process of setting interest rates has...

This paper explores the potential impact of the Federal Reserve Board’s decision on interest rates on the budget deficit. The first part recounts the history of the 1990s surplus, correcting the widely held misunderstanding that this surplus was achieved by the Clinton administration’s tax...

This book stems from work by the author published in Energy Economics, the International Journal of Exergy and follow-up working papers and a previous book Thermoeconomics. Topics covered include entropy processes in the world, a history of human development, the distribution of income, first...

This third edition of the book stems from work by the author published in Energy Economics, the International Journal of Exergy and follow-up working papers. Topics covered include the gas laws, the distribution of income, first and second laws of thermodynamics, economic processes, elasticity,...

Following theory, we check that funding risk connects illiquidity, volatility and returns in the cross-section of stocks. We show that the illiquidity and volatility of stocks increase with funding shocks, while contemporaneous returns decrease with funding shocks. The dispersions of...

Some economic observers argue “structural unemployment” has increased in the wake of the Great Recession, but in this paper we find little support for either of two arguments that suggest that structural unemployment has been on the rise. The first argument focuses on the large increase in...