The authors contrast properties of real quantities with those of price levels and stocks of money for ten countries over the last century. Although the magnitude of output fluctuations has varied across countries and periods, relations among real quantities have been remarkably uniform....

The authors develop a model of vintage human capital in which each technology requires vintage-specific skills. They examine the properties of a stationary equilibrium for their economy. The stationary equilibrium is characterized by an endogenous distribution of skilled workers across vintages....

Financial Crises are typically associated with a loss of confidence in financial intermediaries. This loss of confidence often manifests itself in a sharp fall in the prices of securities issued by financial intermediaries. We focus on the market for asset-backed securities issued by banks and...

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