This paper develops a general repeated game model over arbitrary time domain (which includes continuous time behaviour). A player is committed at any point in time to history independent behaviour for a positive length of time. The length of time of commitment depends on the way the history...

The purpose of this paper is to analyze the interaction of financial capital movements and accumulation of physical capital in a small open economy with flexible exchange rates. Tobin's q theory of investment plays a central role in linking the financial and real sides of the economy and also in...

The dynamic path of accumulation in a neo-classical economy can be described by a differential equation in the time rate of change of the per capita capital stock. In the theory of differential equations there is a technique for examining the change of the solution of a differential equation...

The paper attempts to test one widely accepted corollary of the proposition that the availability of or increases in unemployment benefits have serious disincentive effects: namely, that the seasonality of employment will increase. The results based on an analysis of the dispersion of seasonal...

The impact of investment in education on wage rates is computed for 1870-1900 in urban and rural areas of the United States. The impact of the investment on wage rates is determined for rates of return to education of 10%, 15% and 20%. For a 15% rate of return, urban workers had an earnings...

This paper presents a simple general equilibrium model of an economy where production and consumption occur in cities. The paper focuses on the different sizes and types of cities generated by market forces and whether these market forces generate optimally size cities. Before the model is...

This paper reports on discussions at the Workshop on Macroeconomic Policy Effectiveness held at the OECD in Paris in June 1981.

The Coase theorem has been interpreted to mean that the assignment of property rights have no effects on the allocation of resources in a competitive economy with externalities. The paper attempts to clarify the role of the Coase theorem by considering the effects of property rights on...

This paper tests the martingale hypothesis for daily and weekly rates of change of futures prices for five currencies. Daily data suggests evidence against the null for each currency. Trading day effects in foreign currency futures and spot prices introduce complicated day of the week patterns...