This paper considers sequential auctions where an individual's value for a bundle of objects is either greater than the sum of the values for the objects separately (positive synergy) or less than the sum (negative synergy). The authors show that the existence of positive synergies implies...

As debt work-outs facilitate recovery from Asia'a recession, GDP there can be expected to rise and manufactured exports to expand. Asian imports and investment will remain low, however, as crisis-enhanced foreign debt is serviced and domestic savings continue to be sent abroad. Superficially,...

We develop a growth model which distinguishes between capital creation that takes place as a result of conventional investment and accumulation which occurs when temporarily idle assets are reactivated.

Using a simple dynamic, closed economy macroeconomic model, this paper compares optimal commitment rules and optimal discretionary rules with the Taylor rule and the Henderson and McKibbin rule. For some parameter values discretionary policy is found to lead to instability. This paper also...