June 2000 (Revised) <p> This paper presents a dynamic general equilibrium model of balance of payments crises to analyze the role of sterilization policies during speculative attacks. It is shown that if domestic bond interest rates are not allowed to rise real money balances increase and the...</p>

December 3, 1998 -- Version 4.0 <p> All growth models are linear in some sense, and the endogenous growth literature can be read as the search for the appropriate linear differential equation. Linearity is a "crucial" assumption, in the sense used by Solow (1956), and it therefore seems reasonable...</p>

December 1997 <p> This paper has been revised as Stanford Economics Working Paper 99-009.

December 8, 1997 (Revised April 21, 1999) <p> We review the uses of economic theory in the initial design and later improvement of the "simultaneous ascending auction," which was developed initially for the sale of radio spectrum licenses in the US, with efficiency of the final allocation as the...</p>

September 28, 1999 -- Version 2.0 <p> This paper studies a growth model that is able to match several key facts of economic history. For thousands of years, the average standard of living seems to have risen very little, despite increases in the level of technology and large increases in the level...</p>

February 1997 <p> This paper documents the changes from 1975 to 1994 in four dimensions of male work behavior: weekly hours, annual weeks, annual hours, and the employment-population ratio. While employment-population ratios have fallen, hours have risen for high wage workers and have fallen for...</p>

Forthcoming in the American Economic Review <p>The LeChatelier principle, in the form introduced into economics by Samuelson, asserts that at a point of long-run equilibrium, the derivative of long-run compensated demand with respect to own price is larger in magnitude than the derivative of...</p>

May 20, 1997 <p>This paper presents a new, generic definition of relational financing that may cover a wide range of financial practices in different economies, ranging from the Japanese main bank relationship, to bank lending to smaller firms, and venture capital in the U.S. It then discusses...</p>

March 1999 <p> In this survey, I summarize and evaluate the extant literature concerning taxation and personal saving. I describe the theoretical models that economists have used to depict saving decisions, and I explore the positive and normative implications of these models. The central positive...</p>

August 1999 <p> For economies with a fixed finite set of traders, few results characterize Walrasian equilibria by their social choice properties. Pareto efficient allocations typically require lump-sum transfers. Other characterizations based on the core or strategyproofness apply only when, as in...</p>