The quantity theory of money was associated with the politics of the right in the '70s and '80s, but a century earlier, particularly in America, it had played an important part in the proposals of the Progressive left. These political associations are examined, and it is argued that a crucial...

We analyze an overlapping generations model of voting over ``reform projects''. These resemble investments in that they first require some investment expenditure and later bring a payoff; consequently, older people are more conservative (against reforms) than younger ones. We show that if people...

This paper explores quantitatively the general equilibirum implications of a revenue neutral tax reform in which the current income and capital income tax structure in the U.S. is replaced by a flat tax, as proposed by Hall and Rabushka (1995). The central aspects of such reform, the impact of...

The dominance of the IS-LM model in macroeconomics after 1937 led to the neglect and sometimes the outright loss of a number of important issues that had earlier been prominent in the literature. All these losses were related to the fact that economic life takes place over time, from which the...

This paper analyzes the higher-order properties of nested pseudo-likelihood (NPL) estimators and their practical implementation for parametric discrete Markov decision models in which the probability distribution is defined as a fixed point. We propose a new NPL estimator that can achieve...