The paper derives conditions for eductive stability of rational expectations equilibria in simple linear economic models with private information. Following Guesnerie (1992; 2002), the concept of eductive stability is used. It is shown that even in a private information setting, rational...

The paper examines the welfare properties of rational learning by privately informed risk-neutral firms. It is shown that the market solution is inefficient, with firms putting too much weight on their private information and public information therefore accumulating suboptimally slowly. It...

This paper deals with credit market imperfections and idiosyncratic risks in a two-sector heterogeneous agent dynamic general equilibrium model of occupational choice. We focus especially on the effects of tightening financial constraints on macroeconomic performance, entrepreneurial...

Theorie des Allgemeinen Gleichgewichts -- Intertemporale Konsumnachfrage -- Das Ramsey–Modell -- Erweiterungen des Ramsey–Modells -- Wachstum -- Konjunkturelle Schwankungen -- Geld und Inflation im Ramsey–Modell -- Das Neukeynesianische Modell.