In this paper it is argued that neither the earlier Phillips type of fixed-coefficient or temporary equilibrium models nor the recent Tobin type of portfolio equilibrium models of the money supply process capture the money and credit creating potential of external financial markets. A partial...

This paper examines the distribution of output around capacity when money demand is a non-linear function of the nominal interest rate such that nominal interest rates cannot become negative. When fluctuations in output result primarily from disturbances to the money market, the variance of...

This paper presents a model of development of an economy comprised of a rural-agricultural sector and an urban-industrial sector. The interaction of investment with unemployment creates a channel for potentially divergent long-run outcomes. If the urban-industrial capital stock falls short of a...