We analyze a monetary model with flexible labor supply, cash-in-advance constraints, and seigniorage- and tax-financed government spending. If the intertemporal elasticity of substitution of labor is greater than one, both determinate and indeterminate steady states exist. If the elasticity is...

We examine stability under learning of sunspot equilibria in Real Business Cycle type models with indeterminacies. Our analysis emphasizes the importance of examining alternative representations of sunspot solutions. A general bivariate reduced form contains parameter regions in which sunspots...

The Eldonian Village is the result of people taking control of their own lives. In 1978, when the Eldonians were faced with their homes being demolished and their community broken up, they didn't just sit back and accept it, they got off their backsides and made things happen. Today the...