The empirical evidence suggests that there is a significant, negative relationship between inflation and economic growth. Conventional monetary growth models, however, predict a significantly smaller growth effect. This paper proposes a monetary growth model with an explicit credit service...

Early results of evolutionary game theory showed that the risk dominant equilibrium is uniquely selected on the long run by the best response dynamics with mutation. Bergin and Lipman (1996) qualified this result by showing that for a given population size the evolutionary process can select any...

This paper provides a sufficient condition for existence and uniqueness of equilibrium, which is in monotone pure strategies, in games of incomplete information. First, we show that if each player’s incremental ex post payoff is uniformly increasing in its own action and type, and its...