A "disequilibrium" framework, which extends that of R. J. Barro and H. I. Grossman_(1971) and E. Malinvaud_(1977) to include overlapping generations and dynamics due to perfect foresight and t he accumulation of bonds and capital, is used to determine when a welfare-maximizing fiscal policy...

In a monetary overlapping generations model with an imperfectly competitive labor market in which output is below its full-employment level, it is shown that different backward-looking rules for forecasting inflation lead to different steady states, despite yielding no forecast errors in the...

This paper investigates the implications of different adjustment mechanisms for shadow pricing traded and nontraded goods in a flexible price model. A foreign exchange equivalent rule that can be readily adapted whatever the adjustment mechanism is derived. It is shown that traded commodities...

The potential sources of rent to labor in a developing country urban labor market are considered in this paper. The data set used enables the relative importance of unions, firm size, profitability, ownership, and firm age to be assessed on the basis of cross-section evidence. It is shown that...