The experimental phenomenon known as "probability matching" is often offered as evidence in support of adaptive learning models and against the idea that people maximise their expected utility. Recent interest in dynamic-based equilibrium theories means the term reappears in Economics. However,...

This paper draws attention to some possible misunderstandings concerning the place of long-run outcomes in growth theory. It argues that the traditional emphasis on these outcomes is often misguided. As a result of this emphasis, too much attention is paid to the role of knife-edge assumptions,...

This paper reviews the stories that economists tell about the growth effects of inflation. Informal accounts are common, but there are few models that get to grips with the effects that are probably central. Partly as a result of this, and partly as a result of many econometric problems, much of...