In this paper we embed the Taylor interest rate rule in a simple macroeconomic model with Calvo contracts. We contrast this with the case in which the interest rate is determined by the conventional LM curve along with a fixed value for the monetary aggregate. We derive conditions under which...

Models Canada′s Pacific halibut fishery as a non‐zero‐sun on‐co‐operative differential game. Optimal harvesting level are derived under the criterion of profit maximization. Show that optimal aggregate steady‐state fishing effort and yield increase with the number of fishermen...