We analyse the key characteristics of simple models of overlapping generations where capital is endogenous, and money plays norole. The main focus is on the codyamics of interest rates, wages, and consumption with capital.

This paper reviews the effects of inflation and taxation on the financing of corporate investment, and on the allocation of investment among alternative assets. Two tax distortions were of particular importance during the 1980s: the non-taxation of capital gains and the double taxation of...

Several recent papers have explored the possibility that inflation-targeting central banks in small open economies pay too much attention to exchange rate fluctuations; changing short-term interest rates in response to fluctuations that have transient effects on inflation could be...

This paper exploits a policy-induced natural experiment that occurred in South Australia in the mid-1980s to generate a 'causal' estimate of the effect of schooling on the literacy and numeracy performance of school students in their middle years of secondary school (in Year 9 for most...