In 1972, Dreze and Modigliani Generalized the Line of Research Initiated by Leland [5] and Sandmo [8] on the Effects of Income Risk on Consumption. They Gave Necessary and Sufficient Conditions for Consumption to Decrease Under Income Risk. However, They Did Not Cover Extensively the Case of...

The Paper Has Two Major Parts. the First Part Focuses on the Theoretical Properties of a General Equilibrium Asset Price Model Describing an Economy with Actual Output Stochastically Generated by a Markovian Latent Process of Technolgical Shocks. with a Concealed State Space Economy, Agents Make...

Cet Article Se Divise En Trois Sections: la Premiere Contient une Critique de Certains Post-Keynesiens, Notamment Americains, Concernant Leur Hypothese de la Rigidite du "Markup" Dans la Relation Prix-Salaires. Contrairement a Kalecki Qui Admettait Volontiers la Flexibilite du "Markup" Face a la...

The Aim of the Paper Is to Develop a New Approach to Inflation Based on Marx's Circuit of Capital and the Structural Price Equation. the Feedback Effect of Any Disequilibrium in the Circuit Has Some Important Consequences on the Price Equation. the Reduced Form of the Model Shows in Particular...