Electricity was born at the dawn of the last century. Households were inundated with a flood of new consumer durable goods. What was the impact of this consumer durable goods revolution? It is argued here that the consumer goods revolution liberated women from the home. To analyze this...

This paper develops a dynamic industry model in which firms compete to acquire customers over time by disseminating information about themselves under the presence of random shocks to their efficiency. The properties of the model's stationary equilibrium are related to empirical regularities on...

The interaction between fiscal and monetary policies evolves over time and differs from country to country. In this study, we first present the case of Turkey. During the 1990s, the country's fiscal deficits and public debt ballooned. Monetary policy was severely constrained by the resulting...