We estimate a forward-looking monetary policy reaction function for the postwar U.S. economy, pre- and post-October 1979. Our results point to substantial differences in the estimated rule across periods. In particular, interest rate policy in the Volcker-Greenspan period appears to have been...

Using truels, or three-person duels, as an example, we show that how players perceive a multiple-round game will end can make a big difference in whether it ends non-cooperatively (producing a "bang") or just peters out (producing a "whimper"): 1. If the players view the number of rounds as...

This paper studies competitive equilibria in economies characterized by the presence of asymmetric information (both of the moral hazard and the adverse selection type). We consider economies where non-exclusive contracts (securities) with payoffs dependent on the agents' private information are...