A ‘Walrasian post-Keynesian’ model? Resolving the paradox of Oskar Lange’s 1938 theory of interest
in Cambridge Journal of Economics
January 2014; p ublished online July 2013 .
Journal Article. Subjects: General Equilibrium and Disequilibrium; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; General Aggregative Models; Capitalist Systems; History of Economic Thought (1925 onwards). 11726 words.
This article investigates Oskar Lange’s 1938 article, ‘The rate of interest and the optimum propensity to consume’, with the intention of providing a thorough interpretation of this rather...
Agglomeration, Growth and Regional Equity: An Analysis of Agriculture- versus Urban-led Development in Uganda
in Journal of African Economies
January 2012; p ublished online August 2011 .
Journal Article. Subjects: Regional Government Analysis; General Equilibrium and Disequilibrium; Economic Development. 8698 words.
Traditional development models focus on the sector rather than location of growth. Advocates of agriculture-led strategies emphasise agriculture's strong growth linkages and potential to...
Ambiguity and Rational Expectations Equilibria
in The Review of Economic Studies
July 2011; p ublished online February 2011 .
Journal Article. Subjects: Information, Knowledge, and Uncertainy; Financial Markets; Economics; General Equilibrium and Disequilibrium. 11327 words.
This paper demonstrates the existence and robustness of partially revealing rational expectations equilibria in general exchange economies when some traders have non-smooth ambiguity-averse...
Asset Prices with Heterogeneity in Preferences and Beliefs
in The Review of Financial Studies
February 2014; p ublished online August 2013 .
Journal Article. Subjects: Economics; General Equilibrium and Disequilibrium; Financial Markets; Intertemporal Choice and Growth. 28001 words.
In this paper, we study asset prices in a dynamic, continuous-time, and general-equilibrium endowment economy in which agents have “catching up with the Joneses” utility functions and...
The Baby Boom and World War II: A Macroeconomic Analysis
in The Review of Economic Studies
July 2015; p ublished online March 2015 .
Journal Article. Subjects: Demand and Supply of Labour; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Demographic Economics; General Equilibrium and Disequilibrium. 22540 words.
We argue that one major cause of the U.S. post-war baby boom was the rise in female labour supply during World War II. We develop a quantitative dynamic general equilibrium model with...
Can CCS and NET enable the continued use of fossil carbon fuels after CoP21?
in Oxford Review of Economic Policy
January 2016; p ublished online April 2016 .
Journal Article. Subjects: Technological Change; Research and Development; Economywide Country Studies; Energy Economics; Non-renewable Resources and Conservation; Publicly Provided Goods; General Equilibrium and Disequilibrium; Market Structure and Pricing; General Economics. 9908 words.
Carbon capture and storage (CCS) does not generate energy. CCS applied to fossil and modern bio-carbon fuels and feedstocks removes environmentally damaging CO2 emissions. CoP21 stipulated...
The CAP reform between targeting and equity: a structural policy analysis for Italy
in European Review of Agricultural Economics
June 2009; p ublished online July 2009 .
Journal Article. Subjects: Microeconomics; General Equilibrium and Disequilibrium; Agricultural Economics. 10668 words.
A model grounded on a social accounting matrix for Italy, adapted for an analysis of agriculture, is used to assess the distributive impacts of changes to the single payment scheme after...
Capital Structure, Investment, and Fire Sales
in The Review of Financial Studies
September 2015; p ublished online February 2015 .
Journal Article. Subjects: Welfare Economics; Bankruptcy; General Equilibrium and Disequilibrium; Corporate Governance. 12737 words.
We study a dynamic general equilibrium model in which firms choose their investment level and capital structure, trading off the tax advantages of debt against the risk of costly default....
The Concept of Income in a General Equilibrium
in The Review of Economic Studies
January 2006; p ublished online January 2006 .
Journal Article. Subjects: General Aggregative Models; General Equilibrium and Disequilibrium. 15175 words.
This paper derives a concept of aggregate real income for a competitive economy in general equilibrium consisting of heterogeneous infinitely lived people and relates it to current and...
Corporate Fraction and the Equilibrium Term Structure of Equity Risk
in Review of Finance
March 2016; p ublished online May 2015 .
Journal Article. Subjects: Mathematical Methods; Programming Methods; Mathematical and Simulation Modelling; General Equilibrium and Disequilibrium; Financial Markets; Economics. 17377 words.
The recent empirical evidence of a downward-sloping term structure of equity risk is viewed as a challenge to many leading asset pricing models. This article analytically characterizes...
