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...
Go to » abstract
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...
Go to » abstract
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...
Go to » abstract
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...
Decomposing the Changes in Production Prices into “Capital-Intensity” and “Price” Effects: Theory and Evidence from the Chinese Economy
in Contributions to Political Economy
June 2009; p ublished online April 2009 .
Journal Article. Subjects: Mathematical Methods; Programming Methods; Mathematical and Simulation Modelling; General Equilibrium and Disequilibrium. 7111 words.
This paper deals with the changes in prices of production induced by variations in income distribution on the basis of a linear model of production with circulating capital and homogeneous...
The Distributional Effects of Oil Price Changes on Household Income: Evidence from Mali
in Journal of African Economies
March 2010; p ublished online December 2009 .
Journal Article. Subjects: Household Analysis; General Equilibrium and Disequilibrium; Taxation, Subsidies, and Revenue. 8640 words.
Many net oil-importing developing countries, particularly African economies, have faced economic difficulties with high oil price increases. As a case study, this paper assesses the...
Do or die: competitive effects and Red Queen dynamics in the product survival race
in Industrial and Corporate Change
June 2015; p ublished online May 2015 .
Journal Article. Subjects: General Equilibrium and Disequilibrium; Market Structure, Firm Strategy, and Market Performance. 10258 words.
This study explores the reciprocal relationship between the nature and duration of competition, and innovation outcomes. We propose that the perpetually driven, reciprocal sequence of...
Don’t treat too ill my Piero! Interpreting Sraffa's papers
in Cambridge Journal of Economics
November 2012; p ublished online December 2012 .
Journal Article. Subjects: General Economics; History of Economic Thought (1925 onwards); Microeconomics; Production and Organizations; General Equilibrium and Disequilibrium; Individual Economists; History of Economic Thought (to 1925). 22057 words.
In this comment I scrutinise critically some of the views put forward in this Special Issue on Sraffa’s research programme, his accomplishments, and the relationship of his analysis to the...
Go to » abstract
Dynamic Competitive Economies with Complete Markets and Collateral Constraints
in The Review of Economic Studies
July 2015; p ublished online January 2015 .
Journal Article. Subjects: Mathematical Methods; Programming Methods; Mathematical and Simulation Modelling; Economics; General Equilibrium and Disequilibrium. 15119 words.
In this article we examine the competitive equilibria of a dynamic stochastic economy with complete markets and collateral constraints. We show that, provided the sets of asset pay-offs and...
Dynamic Equilibrium with Two Stocks, Heterogeneous Investors, and Portfolio Constraints
in The Review of Financial Studies
December 2013; p ublished online June 2013 .
Journal Article. Subjects: General Equilibrium and Disequilibrium; Economics. 14082 words.
We study dynamic equilibrium in a Lucas economy with two stocks, two heterogeneous constant relative risk aversion investors, and portfolio constraints. We focus on margin and leverage...
Economic Linkages, Relative Scarcity, and Commodity Futures Returns
in The Review of Financial Studies
May 2013; p ublished online December 2012 .
Journal Article. Subjects: Econometrics and Mathematical Economics; Economics; General Equilibrium and Disequilibrium; Information, Knowledge, and Uncertainy; Macroeconomics: Consumption, Saving, Production, Employment, and Investment. 15070 words.
This paper shows that economic linkages among commodities create a source of long-term correlation between futures returns. We extend the theory of storage to a multi-commodity level and...
The Effect of Introducing a Non-Redundant Derivative on the Volatility of Stock-Market Returns When Agents Differ in Risk Aversion
in The Review of Financial Studies
June 2009; p ublished online December 2007 .
Journal Article. Subjects: Economics; General Equilibrium and Disequilibrium; Intertemporal Choice and Growth. 11516 words.
We study the effect of introducing a nonredundant derivative on the volatilities of the stock market return and the locally risk-free interest rate. Our analysis uses a standard,...
Endogenous Debt Constraints in Lifecycle Economies
in The Review of Economic Studies
July 2003; p ublished online July 2003 .
Journal Article. Subjects: General Aggregative Models; Intertemporal Choice and Growth; General Equilibrium and Disequilibrium. 11914 words.
We characterize competitive equilibria with perfect foresight in a deterministic, three-period pure-exchange overlapping generations economy with perfect information and no commitment to...
Go to » abstract
Evaluating the Impact of Land Redistribution: A CGE Microsimulation Application to Zimbabwe
in Journal of African Economies
August 2008; p ublished online January 2008 .
Journal Article. Subjects: Welfare Economics; Microeconomics; General Equilibrium and Disequilibrium; Agricultural Economics. 6695 words.
Zimbabwe has recently gone through a widely criticised land reform process. The country has suffered immensely as a result of this badly orchestrated reform process. Yet land reform can...
