WHEN I left graduate school, in 1963, I believed that the single most desirable change in the
US tax structure would be the taxation of capital gains as ordinary income. I now believe that …

This article surveys some recent efforts at deriving the standard Keynesian effects of money
on output from models in which individual agents maximize their welfare. While other …

Three eminent economists provide in this book a rigorous, self-contained treatment of
modern economic dynamics. Nancy L. Stokey, Robert E. Lucas, Jr., and Edward C. Prescott …

The first part of this paper considers the interaction between productive and nonproductive
savings in a growing economy. It employs an overlapping generations model with capital …

The substantially revised fourth edition of a widely used text, offering both an introduction to
recursive methods and advanced material, mixing tools and sample applications. Recursive …

The paper considers the determinacy of the equilibrium price level in the cash-in-advance
monetary economy of Lucas and Stokey (1983, 1987), in the case of deterministic …

Andreu Mas-Colell has been doing pioneering work using differential topology in the
analysis of general equilibrium. This work is regarded as outstanding and one of the major …

For many years it was fashionable to treat macroeconomics and microeconomics as
separate subjects without looking too deeply at the relationship between the two. But in the …

This paper examines the impact of Social Security on national saving and individual welfare
in the presence of realistic capital market imperfections--market failure in the private …

TAX POLICY AND TAX REFORM are important items on the current policy agenda. In
evaluating alternative tax policies, decisionmakers must consider both their normative and …