The article considers the possibility that asset prices might deviate from intrinsic values
based on market fundamentals. Three broad categories of theory are surveyed:(a) growing …

This paper surveys current developments in dynamic general equilibrium theory concerned
with conditions under which endogenous fluctuations are possible. Existing contributions …

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 …

Much has been written by historians and sociologists as well as business commentators
about the modern economy—the kind that supplanted the traditional economy in several …

Labor is a familiar subject for study in the social sciences. The literature is replete with
studies of occupations, careers, labor markets, contractual relations in employment …

This book retraces the history of macroeconomics from Keynes's General Theory to the
present. Central to it is the contrast between a Keynesian era and a Lucasian-or dynamic …

The plan to publish the present book arose while I was preparing a joint work with Gunter
Gabisch (Gabisch, G./Lorenz, H.-W.: Business Cycle Theory. Berlin-Heidelberg-New York …

Wir haben die Möglichkeit einer weiteren Auflage des Buches genutzt, den Text
leserfreundlicher zu gestalten, den Sach-und Personenindex zu überarbeiten und neuere …

This paper develops an example in which persistent deterministic business cycles appear in
a purely endogenous fashion under laissez-faire. These cycles are not attributable to …

Before economists relegate a speculative event to the inexplicable or bubble category, we
must exhaust all reasonable economic explanations. Among the “reasonable” or “market …