This chapter provides a survey of the recent work on learning in the context of
macroeconomics. Learning has several roles. First, it provides a boundedly rational model of …

This article reviews the theory of speculative bubbles. Bubbles are a promising candidate as
an explanation for the stock price run-up and collapse of the 1990s in the United States. The …

Inter-generational transfers are at the center of economic policy debates today. Reducing
public debt; financing social security; taxing capital and bequests; and designing the …

Changes in the age composition of US households over the next several decades could
affect energy use and carbon dioxide (CO2) emissions, the most important greenhouse gas …

We establish conditions which (in various settings) guarantee the existence of equilibria
described by ergodic Markov processes with a Borel state space S. Let denote the …

Asset price bubbles are situations where asset prices exceed the fundamental values
defined by the present value of dividends. This paper presents a conceptually new …

This first volume in a three-volume exposition of Shubik's vision of" mathematical institutional
economics" explores a one-period approach to economic exchange with money, debt, and …

This article provides a self-contained overview of the theory of rational asset price bubbles.
We cover topics from basic definitions, properties, and classical results to frontier research …

Publisher Summary This chapter discusses the basic equilibrium model called “computable
general equilibrium (CGE) model,” and describes some of its use in policy analysis. The …

The paper describes an OLG economy with a single exhaustible resource that has amenity
value. The steady states of this economy form a continuum, implying path-dependency. We …