The variability of aggregate demand with (S, s) inventory policies Abstract Presents a simple theory of the aggregate implications of […]
Multi-dimensional product differentiation and price competition Abstract – Publication Information Oxford University Press Oxford Economic Papers New Series, Vol. 38,
Menu costs and the neutrality of money Abstract Presents the first model of monetary policy state-dependent pricing. In the aggregate,
On 64%-majority rule Abstract Without some restriction on preferences, the majority rule has paradoxical properties, for example allowing cyles. Perhaps
Aggregation and social choice: a mean voter theorem Abstract Provides conditions under which the mean voter’s most preferred outcome is
Aggregation and Imperfect Competition: On the Existence of Equilibrium. Abstract Provides new conditions guaranteeing the existence of pure strategy pricing
State-dependent pricing and the dynamics of money and output Abstract Identifies a special case in which state-dependent (S,s) pricing policies
Sectoral shocks, learning, and aggregate fluctuations Abstract We present a model in which sectoral shocks have aggregate consequences. The model
Business as usual, market crashes, and wisdom after the fact Abstract We present a three-stage model of market crashes. In
Monetary policy as a process of search Abstract Monetary policy makers are uncertain about the state of the economy and