Macroeconomics

Contributions to Modern Keynesian Economics

• Towards a General Theory of Consumerism: Reflections on Keynes’ Economic Possibilities for Our Grandchildren, in Revisiting Keynes: Economic Possibilities for Our Grandchildren, G. Piga and L. Pecchi, ed., Cambridge : MIT Press, forthcoming.
• Interest Rates, Risk, and Imperfect Markets: Puzzles and Policies, Oxford Review of Economic Policy 15(2), 1999, pp. 59-76.
• Interest Rate Puzzles, Competitive Theory and Capital Constraints, in Economics in a Changing World, IEA Conference Volume, Economic Growth and Capital and Labour markets, 111(5), Jean-Paul Fitoussi (ed.), New York: St. Martin’s Press, 1995, pp. 145-175. (Prepared for the International Economics Association Meetings, Moscow, August 1992.)
• Contract Theory and Macroeconomic Fluctuations, in Contract Economics, L. Werin and H. Wijkander (eds.), Basil Blackwell, 1992, pp. 292-322.
• Methodological Issues and the New Keynesian Economics, Macroeconomics: A Suvey of Research Strategies, A. Vercelli and N. Dimitri (eds.), Oxford University Press, 1992, pp. 38-86. Also NBER Working Paper No. 3580 and Reprint No. 1801.
• Stochastic and Deterministic Fluctuations in a Non-Linear Model with Equity Rationing, with M. Gallegati, Giornale Degli Economisti e Annali di Economia (Italy), 60, January-April 1992, pp. 97-108.
• Examining Alternative Macroeconomic Theories, with B. Greenwald, Brookings Papers on Economic Activity, 1, 1988, pp. 207-270. Subsequently reprinted in Recent Developments in Macroeconomics, Edmund Phelps (ed.), Edward Elgar, 1991, pp. 335-388.
• Implicit Contracts, Labor Mobility and Unemployment, with R. Arnott and A. Hosios, American Economic Review, 78(5), December 1988, pp. 1046-1066. Also NBER Working Paper 2316.
• Wage Rigidity, Implicit Contracts, Unemployment and Economic Efficiency, with D. Newbery, Economic Journal, 97(386), June 1987, pp. 416-430.
• Theories of Wage Rigidities, in Keynes’ Economic Legacy: Contemporary Economic Theories, J.L. Butkiewicz, et al. (eds.), New York: Praeger Publishers, 1986, pp. 153-206. (Presented at a conference on Keynes’ Economic Legacy, University of Delaware, December 1983.)
• Implicit Contracts and Fixed Price Equilibria, with C. Azariadis, Quarterly Journal ofEconomics Supplement, 98, 1983, pp. 1-22. Subsequently reprinted in New Keynesian Economics, 2, N.G. Mankiw and D. Romer (eds.), MIT Press, 1991, pp. 187-210.
• Toward a Reconstruction of Keynesian Economics: Expectations and Constrained Equilibria, with P. Neary, Quarterly Journal of Economics, 98, Supplement, 1983, pp. 199-228. Reprinted in The Keynesian Heritage Volumes I, G.K. Shaw (ed.), in a series: Schools of Thought in Economics, Mark Blaug (ed.), Edward Elgar Publishing Ltd. Also NBER Working Paper 376. (Presented at the Athens meeting of the Econometric Society, September 1979.)
• Capital, Wages and Structural Unemployment, with George A. Akerlof, Economic Journal, 79(314), June, 1969, pp. 269-281.
• Output, Employment and Wages in the Short Run, with R. Solow, Quarterly Journal ofEconomics, 82, November 1968, pp. 537-560.
• Investment, Income, and Wages, (abstract), with G. A. Akerlof, Econometrica, 34(5), Supplementary Issue, 1966, p. 118. (Presented at December meetings of the Econometric Society, New York.)

New Keynesian Theories

• Macroeconomic Fluctuations in an Economy of Phelps-Winter Markets, with Bruce Greenwald, in Knowledge, Information, and Expectations in Modern Macroeconomics: In Honor of Edmund S. Phelps, Philippe Aghion, Roman Frydman, Joseph Stiglitz, and Michael Woodford (eds.), Princeton University Press, 2003, pp.123-136
• Shaken and Stirred: Explaining Growth Volatility, with William Easterly and Roumeen Islam, in Annual Bank Conference on Development Economics 2000, Washington: World Bank, 2001, pp. 191-212.
• Shaken and Stirred: Volatilty and Macroeconomic Pardigms for Rich and Poor Countries, with William Easterly and Roumeen Islam, in Advances in Macroeconomic Theory, Jacques Dreze(ed.), IEA Conference Volume, 133, Houndsmill: Palgrave, 2001, pp. 353-372. (Speech given for Michael Bruno Memorial Lecture, 12 th World Congress of IEA, Buenos Aires, August 27, 1999.)
• Toward a General Theory of Wage and Price Rigidities and Economic Fluctuations, American Economic Review, 89(2), May 1999, pp. 75-80. Reprinted in Market Failure or Success – The New Debate, Cowen, T. and E. Crampton (eds.), Edward Elgar, 2002, pp. 31-40.
• Labor Market Adjustments and the Persistence of Unemployment, with B. Greenwald, American Economic Review, 85(2), May 1995, pp. 219-225.
• New and Old Keynesians, with B. Greenwald, Journal of Economic Perspectives, 7(1), Winter 1993, pp. 23-44, also in A Macreconomic Reader, Brian Snowdon and Howard R. Vane (eds.), Routledge, 1997, pp.552-574.
• Asymmetric Information in Credit Markets and Its Implications for Macroeconomics, with A. Weiss, Oxford Economic Papers, 44(4), October 1992, pp. 694-724.
• Capital Markets and Economic Fluctuations in Capitalist Economies, European Economic Review, 36, North-Holland, 1992, pp. 269-306. (Marshall Lecture prepared for the European Economic Association Annual Meeting, Cambridge, UK, August 1991.)
• Toward a Reformulation of Monetary Theory: Competitive Banking, with B. Greenwald, Economic and Social Review 23(1), October 1991, pp. 1-34. Also NBER Working Paper 4117. (Paper prepared for the Irish Economic Association Annual Conference, Dublin, May 1991, and Caffee Lectures presented to the University of Rome and the Bank of Italy, Rome, April 1991.)
• Macroeconomic Models with Equity and Credit Rationing, with B. Greenwald, in Asymmetric Information, Corporate Finance, and Investment, R. B. Hubbard (ed.), University of Chicago Press, 1990, pp. 15-42.
• Comments on Symposium on Monetary Theory, with A. Stockman and M. Woodford, in Symposium on Monetary Theory (Proceedings of Taipei), Institute of Economics, Acadamia Sinica, 1988, pp. 299-336.
• Imperfect Information, Finance Constraints and Business Fluctuations, with B. Greenwald, in Finance Constraints, Expectations, and Macroeconomics, M. Kohn and S.C. Tsiang (eds.), Oxford: Oxford University Press, 1988, pp. 103-140.
• Information, Finance Constraints and Business Fluctuations, with B. Greenwald, Symposium on Monetary Theory (Proceedings of Taipei), Institute of Economics, Academia Sinica, 1988, pp. 299-336.
• Money, Credit, and Business Fluctuations, Economic Record, 64(187), December 1988, pp. 62-72. Reprinted as “Dinero, Crédito y Fluctuaciones Economicas,” Revista de Economia, Banco Central del Uruguay, 3(3), April 1989. Also NBER Working Paper No. 2823 and Reprint No. 1390.
• Money, Imperfect Information and Economic Fluctuations, with B. Greenwald, in Finance Constraints, Expectations and Macroeconomics, M. Kohn and S.C. Tsiang (eds.), Oxford: Oxford University Press, 1988, pp.141-165. Also NBER Working Paper 2188.
• Keynesian, New Keynesian and New Classical Economics, with B. Greenwald, Oxford Economic Papers, 39, March 1987, pp. 119-133. Subsequently reprinted in Price, Quantities, and Expectations, P.J.N. Sinclair (ed.), Oxford University Press, 1987, pp. 119-133; in the French translation of Collected Papers on the Current State of Keynesian Theory, R. Arena and D. Torre (eds.), Les Presses Universitaires de France; in the French translation of Origins and Prospects of Keynesianism: Some New Developments, R. Arena and D. Torre (eds.); and in Keynes et les nouveaux Keynesiens, R. Arena and D. Torre (eds.), Paris: Les Presses Universitaires de France, 1992, pp. 169-191.
• Imperfect Information, Credit Markets and Unemployment, with B. Greenwald, European Economic Review, 31, 1987, pp. 444-456.
• Money, Credit Constraints and Economic Activity, with A. Blinder, American Economic Review, 73(2), May 1983, pp. 297-302.

Financial Market Regulation and Design

• Franchise Value and the Dynamics of Financial Liberalization, with Thomas Hellmann and Kevin Murdock, in Designing Financial Systems in Transition Economies; Stragegies for Reform in Central and Eastern Europe, Anna Meyendorff and Anjan Thakor (eds.), MIT Press, 2002, pp. 111-127.
• Principles of Financial Regulation: A Dynamic Approach, The World Bank Observer, 16(1), Spring 2001, pp. 1-18.
• Robust Financial Restraint, with P. Honohan, in Financial Liberalization: How Far, How Fast? G. Caprio, P. Honohan and J. Stiglitz (eds.), Cambridge, UK: Cambridge University Press, 2001, pp. 31-63.
• Liberalization, Moral Hazard in Banking and Prudential Regulation: Are Capital Requirements Enough? with T. Helmann and K. Murdoch, in American Economic Review, 90(1), March 2000, pp. 147-165. Also published in Industrial Organization and Regulation, 3(17), August 2000; and in Banking and Financial Institutions, 5(8), June 2000.
• Financial Restraint and the Market Enhancing View, with T. Hellmann and K. Murdock, in The Institutional Foundations of East Asian Economic Development, Y. Hayami and M. Aoki (eds.), London: MacMillan, 1998, pp. 255-284.
• Financial Restraint: Toward a New Paradigm, with T. Hellmann and K. Murdock, in The Role of Government in East Asian Economic Development, M. Aoki, H. Kim, and M. Okuna-Fujiwara (eds.), Oxford: Clarendon Press, 1997, pp. 163-207.
• Deposit Mobilisation Through Financial Restraint, with T. Hellmann and K. Murdock, in Financial Development and Economic Growth, N. Hermes and R. Lensink (eds.), Routledge, 1996, pp. 219-246. Also in Banking and Financial Institutions, 3(5B), February 7, 1996; and Stanford Graduate School of Business Research Paper 1354, July 1995.
• The Design of Financial Systems for the Newly Emerging Democracies of Eastern Europe, in The Emergence of Market Economies in Eastern Europe, C. Clague and G.C. Rausser (eds.), Cambridge: Basil Blackwell, 1992, pp. 161-184. Also Institute for Policy Reform Working Paper IPR21, 1991.
• Introduction: S&L Bailout, in The Reform of Federal Deposit Insurance: Disciplining the Government and Protecting Taxpayers, J. Barth and R. Brumbaugh, Jr. (eds.), Harper Collins Publishers, 1992, pp. 1-12.
• Financial Intermediaries and the Allocation of Capital, published as “Ruolo dei Fondi de Capitallizzazione Nello Szilluppo dell’Economia di un Paese Industrializzato,” Assicurazioni, Luglio-Agosto 1988, pp. 1-16. (Originally delivered to Academia de Lincei, May 29, 1988, Rome.)

Theory of Economic Growth

• Economic Growth Revisited, Industrial and Corporate Change, 3(1), pp. 65-110, 1994.
• Endogenous Growth and Cycles, in Innovation in Technology, Industries, and Institutions, Y. Shionoya and M. Perlman (eds.), The University of Michigan Press, 1994, pp. 121-56. Also NBER Working Paper 4286.
• Capital market imperfections and regional economic development, with Bruce C. Greenwald and Alec Levinson, Finance and Development: Issues and Experience, Alberto Giovannini (ed.), Cambridge University Press, 1993, pp. 65-93.
• The Design of Financial Systems for the Newly Emerging Democracies of Eastern Europe, in The Emergence of Market Economies in Eastern Europe, C. Clague and G.C. Rausser (eds.), Cambridge: Basil Blackwell, 1992, pp. 161-184. Also Institute for Policy Reform Working Paper IPR21, 1991.
• Explaining Growth: Competition and Finance, Rivista di Politica Economica ( Italy), 82(169), November 1992, p. 225. (Paper prepared for the Villa Mondragone International Economic Seminar, Rome, June 1992.)
• Financial Market Imperfections and Productivity Growth, with B. Greenwald and M. Kohn, Journal of Economic Behavior and Organization, 13(3), June 1990, pp. 321-345. Also NBER Working Paper 2945.
• Some Retrospective Views on Growth Theory, presented on the occasion of the Celebration of Robert Solow’s 65th Birthday, in Growth/Productivity/Unemployment, P. Diamond (ed.), Cambridge, MA: MIT Press, 1990, pp. 50-68.
• Notes on Stochastic Capital Theory, with W. Brock and M. Rothschild, in Joan Robinson and Modern Economic Theory (Vol 1), G. Feiwel (ed.), Macmillan Press, 1989, pp. 591-622. Also NBER Technical Working Paper 23, May 1982 and Social Systems Research Institute Reprint Series 373. (Revised version presented at Conference in Honor of Karl Borch, Bergen, Norway, April 1989.)
• The Cambridge-Cambridge Controversy in the Theory of Capital; A View From New Haven: A Review Article, Journal of Political Economy, 82(4), July-August 1974, pp. 893-904.
• The Badly Behaved Economy with the Well Behaved Production Function, in Models of Economic Growth, J. Mirrlees (ed.), MacMillan Publishing Company, 1973, pp. 118-137. (Presented at the International Economic Association Conference on Growth Theory, Jerusalem, 1970.)
• Recurrence of Techniques in a Dynamic Economy, in Models of Economic Growth, J. Mirrlees (ed.), MacMillan, 1973, pp. 138-161.
• Factor Price Equalization in a Dynamic Economy, Journal of Political Economy, 78(3), May-June 1970, pp. 456-489.
• Non-Substitution Theorems with Durable Capital Goods, Review of Economic Studies, 37(4), October 1970, pp. 543-553.
• Reply to Mrs. Robinson on the Choice of Technique, Economic Journal, 80(318), June 1970, pp. 420-422.
• Allocation of Heterogeneous Capital Goods in a Two Sector Economy, InternationalEconomic Review, 10, October 1969, pp. 373-390. (Presented at the 1965 Chicago Symposium on the Theory of Economic Growth.)
• Capital Gains, Income and Savings, with K. Shell and M. Sidrauski, Review of Economic Studies, 36, January 1969, pp. 15-26.
• The Implications of Alternative Saving and Expectations Hypotheses for Choices of Technique and Patterns of Growth, with D. Cass, Journal of Political Economy, 77, July-August 1969, pp. 586-627. (Presented at the 1967 Chicago Symposium on the Theory of Economic Growth.)
• A Note on Technical Choice Under Full Employment in a Socialist Economy, Economic Journal, 78(311), September 1968, pp. 603-609.
• Allocation of Investment in a Dynamic Economy, with K. Shell, Quarterly Journal of Economics, 81, November 1967, pp. 592-609.

Theory of Research and Development

• Public-Private Technology Partnerships: Promises and Pitfalls, with Scott J. Wallsten, American Behavioral Scientist, 43(1), September 1999, pp. 52-74. Also published in Public-Private Policy Partnerships, P. Rosenau (ed.), Cambridge, MA: MIT Press, 2000, pp. 37-59.
• Impact of the Changing Tax Environment on Investments and Productivity, with B. Greenwald, The Journal of Accounting, Auditing and Finance, 4(3), Summer 1989, pp. 281-301. (Revised version of paper prepared for a conference on “Tax Policy in a Complex and Dynamic Economic Environment: Challenges and Opportunities,” New York University, December 1988.)
• Learning by Doing, Market Structure, and Industrial and Trade Policies, with P. Dasgupta, Oxford Economic Papers, 40(2), 1988, pp. 246-268.
• Technological Change, Sunk Costs and Competition, Brookings Papers on Economic Activity, 1988, pp. 883-947.
• The Invariance of Market Innovation to the Number of Firms, with R. Sah, Rand Journal of Economics, 18(1), Spring 1987, pp. 98-108.
• Learning to Learn, Localized Learning and Technological Progress, in Economic Policy and Technological Performance, P. Dasgupta and Stoneman (eds.), Cambridge University Press, 1987, pp. 125-153.
• On the Microeconomics of Technical Progress, in Technology Generation in Latin American Manufacturing Industries, Jorge M. Katz (ed.), Macmillan Press Ltd. 1987, pp. 56-77. (Presented to IDB-Cepal Meetings, Buenos Aires, November 1978.)
• Theory of Competition, Incentives and Risk, in New Developments in the Analysis of Market Structure, J.E. Stiglitz and F. Mathewson (eds.), MacMillan/MIT Press, 1986, pp. 399-449. Also, Princeton University Econometric Research Program Research Memorandum 311.
• Introduction to Proceedings of the International Economic Association Roundtable Conference on New Developments in the Theory of Market Structure, in New Developments in the Theory of Market Structure, J.E. Stiglitz and F. Mathewson (eds.), MacMillan, 1986. (Conference held in Ottawa, Canada, May 10, 1982.)
• Preemption, Leapfrogging and Competition in Patent Races, with D. Fudenberg, R. Gilbert and J. Tirole, European Economic Review, 22, June 1983, pp. 3-32.
• Entry, Innovation, Exit: Toward a Dynamic Theory of Oligopolistic Industrial Structure, with P. Dasgupta, European Economic Review, 15(2), Feb. 1981, pp. 137-158.
• Industrial Structure and the Nature of Innovative Activity, with P. Dasgupta, Economic Journal, 90(358), June 1980, pp. 266-293. Reprinted in The Economics of Technical Change, Elgar Reference Collection, International Library of Critical Writings in Economics, 31, Edwin Mansfield and Elizabeth Mansfield (eds.), Aldershot, UK: Elgar. pp. 133-160.
• Uncertainty, Market Structure and the Speed of R&D, with P. Dasgupta, Bell Journalof Economics, 11(1), Spring 1980, pp. 1-28. Also Princeton University Econometric Research Program Research Memorandum 255.
• A New View of Technological Change, with A. Atkinson, Economic Journal, 79(315), September 1969, pp. 573-578.
• Theory of Innovation: Discussion, with Evsey Domar, American Economic Review, AEA Papers and Proceedings, 59(2), May 1969, pp. 44-49.