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Comments on ‘Alternative Models of Political Business Cycles’ by W.D. Nordhaus
(Brookings Institution Press, 1989)
An Efficiency-Wage Theory of the Weather
(University of Chicago Press, 1989)
No abstract provided.
Partisan Cycles in Congressional Elections and the Macroeconomy
(Cambridge University Press, 1989)
In the postwar United States the president's party has always done worse in the midterm congressional elections than in the previous congressional election. Republican administrations exhibit below-average, and Democratic ...
Rational Expectations Business Cycles in Search Equilibrium
(University of Chicago Press, 1989)
We examine the rational expectations equilibrium paths of the model of search and barter in Diamond's "Aggregate Demand Management in Search Equilibrium." For some initial positions, there are two equilibrium paths converging ...
Industrialization and the Big Push
(University of Chicago Press, 1989)
This paper explores Rosenstein-Rodan's idea that simultaneous industrialization of many sectors of the economy can be profitable for them all even when no sector can break even industrializing alone. We analyze this idea ...
Life-Cycle Labor-Force Participation of Married Women: Historical Evidence and Implications
(University of Chicago Press, 1989)
The seven-fold increase, since 1920, in the labor force participation rate of married women was <i>not</i> accompanied by a substantial increase in average work experience among employed married women. Two data sets giving ...
A Constant Recontracting Model of Sovereign Debt
(University of Chicago Press, 1989)
We present a dynamic model of international lending in which borrowers cannot commit to future repayments and in which debtors can sometimes successfully negotiate partial defaults or "rescheduling agreements." All parties ...
Precautionary Saving and the Timing of Taxes
(University of Chicago Press, 1989)
This paper analyzes the effects of government debt and income taxes on consumption and saving in a world of infinitely lived house- holds having uncertain and heterogeneous incomes. The special structure of the model allows ...
External Debt, Capital Flight and Political Risk
(Elsevier, 1989)
This paper explains the simultaneous occurrence of large external debts, private capital outflows and low domestic capital formation. We consider a general equilibrium model in which two government types with conflicting ...
Why Is Consumption So Smooth?
(Blackwell Publishing, 1989)
For thirty years it has been accepted that consumption is smooth because permanent income is smoother than measured income. (This paper considers the evidence for the contrary position, that permanent income is in fact ...