Heijdra Foundations of Modern Macroeconomics (Oxford, 2002)

Index

expected duration of vacancy, 215 firm search cost, 218

job destruction, 214, 216 loss of skills, 36, 231 matching function, 214 search externality, 216 vacancy creation, 219

vacancy-unemployment ratio, 215, 225

Matsuyama, K., 360, 384, 402, 572, 573, 575,

576, 581, 583

Maximum Principle, 81

McCallum, B. T., 79, 312, 314, 317, 356, 529,

657

McDonald, I. M., 194, 196 McFadden, D. L., 615 McGrattan, E. R., 529

McKibbin, W. J., 310

Mean-variance model, 331 Median voter model, 247 Meijdam, A. C., 583, 695 Meltzer, A. H., 258 Menger, C., 311

Menu costs, see Price adjustment costs,

388

Merton, R. C., 330

Merz, M., 526, 529

Method of undetermined coefficients, 475, 510, 536

Michel, P., 618, 651

Mill, J. S., 18

Miller, M., 105, 310

Miller, M. H., 41, 356, 460, 529 Miller, P. J., 79, 529

Minimum transaction rule, 107 Minimum wage, 169

Models

AD-AS, 32, 57, 58

AK, 451 Azariadis-Drazen, 624 Blanchard-Yaari, 545

Blinder-Solow, 50

Diamond-Samuelson, 590 unit-elastic version of, 594

Dornbusch, 105, 297

Fischer, 71 Grossman-Helpman, 461 IS-LM, 11, 668

comeback of, 657 status of, 652

with perfect foresight, 100

Lucas-Uzawa, 456, 621

Mundell-Fleming, 264 extended, 278

quantity rationing, 107, 116 open economy, 122

Ramsey, 422, 541 open economy, 431

Romer, 469

Sargent-Wallace, 68

Solow-Swan, 405

with human capital, 417 unit-elastic RBC, 481

Weil, 443, 556

Modified golden rule, see Golden rule, modified, 550

Modified Keynes-Ramsey (MKR) rule, 446 Modified Samuelson rule, 255

Modigliani, F., 11, 14, 19, 21, 41, 71, 107,

328, 330, 460

Modigliani-Miller theorem, 41 Molana, H., 402

Monetarists versus Keynesians, 23, 47, 68

Monetary policy

credibility of, see Credibility, 241 in Classical model, 18

in Dornbusch model, 301 in IS-LM model, 22

in menu cost model, 389

in Mundell-Fleming model, 267, 268, 270

in quantity rationing model, 118 in two-country world, 287 timing of, 23

under rational expectations, 68, 72

Money

and double coincidence of wants, 313 and growth, 475

and uncertainty, 327

as medium of exchange, 314 as store of value, 321, 327 demand for, 13, 51, 100, 109 functions of, 311

in utility function, 319, 377 neutrality of, 18, 297 portfolio approach to, 330 shopping-cost model of, 317 supply of, 262, 378

supply rule for, 326, 341

Money market equilibriun Equilibrium, i.. 379

Monopolistic competitieand firm entry/exit, 370 and monetary neutral and un-Keynesian m t:

Chamberlinian key features of, 364

Monopoly union, see Track

,190

Morgenstern, 0., 328

Mortality, 619

Mortensen, D. T., 214, 2.33, Mourmouras, A., 651

Moutos, 'F, 402 Muellbauer, J., 108, 11,, 3(

Mueller, D. C., 248 Mulligan, C. B., 460, 475 Multiplier

Haavelmoo, 368, -9

Kahn, 17

Keynesian, 17 money, 264

New Classical, 484, - - supply, 119

under bond finan,._ under money financul z under monopolistic corn!

long-run, 369 short-run, 367

Mundell, R. A., 24, 31( Mundell-Fleming model. se

Mundell-Elam

Mussa, M., 310 Muth, J. E, 60-62, 67,

Nahuis, R., 466, 468 Nash bargaining, 192, 194 Nason, J. M., 501, 52 5:

National solvency con,'

National wealth, see %Nt,,,u1 Neary, J. P., 124, 125, 127. 1

Nelson, E., 657

Nerlove, M., 651 Neumann, J. von, 328 New Keynesian Phillips c-. New Neoclassical Synthe.5 Ng, Y. -K., 402

744

S4

",116

1

417

er Golden rule,

:1)

(MKR) rule, 446

255

Q 21, 41, 71, 107,

rn, 41

nesians, 23, 47, 68

. !ity, 241

8

,301

S9

model, 267, 268,

Cations, 68, 72

e of wants, 313

314

,327

109

Pin 377

o, 330

- f 317

Money market equilibrium (MME), see

Equilibrium, in money market,

379

Monopolistic competition, 360, 462 and firm entry/exit, 370

and monetary neutrality, 378 and un-Keynesian multiplier, 368

Chamberlinian tangency solution, 401 key features of, 364

Monopoly union, see Trade union, monopoly , 190

Morgenstern, 0., 328 Mortality, 619

Mortensen, D. T., 214, 233, 526 Mourmouras, A., 651

Moutos, T, 402

Muellbauer, J., 108, 110, 362, 557

Mueller, D. C., 248

Mulligan, C. B., 460, 475, 529

Multiplier

Haavelmoo, 368, 389 Kahn, 17

Keynesian, 17 money, 264

New Classical, 484, 485, 495 supply, 119

under bond financing, 55 under money financing, 54

under monopolistic competition long-run, 369

short-run, 367

Mundell, R. A., 24, 308, 310, 657

Mundell-Fleming model, see Models, Mundell-Fleming, 233

Mussa, M., 310

Muth, J. E, 60-62, 67, 78

Nahuis, R., 466, 468

Nash bargaining, 192, 194, 221

Nason, J. M., 501, 520, 529

National solvency condition, 434, 436 National wealth, see Wealth, national, 437 Neary, J. P., 124, 125, 127, 131, 133

Nelson, E., 657

Nerlove, M., 651 Neumann, J. von, 328

New Keynesian Phillips curve, 380, 402

New Neoclassical Synthesis, 653

Ng, Y. -K., 402

Index

Nickell, S. J., 105, 159, 162, 163, 186,

199 Niehans, J., 310, 356 Nielsen, S. B., 583

No-Ponzi-Game (NPG) condition, 43, 423, 479, 546, 547, 644

Non-Wairasian model, see Models, quantity rationing, 107

Norgaard, R. B., 651 Notional behaviour

of firms, 110

of households, 108, 109

Nourry, C., 651

O'Connell, S. A., 651

Obstfeld, M., v, 143, 310, 583, 605, 629, 631, 638, 640

Ogata, K., 536, 695, 700 Okun's gap, 31, 297

Open economy

balance of payments, 265 current account, 262 domestic absorption, 261, 574

effects of oil price shock, 572, 577 financial openness of, 265, 308, 431, 572 national income accounting, 261

supply side of, 275 transmission of shocks, 282

Optimal golden age path, see Golden rule, 595

Optimal quantity of money, 338

Optimal stabilization policy, 79 Optimal taxation, 353

Orr, D., 356

Ortega, K., 667 Oswald, A. J., 212

Overlapping-generations model, see Models, Diamond-Samuelson, Blanchard-Yaari, Weil, 146

and money, 323 first look at, 146

indeterminacy in, 612, 614 Oversaving, 410, 429, 446, 571, 604

empirical test for, 571, 608

in Diamond-Samuelson model, 596 Overshooting, 301

and imperfect capital mobility, 304 and monetary accommodation, 306 and price stickiness, 301

745

Index

Pareto optimality, 608, 628

Parkin, M., 402

Path dependency, see Hysteresis, 35 Patinkin, D., 106

Patterson, K., 538

Pecchenino, R., 651

Pemberton, M., 658

Pencavel, J., 173, 212 Pensions

Aaron condition, 611 fully funded, 597

neutrality of, 597 old-age-, 596

pay-as-you-go- (PAYG), 597, 599 and retirement, 609 crowding-out effects of, 602

equivalence to government debt, 604 welfare effects of, 604, 613, 615 welfare effects of abolishing, 609, 617

windfall gain to initially old, 601 Perfect competition, 2, 73, 167, 203, 214,

279, 345, 351, 365, 426, 452, 458, 462, 480, 504, 550, 572, 591

Perfect foresight hypothesis (PFH), see

Expectations, perfect foresight, 8 Perli, R., 459, 460, 475

Perpetual-youth model, see Models, Blanchard-Yaari, 545

Persson, T., 124, 238, 258

Pesaran, M. H., 67

Pestieau, P., 615, 617, 618, 642 Petrongolo, B., 233

Pfann, G., 105 Phase diagram

of Blanchard-Yaari model, 552 of Blinder-Solow model, 53, 54 of Dornbusch model, 298

of extended Blanchard-Yaari model, 559, 583

of investment subsystem, 577 of IS-LM-AS model, 34

of Ramsey model, 427

of Solow-Swan model, 407 of Tobin's q model, 86

of unit-elastic Diamond-Samuelson model,

594

with PAYG pensions, 600, 614

of unit-elastic RBC model, 482, 530 of Weil model, 445

with public and private capital, 635

Phelps, E. S., 25, 27, 36, 79, 348, 380, 398

Phillips curve, 21

Pigou, A. C., 20

Pindyck, R. S., 105

PIP, see policy ineffectiveness, 24

Pissarides, C. A., 214, 216, 220, 231, 233, 235,

526

Ploeg, F. van der, 133, 207, 212, 259, 370,

372, 375, 377, 402, 475, 557, 583

Plosser, C. I., 477, 503, 529

Poisson process, 218

Policy ineffectiveness, 24, 69, 238 counterexample to, 75

Poole, W., 79

Population aging of, 618

growth of, 406, 409, 548, 556, 590, 593 Portes, R., 108, 110

Portfolio

diversification of, 14, 334

income and substitution effects, 336

Portier, F., 529

Poterba, J. M., 402 Prasad, E., 583

Pratt, J. W., 332

Preference for diversity (PFD), 360

Prescott, E. C., 237, 477, 503, 504, 518, 522, 529, 653

Price adjustment costs, 380 menu costs, 380

problematic aspects of, 396 quadratic, 380, 397

Pro-cyclical real wage, 373, 523 Production function

Cobb-Douglas, 111, 191, 208, 409, 416,

458, 480, 504, 559, 572, 594, 600,

624, 634

Constant Elasticity of Substitution (CES), 414, 450, 462

constant returns to scale, 2, 81, 86, 97, 207,

218, 405, 460, 550, 592, 633 for knowledge, 457, 622, 626 increasing returns to scale, 364 intensive form of, 407, 592

linear, 250, 345, 351, 452, 457 short-run, 2, 167, 188, 200

Profit, 80, 125, 207, 252, 351, 463, 504 short-run, 2, 111, 167, 171, 179,

188, 279

4

q, see Tobin's q, 80 Quantity rationing mod, .

quantity ration Quantity theory of money

Ramsey model, see Models,

Ramsey taxes, 255, 348 Ramsey, F. P., 348, 475 1 Rankin, N., 360

Rational expectations h) - A

Expectations. ra

Rau, N., 658

Raut, L. K., 651 Ravikumar, B., 475, 651

Razin, A., 310, 583

Reagan, R., 24

Real business cycles (WIC and persistence of stip. and productivity shoci, index of general prodl- . stylized facts about, 522

Rebelo, S., 451, 457, 475. 4 503, 512, 515. 5

Regime classification,	)
Reichlin, R., 612

Rental price of capital, 44. : 455, 458, 481, 51

Replacement rate, 180. 2

Reputation, 243 Research and devc.

and duplication of el: and knowledge extern:. RET, see Ricardian equivaki

Returns to specializati, Ricardian equivalence. 1 and borrowing rest.

and distorting taxes, 14t, and finite lives, 145, 555 and population grov. • • 4 demonstration of *. .eor-

failure of, 139, 151, 4_2_

Ricardo, D., 18, 134, 157 Right-to-manage union, see

right-to-mar _

Rigidity

interaction real and nor-,

of nominal wage, 11, 71. of price, 107

of real consumer wage. • - of real wage, 131, 169, I_

746

q, see

79, 348, 380, 398

recess, 24

220, 231, 233, 235,

212, 259, 370, - 402, 475, 557, 583

529

ICI 69, 238 -

Fs

- 13, 556, 590, 593

,334

n effects, 336

:)), 360

- 503, 504, 518, 522,

380

I

s of, 396

- 3, 523

191, 208, 409, 416,

4. 559, 572, 594, 600,

(CES),

2

le, 2, 81, 86, 97, 207, 0, 550, 592, 633

.72, 626 ale, 364 592

452, 457

5, 200

Z, 351, 463, 504 - 171, 179,

Tobin's q, 80

Quantity rationing model, see Models, quantity rationing, 107

Quantity theory of money, 18

Ramsey model, see Models, Ramsey, 422 Ramsey taxes, 255, 348

Ramsey, F. P., 348, 475 Rankin, N., 360

Rational expectations hypothesis (REH), see Expectations, rational, 9

Rau, N., 658 Raut, L. K., 651

Ravikumar, B., 475, 651 Razin, A., 310, 583 Reagan, R., 24

Real business cycles (RBC)

and persistence of shock, 496 and productivity shocks, 503, 510 index of general productivity, 480 stylized facts about, 522

Rebelo, S., 451, 457, 475, 478, 482, 493, 494,

503, 512, 515, 518, 522, 524, 529

Regime classification, 116 Reichlin, R., 612

Rental price of capital, 44, 219, 251, 427, 452,

455, 458, 481, 504, 551, 592, 634

Replacement rate, 180, 200 Reputation, 243

Research and development (R&D) and duplication of efforts, 471

and knowledge externality, 463, 471 RET, see Ricardian equivalence, 134 Returns to specialization, 462, 467 Ricardian equivalence, 134, 369, 440

and borrowing restrictions, 144 and distorting taxes, 140

and finite lives, 145, 555 and population growth, 447

demonstration of theorem, 136, 442 failure of, 139, 151, 422

Ricardo, D., 18, 134, 157 Right-to-manage union, see Trade union,

right-to-manage, 192

Rigidity

interaction real and nominal, 390, 396 of nominal wage, 11, 71, 107, 131, 279 of price, 107

of real consumer wage, 175, 279 of real wage, 131, 169, 200

Index

theories for, 176

Riley, J. G., 328, 331, 333

Rios-Rull, J. V., 567 Risk

attitude to, 177, 332 aversion to, 151, 329, 332 capital-, 327

income-, 327 neutral, 218, 220, 332 premium, 144, 332

Rivera-Batiz, L. A., 475

Roberts, J. M., 380, 402 Robinson, J. A., 651 Rodriguez, C., 304, 310 Rogerson, R., 524, 526, 529

Rogoff, K., v, 143, 247, 310, 583

Romer model, see Models, Romer, 469

Romer, D., v, 28, 356, 396, 402, 417, 418, 652

Romer, P. M., 405, 451, 457, 461-463, 469,

470, 475, 618, 621

Rosen, S., 186, 457

Ross, S. M., 216

Rossi, P. E., 353

Rotemberg, J. J., 275, 279, 288, 380, 385,

396-398, 400, 402, 506, 529

Roubini, N., 156

Ryder, H. E., 594

Sachs, J. D., 310

Saddle-point stability, see Stability, forward-looking, 89

Saint-Paul, G., 186, 259, 583

Sala-i-Martin, X., 407, 409, 415, 416, 423, 424, 449, 454, 456, 460, 475, 578

Salop, J., 275

Samuelson, P. A., 21, 30, 59, 79, 323, 324,

330, 340, 386, 590, 595, 596, 607,

608, 650, 695

Sandmo, A., 327, 329

Sargent, T. J., v, 23, 39, 67, 69, 71, 79, 105, 323, 352, 353, 355, 356, 538, 605, 652

Sargent-Wallace model, see Models, Sargent-Wallace, 68

Satiation rule, see Friedman rule, 342 Sato, R., 416

Saving

constant rate of, 407 for retirement, 569, 590 function

747

Index

in Diamond-Samuelson model, 591, 599, 605

in Solow-Swan model, 406

Saving, T. R., 356

Scale effects, 470 elimination of, 473

empirical falsification of, 470

Scaramozzino, P., 583

Scarth, W. M., 59, 105 Schimmelpfennig, D., 651 Schreft, S., 651

Schuh, S., 233 Schumpeter, J. A., 475 Schwartz, N. L., 703

Search in labour market, see Matching model, 36

Seater, J. J., 152 Segerstrom, P. S., 475 Seierstad, A., 703 Sen, P., 434, 437, 578

Shafir, E., 657

Shapiro, C., 179, 396 Shell, K., 475

Sheshinski, E., 475 Shleifer, A., 403

Shopping technology, 317 Sidrauski, M., 475, 529 Silberberg, E., 386

Silvestre, J., 133, 360, 379, 402 Sims, C. A., 529

Singleton, K. J., 508

Sinn, H. -W., 43, 650 Sirens, 236

Smith, A., 18 Smulders, S., 475

Snowdon, B., 28

Snower, D. J., 212

Social expansion path, 238 Social optimum, 429

and money supply, 339

and overlapping generations, 628 decentralization of, 251, 642 first-best, 250

second-best, 253

two-step procedure for computing, 640 Social planner, 457, 467

Social security, see Pensions, 596

Social welfare function, 77, 153, 238, 242, 608

and overlapping generations, 628

Benthamite, 638

Sola, M., 310

Solow neutrality, see Technological change, 409

Solow residual, 518

Solow, R. M., 21, 50-52, 59, 134, 194, 196, 374, 402, 405, 449, 516

Solow-Swan model, see Models, Solow-Swan,

405 Sorenson, P. B., 583 Spence, M., 360

Spiegel, M. R., 678, 681, 687, 694 Spillover effects, 107

international, 284 intertemporal, 124

Srinivasan, T. N., 651 Stability, 29

backward-looking, 30, 420, 686 forward-looking, 30, 89, 300, 466, 577, 688 in monopolistic competition model, 372 of Blanchard-Yaari model, 554

of Blinder-Solow model, 53, 54

of Diamond-Samuelson model, 593 of Dornbusch model, 300

of IS-LM-AS model, 32

of unit-elastic Diamond-Samuelson model,

594

of unit-elastic RBC model, 483, 509 under fiscal increasing returns, 201 with public and private capital, 637

Stadler, G. W., 503, 518, 522-524, 526, 529 Staggering

of prices, 79, 398 of wages, 73, 76

Startz, R., 367, 369, 373, 402

State variable, see Variable types, 32 Static optimization, 669 Sterilization, 263

Stern, N. H., 255, 475

Stiglitz, J. E., 67, 124, 125, 127, 131, 178, 179,

186, 259, 353, 360, 372, 462, 657 Stochastic innovations, 76, 510

Stokey, N. L., 353

Storage technology, 324 Strang, G., 37, 667

Straub, M., 610-612, 617 Strom, A., 658

Strotz, R. H., 59, 631 Subsidies

on investment, 45, 81, 427

anticipated abolitiol in AK model, 452 in open economy, temporary, 95 11

on labour, 611

on vacancy creation, Summers, L. H., 104,

203, 402, 506

657

Svensson, L. E. 0., 124..

Swan, T. W., 405

Sydsxter, K., 143, 658, 6 700, 703

Tabellini, G., 238, 2. -

Tang, P. J. G., 475	111

Taste for variety, see Prci,

360 Tax revenue

and output, 55 base effect, 24 rate effect, 24

Tax smoothing, 152 and countercyclical pc and spending rules,

Taxes

and equilibrium emplo and labour demand ' and labour supply, I and unemploymc • 1

deadweight loss of.
distorting effect of, i
lump-sum, 252	11
age-specific, 642

on consumption, 4 progressive, 171, 2

Taylor approximatio14.

Taylor, J. B., v, 25, 79, 3 0

Technological change and R&D efforts, 461 capital-augmenti disembodied, 408, embodied, 408, 456, 6

Harrod neutral, 409 Hicks neutral, 409, •", labour-augmenting. Solow neutral, 409

Teles, P., 356

Temple, J., 475

Temptation, 244

748

hnological change,

! 59, 134, 194, 196, 449, 516

Solow-Swan,

1. 687, 694

I

^ 420, 686 300, 466, 577, 688

petition model, 372

. del, 554 del, 53, 54

, -n model, 593

, 300 12

wid-Samuelson model,

tod.l. 483, 509 returns, 201 capital, 637

1. 522-524, 526, 529

402

,e types, 32

9

_ - 127, 131, 178, 179,

3.360, 372, 462, 657

-6, 510

4

17

1. 427

anticipated abolition of, 93 in AK model, 452

in open economy, 438 temporary, 95

on labour, 611

on vacancy creation, 229

Summers, L. H., 104, 180, 182, 186, 199-201, 203, 402, 506, 529, 571, 608, 651,

657

Svensson, L. E. 0., 124, 310 Swan, T. W., 405

Sydsxter, K., 143, 658, 667, 669, 675, 678, 700, 703

Tabellini, G., 238, 258 Tang, P. J. G., 475

Taste for variety, see Preference for diversity, 360

Tax revenue and output, 55 base effect, 24 rate effect, 24

Tax smoothing, 152

and countercyclical policy, 156 and spending rules, 155

Taxes

and equilibrium employment, 174 and labour demand, 171

and labour supply, 171

and unemployment, 175, 182, 205, 227 deadweight loss of, 615

distorting effect of, 139, 153, 584, 611 lump-sum, 252

age-specific, 642

on consumption, 452, 557, 563 progressive, 171, 205

Taylor approximation, 331

Taylor, J. B., v, 25, 79, 398, 653 Technological change

and R&D efforts, 461 capital-augmenting, 409 disembodied, 408, 625 embodied, 408, 456, 625 Harrod neutral, 409 Hicks neutral, 409, 556

labour-augmenting, 409, 456 Solow neutral, 409

Teles, P., 356

Temple, J., 475

Temptation, 244

Index

Term structure of interest rates, 101 Tightness of labour market, see Matching

model, vacancy-unemployment ratio, 215

Time preference

of household, 135, 315, 423, 478, 505, 590, 614

of policy maker, 153, 638 of trade union, 208

risk-of-death adjusted rate of, 548

Time-inconsistency, see Dynamic inconsistency, 210

Tirole, J., 651

Tismenetsky, M., 667, 687

Tit-for-tat strategy, see Reputation, 243

Tobin's q, 82, 83, 427, 475, 575, 637 and labour market, 96, 208 average, 83

marginal, 83

Tobin, J., 21, 39, 59, 68, 82, 314, 330, 331, 334, 337, 475

Topol, R., 690 Trade union

and firm investment, 207, 212 and real wage rigidity, 191 efficient bargaining, 194

contract curve, 195 equity locus, 196

in two-sector setting, 197 indifference curve of, 189 insiders and outsiders, 203, 212 membership of, 187, 203 monopoly, 190 right-to-manage, 192

utility function of, 187, 208 Transitional dynamics

and capital adjustment costs, 45, 90, 578 and firm entry/exit, 370

for anticipated shocks, 91 for financial wealth, 580 for human wealth, 580 in AK model, 454

in Blanchard-Yaari model, 555 in Dornbusch model, 298

in quantity rationing model, 121 in Ramsey model, 430

in Solow-Swan model, 410, 413 in unit-elastic RBC model, 484 of unemployment rate, 165

Index

Transversality condition, 350, 429, 479, 541, 542, 545, 547

Treadway, A. B., 59 Trejos, A., 356

Turnbull, H. W., 678

Turnovsky, S. J., v, 43, 59, 79, 344, 346, 348, 356, 434, 437, 440, 475,

578, 652 Turtelboom, B., 583

Tversky, A., 657

Uhlig, H., 487, 508, 510, 529 Ulysses, 236

Uncovered interest parity, 296

Underinvestment, 207

in human capital, 626, 628, 632 in R&D, 468

Unemployment

and corporatism, 199

and trade unions, 190, 193, 196 benefit, 180, 188, 198, 199

Classical, 118, 170

in matching model, 214, 216 in RBC models, 526

Keynesian, 118 long-term, 36, 163

persistence of, 161, 202, 205, 212, 231 short-term, 164

stylized facts about, 159 with efficiency wages, 181 Union, see Trade union, 187

Unit root, see Eigenvalue, equal to unity, 30 Unit-elastic RBC model, see Models,

Unit-elastic RBC, 481 Upton, C. W., 529

Utility function

additively separable, 381 Cobb-Douglas, 109, 125, 360, 377, 614

Constant Elasticity of Substitution (CES),

360 exponential, 425 homothetic, 143 iso-elastic, 425 Leontief, 173

lifetime, 135, 315, 324, 340, 349, 423, 478, 504, 541, 546, 557, 590, 621, 626

logarithmic, 147, 624, 634 quasi-linear, 249

Uzawa, H., 456, 475, 572, 621

Vacancies, see Matching model, 214

Value of the firm, see Firms, market value of,

40

Vane, H., 28

Variable types

control, 82, 459, 464, 480

jumping, 90, 104, 432, 466, 489, 508, 575, 637

predetermined, 51, 90, 104, 432, 476, 489, 508, 575, 579, 637

state, 32, 82, 459, 464, 480 Varian, H. R., 385, 651 Variety

of consumer goods, 360 of producer goods, 461

Vegh, C. A., 398

Venable, R., 402

Verbon, H. A. A., 608

Verhoeven, M. J., 695 Vilmunen, J., 212 Viner, J., 386

Wage rigidity, see Rigidity, 11

Wallace, N., 67, 69, 71, 79, 323, 326, 356, 605 Walsh, C. E., 356

Wang, P., 460, 475

Watson, M. W., 529 Weak separability, 440

Wealth

financial, 50, 135, 423, 453, 478, 541, 546, 579

human, 51, 136, 424, 442, 444, 547, 556, 569, 579

national, 437

Well model, see Models, Weil, 443

Weil, D. N., 417, 418, 618, 619

Weil, P., 403, 443, 445, 447, 556, 583

Weiss, A., 186

Weitzman, M. L., 374, 468 Whinston, M. D., 402

Wicksell, K., 18, 311

Wildasin, D. E., 651

Williams, J. C., 529 Wolman, A. L., 400, 402

Wong, Y. K., 386

Woodford, M., v, 28, 340, 402, 529 Wright, R., 356, 523, 524, 529 Wynarczyk, P., 28

Wyplosz, C., 27, 434, 692

I

Xie, D., 460, 475

I

Yaari, M. E., 313, 541-545.

Yellen, J. L., 186, 384, 38 -

Yip, C. K., 460, 475 Young's theorem, 97

Young, A., 475

Yun, T., 402, 529

750

rig model, 214

!t, : .:ms, market value of,

- 4, 480

. 432, 466, 489, 508, 575,

1.90, 104, 432, 476, 489,

79, 637

464, 480 i51

p 360

1, 461

6

11

.. 79, 323, 326, 356, 605

11

423, 453, 478, 541, 546,

124, 442, 444, 547, 556,

lets, %Veil, 443

3, 618, 619

15, 447, 556, 583

4 468

12

)7

340, 402, 529

24, 529

692

Xie, D., 460, 475

Yaari, M. E., 313, 541-545, 549

Yellen, J. L., 186, 384, 387, 392, 396, 653

Yip, C. K., 460, 475

Young's theorem, 97

Young, A., 475

Yun, T., 402, 529

Index

z transform, 535, 695 Zeckhauser, R., 571, 608 Zeldes, S. P., 151, 651 Zhang, J., 651

Zilcha, I., 626-628, 632, 651

751