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This paper uses a Lagrangian approach to provide general sufficient conditions under which money burning expenditures are used in an optimal delegation contract.We also apply our findings to a model o...
Gross Domestic Product(GDP) is a widely used measurement ofeconomic growth representing the market value of all final goods and services produced by a country within a given time. In this paper we que...
Boltzmann-Gibbs distribution arises as the statistical equilibrium probability distribu-tion of money among the agents of a closed economic system where random and undi-rected exchanges are allowed. W...
This Colloquium reviews statistical models for money, wealth, and income distributions devel- oped in the econophysics literature since the late 1990s. By analogy with the Boltzmann-Gibbs distributi...
The paper presents and tests a theory of the demand for money that is derived from a general equilibrium,endogenous growth economy, which in effect combines a special case of the shopping time exchang...
Previous researchers have reached strikingly different conclusions about the usefulness of money for forecasting real output based on closely related regression-based tests. An e...
We examine the quality of recently developed asymptotic approximations to the sampling distributions of various statistics in levels regressions when the regressors have unit ro...

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