I have observed and appreciated Olivier Blanchard’s intellectual journey over the last decade. It began in August 2008, with what must be regarded as one of the worst-timed papers in the history of ...

Chen Zhao, chief global strategist of Alpine Macro, says the bond sell-off has taken place against the backdrop of central ...

In place of the standard search equilibrium, this paper presents an alternative concept of stochastic macro-equilibrium based on the principle of statistical physics. This concept of equilibrium is ...

Physicists look at the big world of planets, stars, galaxies, and gravity. But they also study the minute world of atoms and the tiny particles that comprise those atoms. Economists also look at two ...

We provide a microfoundation for the production function by using the concept of stochastic macro-equilibrium in Yoshikawa ("Stochastic Macro-equilibrium and Microfoundations for Keynesian Economics," ...