MORDECAI KURZ PAPERS ONLINE

updated May 2015

Papers are in pdf form

"The Kesten-Stigum Model and the Treatment of Uncertainty in Equilibrium Theory," in Essays on Behavior Under Uncertainty (Chapter 13), edited by M. Balch, D. McFadden and S. Wu, North Holland Publishing (1974); 389-99.

" On the Structure and Diversity of Rational Beliefs," Economic Theory, Vol. 4, pp. 877-900, 1994 .

"On Rational Belief Equilibria," Economic Theory, Vol. 4, pp. 859-876, 1994.

"Rational Beliefs and Endogenous Uncertainty: an Introduction," Economic Theory, 8 pp. 383 - 397, October 1996.

"Endogenous Uncertainty in a General Equilibrium Model with Price Contingent Contracts," (with H.M. Wu) , Economic Theory, 8 pp. 461-488, October 1996.

"Coordination and Correlation in Markov Rational Belief Equilibria," (with Martin Schneider), Economic Theory, 8 pp. 489-520, October 1996.

"Endogenous Economic Fluctuations and Rational Beliefs: A General Perspective," Chapter 1 in Endogenous Economic Fluctuations: Studies in the Theory of Rational Belief, Mordecai Kurz (ed.) Springer series in Economic Theory, No.6, August 1997.

"Asset Prices with Rational Beliefs," Chapter 9 in a monograph entitled Endogenous Economic Fluctuations: Studies in the Theory of Rational Belief, Mordecai Kurz (ed.) Springer series in Economic Theory, No.6, August 1997.

"The Equity Premium is No Puzzle ," (with A. Beltratti). Chapter 11 in a monograph entitled Endogenous Economic Fluctuations: Studies in the Theory of Rational Belief, Mordecai Kurz (ed.) Springer series in Economic Theory, No.6, August 1997.

"On the volatility of Foreign Exchange Rates," Chapter 12 in a monograph entitled Endogenous Economic Fluctuations: Studies in the Theory of Rational Belief, Mordecai Kurz (ed.) Springer series in Economic Theory, No.6, August 1997.

"Social States of Belief and the Determinants of the Equity Risk Premium in A Rational Belief Equilibrium," In a monograph entitled Functional Analysis and Economic Theory, Y.A. Abramovich, E. Avgerinos and N.C. Yannelis (eds.), pp. 171 - 220, Springer Verlag, 1998.

"Endogenous Uncertainty and Market Volatility," (with Maurizio Motolese). Economic Theory, 16 pp.497 - 544, 2001 .

"Endogenous Uncertainty: A Unified View of Market Volatility," Chapter 9 in F. Petri and F. Hahn (eds.) General Equilibrium: Problems and Prospects, pp. 246 -282, London and New York : Routledge, 2003.

"Endogenous Fluctuations and the Role of Monetary Policy," (with Hehui Jin and Maurizio Motolese). Chapter 10 in P. Aghion, R. Frydman, J. Stiglitz and M. Woodford, (ed.) Knowledge, Information and Expectations in Modern Macroeconomics: Essays In Honor of Edmund S. Phelps, pp. 188 -227, Princeton University Press: Princeton , N.J. , 2003.

"Determinants of Stock Market Volatility and Risk Premia," (with Hehui Jin and Maurizio Motolese). Annals of Finance, 1, 109-147, January 2005.

"The Role of Expectations in Economic Fluctuations and the Efficacy of Monetary Policy," (with Hehui Jin and Maurizio Motolese). Journal of Economic Dynamics and Control, 29, 2017 - 2065, 2005

"Public Policy Evaluation, Social Risk and Pension Capital," Rivista Internazionale di Scienze Sociali, 389-416, 2006

 "Beauty Contests, Private Information and Diverse BeliefsJournal of Mathematical Economics, 44, 762 - 784, 2008

“Rational Diverse Beliefs and Economic Volatility,” Chapter 8 in Handbook on Financial Markets: Dynamics and Evolution, T. Hens and K. Shenk-Hoppé (Ed.), 439-506. North Holland, 2009

“Diverse Beliefs, Forecast Errors and Central Bank Policy,” Working Paper, Stanford University, July 12, 2005.

“On the Role of Market Belief in Economic Dynamics: An Introduction Economic Theory, 47, May  2011, (forthcoming)

“Diverse Beliefs and Time Variability of Risk Premia,” (with Maurizio Motolese). Economic Theory, 47 , May  2011, (forthcoming)

"A New Keynesian Model with Diverse Beliefs," Working Paper, Department of Economics, Stanford University, February 27, 2012

"Modeling Diverse Expectations in an Aggregated New Keynesian Model" (with Giulia Piccillo and Howei Wu). Journal of Economic Dynamics and Control  37 , (2013)1403–1433

"Monetary Policy with Diverse Private Expectations" (with Maurizio Motolese, Giulia Piccillo and Howei Wu). WorkingPaper, Department of Economics Stanford University, January 26, 2015

"Stabilizing Wage Policy" Working Paper, Department of Economics Stanford University, May 27, 2015

"On Wage Inflexibility" Working Paper, Department of Economics Stanford University, May 29, 2015