J. Bradford De Long

J. Bradford De Long · Andrei Shleifer · Lawrence H. Summers · Robert J. Waldmann

This paper builds a simple overlapping-generations model of an asset market with two types of traders -- "noise traders," who hold erroneous, randomly-varying beliefs about an asset's expected return, …

J. Bradford De Long

Tracing the 20th-century history of "monetarism" through four successive subspecies, De Long argues that although monetarism's most politically influential and empirically fragile form collapsed in …