Lawrence H. Summers

Andrew B. Abel · N. Gregory Mankiw · Lawrence H. Summers · Richard J. Zeckhauser

This paper asks whether actual capitalist economies have overaccumulated capital relative to the Golden Rule — the condition Diamond (1965) showed can leave an economy "dynamically inefficient," so …

Lawrence H. Summers

Summers argues that the standard statistical tests used to support the Efficient Markets Hypothesis -- tests for serial correlation in excess returns, and for predictable excess returns conditional on …

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, …

Lawrence H. Summers

This 1986 Federal Reserve Bank of Minneapolis Quarterly Review piece, responding directly to Edward Prescott's companion article "Theory Ahead of Business Cycle Measurement" in the same issue, argues …