Titlebook: Value and Capital: Fifty Years Later; Proceedings of a Con Lionel W. McKenzie,Stefano Zamagni Conference proceedings 1991 International Eco

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Under-investment and the Demand for Liquid Assetse demand for liquid assets. What follows is neither an exegesis of . nor an attempt to develop a new theory. It is simply a re-examination of some old questions from the point of view of the modern theory of asset-pricing, as developed by Lucas (1978) and others.

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Commentterest rates, there are elements which make it particularly relevant to the problem of allocation of real resources in incomplete markets. Actually, according to Gale, the most important aspect of liquidity preference is that it may cause underinvestment in long- lived capital goods.

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ns may lead to unacceptable movements and distortion of the superimposed structures. In particular, considerable foundation settlements may be caused by loads which are much less than those which are required to cause complete collapse.

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適宜

John Geanakoplosenient now to introduce more formally the terms “parametric” and “non-parametric”, as well as the phrase “distribution-free statistics”. We shall do this as a preliminary to introducing the reader to some non-para- metric techniques of statistical inference which have not yet been presented and discussed.

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