Should we interpret the contributions of Edward C. Prescott and his collaborators, especially Finn Kydland and Rajnish Mehra, to dynamic general equilibrium as just a mathematical restatement of pre-Keynesian business cycle theory in the language of Arrow and Debreu? This essay advances the contrary view that Prescott has been laying the foundations for a theory of everything in macroeconomics ...

In his essay "Evolution and Tinkering," published in Science in 1977, François Jacob argues that a common analogy between the process of evolution [4] by natural selection [5] and the methods of engineering is problematic. Instead, he proposes to describe the process of evolution [4] with the concept of bricolage (tinkering). In this essay, Jacob does not deny the importance of the mechanism of...

In his essay "Evolution and Tinkering," published in Science in 1977, François Jacob argues that a common analogy between the process of evolution [4] by natural selection [5] and the methods of engineering is problematic. Instead, he proposes to describe the process of evolution [4] with the concept of bricolage (tinkering). In this essay, Jacob does not deny the importance of the mechanism of...

I calculate exact expressions for risk premia, term premia, and the premium on levered equity in a framework that includes habit formation, keeping/catching up with the Joneses, and possible departures from rational expectations. Closed-form expressions for the …rst and second moments of returns and for the R2 of a regression of stock returns on the dividend-price ratio are derived under lognor...

Rhodococcus equi, an aerobic actinomycete primarily known as a livestock pathogen, was repeatedly isolated from the severely infected right eye of a 9-year-old boy.

Hayashi and Prescott (2002) speculate that the anemic performance of the Japanese economy since the early 1990s can be understood in terms of how any ‘well-functioning’ private sector might react to an exogenous ‘productivity shock.’ In particular, they downplay the role of monetary and financial factors in shaping Japan’s ‘lost decade.’ But many view the monetary and financial developments in ...

The liver is the most important site of drug metabolism and patients with liver disease might be expected to have a reduced capacity to metabolize drugs. The rates of elimination of extensively metabolized drugs such as the barbiturates, diazepam, tolbutamide, isoniazid, phenylbutazone, rifampicin, lignocaine, paracetamol, aminopyrine, antipyrine and pethidine have been measured in patients wit...

We investigated the impact of employment equity legislation, FCP compliance regulations, and the absence of these requirements on employment equity and diversity practices of Canadian firms. Our results indicate that CEOs of EEA firms have more proactive attitudes towards diversity. EEA firms, and to some extent FCP firms, also indicated higher levels of practices (e.g., policies, recruiting, t...

We study unfair permutations, which are generated by letting [Formula: see text] players draw numbers and assuming that player [Formula: see text] draws [Formula: see text] times from the unit interval and records her largest value. This model is natural in the context of partitions: the score of the [Formula: see text]th player corresponds to the multiplicity of the summand [Formula: see text]...