Publications:

1. “Investment as a Process of Search,” Journal of Political Economy, 95 (1987), 204-210.

2. “Risk and Capital Accumulation in a Small Open Economy,” Quarterly Journal of Economics, 102 (1987), 265-279.

3. “Risk Reducing Fiscal Policies and Economic Growth,” in Elhanan Helpman, Assaf Razin and Efraim Sadka (eds.), The Economic Effects of the Government Budget, The MIT Press, Cambridge MA, 1988.

4. “Precautionary Saving and Risk Aversion: An Anticipated Utility Approach,” with Uzi Segal and Avia Spivak, Economics Letters, 27 (1988), 223-227.

5. “Inflationary Inertia in a Wage Price Spiral Model,” European Economic Review, 33 (1989), 1665-1683.

6. “Cost Uncertainty and the Rate of Investment,” Journal of Economic Dynamics and Control, 14 (1990), 53-63.

7. “Fiscal Policy and the Real Exchange Rate Under Risk,” Journal of International Money and Finance, 10 (1991), 264-278.

8. “Credit Rationing in an Open Economy,” International Economic Review, 32 (1991), 959-972.

9. “Cash-in-Advance or Delayed Deposits: Implications for Inflation and Growth,” Economics Letters, 36 (1991), 159-163.

10. “Income Distribution and Macroeconomics,” with Oded Galor, Review of Economic Studies, 60 (1993), 35-52. Also in Dilip Mookerjee and Debraj Ray (ed.) Readings in the Theory of Economic Development, Blackwell, Oxford, 2000.

11. “Informational Cycles,” Review of Economic Studies, 61 (1994), 31-44.

12. “Wealth Distribution and International Trade,” with Oded Galor, Cuadernos Economicos, 61 (1995), 189-199 (in Spanish).

13. “Workers, Machines, and Economic Growth,” Quarterly Journal of Economics, 113 (1998), 1091-1117.

14. “Informational Overshooting, Booms and Crashes,” Journal of Monetary Economics, 43 (1999), 237-257.

15. “Raw Materials and Economic Growth,” with Jeffrey Sachs, The Economic Quarterly, 45 (1998), 608-623 (in Hebrew).

16. “Reducing the Relative Size of Government in Israel after 1985,” with Michel Strawczinski, in Avi Ben-Bassat (ed.), TheIsraeli Economy, 1985-1998: From Government Intervention to Market Economics, The MIT Press, Cambridge MA, 2002. Also published in Hebrew by Am Oved, 2001.

17. “What Determines Education Expenditure in Israel?” with Michel Strawczynski, Israel Economic Review, 1 (2003), 11-33. [Invited].

18. “Commodity Money Inflation: Theory and Evidence from France in 1330-1436,” with Nathan Sussman, Journal of Monetary Economics, 50 (2003), 1769-1793.

19. “Timing of Purchase and Aggregate Fluctuations,” with John Leahy, Review of Economic Studies, 72 (2005), 1127-1151.

20. “Wage Inequality, Technology and Trade,” Journal of Economic Theory, forthcoming, 2006.

21. "Cyclicality of Fiscal Policy in Israel", with Michel Strawczynski, Bank of Israel Review, forthcoming (2007).

22. “Inequality and Mobility,” with John Hassler and Sevi Mora, Journal of Economic Growth, forthcoming (2007).

Work in Progress

Work in Progress

1. “Finance and Growth: Theory and New Evidence,” with Paul Harrison and Oren Sussman, 2001.

2. “Technical Progress and Early Retirement,” with Avner Ahituv, 2002.

3. “Innovations, Patent Races, and Endogenous Growth,” 2005.

4. “Is there Excess Volatility of Stock Prices?” with John Hassler, 2005.

5. “Money and the Size of Transactions,” 2004.

6. "Machines as Engines of Growth," 2006.

7. "Israel 1983: A Bout of Unpleasant Monetarist Arithmetic," with Thomas J. Sargent.

7. "Technology and Labor Regulations," with Alberto Alesina.

8. "On Measuring Cyclicality of Fiscal Policy", with Michel Strawczynski.