Journal Article A Consumption-Oriented Theory of the Demand for Financial Assets and the Term Structure of Interest Rates Get access J. E. Stiglitz J. E. Stiglitz Cowles Foundation, Yale University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 37, Issue 3, July 1970, Pages 321–351, https://doi.org/10.2307/2296724 Published: 01 July 1970 Article history Received: 01 August 1968 Revision received: 01 November 1969 Published: 01 July 1970

Journal Article Non-Substitution Theorems with Durable Capital Goods Get access J. E. Stiglitz J. E. Stiglitz Cowles Foundation Yale University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 37, Issue 4, October 1970, Pages 543–553, https://doi.org/10.2307/2296484 Published: 01 October 1970 Article history Received: 01 August 1968 Revision received: 01 November 1969 Published: 01 October 1970

Journal Article A Two-Sector Two Class Model of Economic Growth Get access J. E. Stiglitz J. E. Stiglitz Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 34, Issue 2, April 1967, Pages 227–238, https://doi.org/10.2307/2296811 Published: 01 April 1967

I. Introduction, 263. — II. The basic model and some behavioral hypotheses, 264. — III. Wealth tax, 269. — IV. Income taxation, 270. — V. Special treatment of capital gains, 274. — VI. No loss offset, 275. — VII. Welfare implications, 279.

We begin by considering a simple model of accumulation, with a linear savings function, a constant reproduction rate, homogeneous labor, and equal division of wealth among one's heirs. In such an economy, if the balanced growth path is stable, all wealth and income is asymptotically evenly distributed, with the possible exception, in the case of negative savings at zero income, of a group with zero wealth. In the process of accumulation, there may, however, be a period during which wealth becomes less evenly distributed. We then show that the basic conclusions are unaltered under a variety of alternative savings assumptions, where savings is a function of wealth or of the distribution of income, or where savings is a nonlinear concave function of income, and that variable rates of reproduction make no difference at least to the asymptotic results. The effects of alternative taxes on the speed of equalization are investigated in Section 4, and in Section 5 we consider a simple example to see the order of magnitudes of time that are involved in the equalization process. In the remaining sections of the paper, we investigate the forces for inequality:

D. Cass, J. E. Stiglitz; Risk Aversion and Wealth Effects on Portfolios with Many Assets12, The Review of Economic Studies, Volume 39, Issue 3, 1 July 1972

Because of financial market imperfections, such as those generated by asymmetric information in financial markets, which lead to breakdowns in markets, like that for equity, in which risks are shared, firms act in a risk-averse manner. The resulting macroeconomic model accounts for many widely observed aspects of actual business cycles: (a) cyclical movements in real product wages, (b) cyclical patterns of output and investment including inventories, (c) sensitivity of the economy to small perturbations, and (d) persistence. More downward flexibility in wages and prices may exacerbate the plight of an economy that is in a deep recession.

J. E. Stiglitz, P. Dasgupta; Differential Taxation, Public Goods, and Economic Efficiency12, The Review of Economic Studies, Volume 38, Issue 2, 1 April 1971, P