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13651005_16-3.qxd 5/10/12 7:54 PM Page 1 Macroeconomic Dynamics Vol. 16, No. 3, June 2012 Pages 335–492 16, No. 3, June 2012 Pages Dynamics Vol. Macroeconomic VOLUME 16, NUMBER 3, JUNE 2012 MACROECONOMIC DYNAMICS Volume 16, Number 3, June 2012 Contents ARTICLES Is More Memory in Evolutionary Selection (De)stabilizing? Cars Hommes, Tatiana Kiseleva, Yuri Kuznetsov, and Miroslav Verbic 335 Do Bank Capital Requirements Amplify Business Cycles? Bridging the Gap between Theory and Empirics Roger Aliaga-Díaz and María Pía Olivero 358 Output Fluctuations in the G-7: An Unobserved Components Approach MACROECONOMIC Sinchan Mitra and Tara M. Sinclair 396 The Use of a Marshallian Macroeconomic Model for Policy Evaluation: Case of South Africa DYNAMICS Jacques Kibambe Ngoie and Arnold Zellner 423 Policy Switch and the Great Moderation: The Role of Equilibrium Selection Efrem Castelnuovo 449 NOTES A Note on an Extension of a Class of Solutions to Dynamic Programming Problems Arising in Economic Growth Jürgen Antony and Alfred Maußner 472 A Note on Environmental Policy and Public Debt Stabilization Mouez Fodha and Thomas Seegmuller 477 EDITOR: WILLIAM A. BARNETT Cambridge Journals Online For further information about this journal please go to the journal website at: journals.cambridge.org/mdy Downloaded from https://www.cambridge.org/core. IP address: 170.106.202.58, on 26 Sep 2021 at 20:44:53, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/S1365100512000521 13651005_16-3.qxd 5/10/12 7:54 PM Page 2 MACROECONOMIC DYNAMICS MACROECONOMIC DYNAMICS Editor: William A. Barnett, University of Kansas, Department of Economics, 356 Snow Hall, 1460 Jayhawk Notes for Contributors Boulevard, Lawrence, KS 66045–7523, USA. Book Review Editors: Michele Boldrin, Department of Economics, Washington University, One Brookings Contributions. Contributions are welcome approved such citation; written authoriza- (charts, diagrams or other art work) at the Drive, St. Louis, MO63130, and Universidad Carlos III, Madrid; Gregory D. Hess, Department of Economics, from all countries. They should be written tion may be required at the Editor’s discre- end of the paper, indicating in the body of 500 East 9th Street, Claremont McKenna College, Claremont, CA 91711. in English. tion. 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