The Review of Economic Dynamics is the official journal of the Society for Economic Dynamics. The journal publishes meritorious original contributions to dynamic economics. The scope of the journal is intended to be broad and to reflect the view of the Society for Economic Dynamics that the field of economics is unified by the scientific approach to economics. We publish contributions in any area of economics provided they meet the highest standards of scientific research. The Review of Economic Dynamics was awarded by the Association of American Publishers, Inc. (Professional/Scholarly Publishing Division) the Award for the 1998 best new journal in Business/Social Sciences/Humanities!