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Interior Optimal Chaos with Arbitrarily Low Discount Rates
In this study, we demonstrate, for an arbitrarily small discount rate, the existence of a topologically chaotic policy function that lies in the interior of the technology set in a two-sector model with smooth...
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1998 JEA-Nakahara Prize: Announcement
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Symposium on Intertemporal Equilibrium Theory and Nonlinear Dynamics: Introduction
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Indeterminacy Arising in Multi-Sector Economies
We characterize a large class of constant-returns-to-scale economies with standard Cobb-Douglas production technologies, which, when perturbed to incorporate external effects, exhibit indeterminacy or multiple...
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Transboundary Pollution in a Dynamic Game Model
We consider a dynamic game model in which N countries produce a single product that is not traded. Production results in emissions that accumulate a stock of pollution in each country. Households in each country ...
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2000 Jea Nakahara Prize: Announcement
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Equilibrium Growth and Nonlinear Dynamics in Continuous-Time Models
Building on recent work on equilibrium growth models with externality, I re-examine earlier results from multi-sector growth models in the continuous-time framework, and study the structural relationship betwe...
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2002 Jea-Nakahara Prize: Announcement
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Working and Training: A Nonlinear Dynamic Analysis of Human Capital Development
We tend to think of workers completing their education and then entering the workforce, where they will gradually develop their skills. In fact, however, a worker’s career may be characterized not only by this...
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Endogenous Fluctuations in Two-Country Models
This paper investigates the interlinkage in the business cycles of large-country economies in a free-trade equilibrium. We consider a two-country, two-good, two-factor general equilibrium model with Cobb-Dougl...
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Duality with Sector-Specific Externalities Under Social Constant Returns
We develop dual approaches to quantity and price relationships of production in a general multisectoral model with sector-specific externalities. The production of each good exhibits socially constant returns ...
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Introduction
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Parents’ Educational Background, Subjects “Good-At” in School and Income: An Empirical Study
We analyze the effects of studying mathematics and of parents’ academic profile on the annual labour income of their children in later life. Data was obtained from graduates of departments of economics at majo...