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Knowledge-based structural change
How will structural change unfold beyond the rise of services? Motivated by the observed dynamics within the service sector we propose a model of structural change in which productivity is endogenous and outpu...
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Expectations, beliefs and the business cycle: tracing back to the deep economic drivers
When can exogenous changes in beliefs generate endogenous fluctuations in rational expectation models? We analyze this question in the canonical one-sector and two-sector models of the business cycle with incr...
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Flying or trapped?
We develop a unified theory with endogenous technology choice in human/knowledge capital accumulation to obtain a rich array of development paradigms. The transition from a less productive technology to a more...
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Global convergence in an overlap** generations model with two-sided altruism
We study the evolutionary dynamics of an overlap** generations economy with two-sided altruism, where each generation cares about the utilities of its parental generation, its offspring, and its own. We assu...
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Destabilization effect of international trade in a perfect foresight dynamic general equilibrium model
In the present paper, we consider a two-country, two-good, two-factor general equilibrium model with CIES nonlinear preferences, asymmetric technologies across countries and decreasing returns to scale. It is ...
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A dynamic two country Heckscher–Ohlin model with non-homothetic preferences
We examine the properties of a two-country dynamic Heckscher–Ohlin model that allows for preferences to be non-homothetic. We show that the model has a continuum of steady state equilibria under free trade, wi...
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Equilibrium dynamics in discrete-time endogenous growth models with social constant returns
The existing literature establishes possibilities of local determinacy and dynamic indeterminacy in continuous-time two-sector models of endogenous growth with social constant returns. The necessary and suffic...
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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...
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Foreword to the Symposium
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Indeterminacy in a dynamic two-country model
The purpose of this paper is to show that indeterminacy can arise in a simple competitive two-country dynamic model of international trade, free of externalities, imperfect competition, and government interven...
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Asymmetric Factor Substitutability and Indeterminacy
We consider a discrete-time two-sector CES economy with sector specific external effects in which factor substitutability differs across sectors. For this general model, we provide sufficient conditions on the...
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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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2002 Jea-Nakahara Prize: Announcement
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Indeterminacy and cycles in two-sector discrete-time model
We consider a discrete-time two-sector Cobb-Douglas economy with positive sector specific external effects. We show that indeterminacy of steady states and cycles can easily arise with constant or decreasing ...
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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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Symposium on Intertemporal Equilibrium Theory and Nonlinear Dynamics: Introduction