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Financial intermediation and efficient risk sharing in two-period lived OLG models
This article investigates a two-period lived overlap**-generations (OLG) model that incorporates financial intermediation. A risk-neutral bank...
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Entrepreneurship and misallocation in production network economies
This paper investigates how sectoral linkages amplify or diminish misallocation at the intensive and extensive margins. Our analysis is based on a...
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Stochastic growth, conservation of capital and convergence to a positive steady state
In a general one-sector model of optimal stochastic growth where the productivity of capital is bounded but may vary widely due to technology shocks,...
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Modelling optimal lockdowns with waning immunity
This paper studies continuing optimal lockdowns (can also be interpreted as quarantines or self-isolation) in the long run if a disease (Covid-19) is...
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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...
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Innovate to lead or innovate to prevail: When do monopolistic rents induce growth?
This paper extends the standard Schumpeterian model of creative destruction by allowing the cost of innovation for followers to increase in their...
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Intellectual property rights protection and the dynamic gains from trade
This paper presents a dynamic general equilibrium model with two structurally identical open economies. Trade liberalization promotes innovation and...
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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...
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Propensity to consume and the optimality of Ramsey–Euler policies
In a general one-sector optimal stochastic growth model where the production technology may be globally unproductive or allow for unbounded growth,...
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Where to create jobs to reduce poverty: cities or towns?
Should job creation be targeted to big cities or to small towns, if the objective is to minimize national poverty? To answer this question, we...
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Growth and welfare effects of intellectual property rights when consumers differ in income
This paper analyzes how changing the expected length of intellectual property (IP) protection T affects economic growth and the welfare of rich and...
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Basic and Applied Research: A Welfare Analysis
This study constructs a variety expansion growth model that integrates basic research to analyse its effects on household welfare. In our model, the...
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Social Status, Labour Market Frictions and Endogenous Growth
This paper develops an endogenous growth model that incorporates wealth-enhanced preferences for social status and labour market frictions to...
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Is GDP a Relevant Social Welfare Indicator? A Savers—Spenders Theory Approach
The use of GDP as the main index of progress and welfare of a country has been the subject of a long debate among economists. Using and extending the...
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Quality-adjusted productivity gain in the propagation of innovation
We introduce a class of production function whose inputs and outputs constitute multiples of quality and quantity. Under the efficiency unit...
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The ‘Dark Matter’ in the Search for Sustainable Growth: Energy, Innovation and the Financially Paradoxical Role of Climate Confidence
Theories of economic growth have long recognised that innovation is a key but poorly understood force — the ‘residual’ of neoclassical growth models....
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Cyclical Patterns in Japanese Manufacturing Firms: Analyzing Three Post- Keynesian Models
This paper examines cyclical patterns of employment, capacity utilization, and profit share in Japanese manufacturing companies during 1978–2007. It...
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Dynamic Analysis of an Endogenous Growth Model with Investment-Specific Technological Change
This paper examines a dynamically optimal subsidy policy in a continuous-time version of the endogenous growth model developed by Krusell (Krusell,...
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Education, Innovation and Long-Run Growth
We extend a second-generation Schumpeterian growth model to incorporate human capital accumulation to clarify the general equilibrium effects of...
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Recycling of waste and downgrading of secondary resources in a classical type of production model
This paper analyses recycling of waste and downgrading of secondary resources using a classical type of production model represented by a Sraffian...
