rate is less than its socially optimal counterpart, the wealth externalities in our model counterbalance this distortion to …

model, wealth externalities reduce this distortion. …

required to internalize global environmental externalities. Therefore we adopt a dynamic framework of two economies (i … international environmental externalities - both are empirically significant. Starting from noncooperation we investigate the …

endogenize the demand and supply of skills. We explicitly introduce the costs and externalities in education, and examine how …

We scrutinize Thomas Piketty's (2014) theory concerning the relationship between an economy's long-run growth rate, its … of Piketty's Second Fundamental Law of Capitalism does not hold. In line with Piketty's theory a smaller long-run growth …, both the economy's savings rate and its growth rate are endogenous variables whereas in Piketty's theory they are both …

This paper quantifies the welfare cost of consumption externalities in an endogenous growth model with habit formation … past consumption. Although utility may be lower in the presence of consumption externalities, the welfare loss relative to …