We characterize asymmetric equilibria in two-stage process innovation games and show that they are prevalent in the …

, if the innovation technology takes the form assumed in the literature, the actual US R&D intensity may be the socially …

equities, we examine equilibrium unemployment. While a mechanism of an efficiency wage brings about nominal wage rigidity …, unemployment occurring in our model definitely has Keynesian features. For instance, a reduction in wages rather enhances … unemployment through a decrease in consumption. In addition, our paper shows a possibility of Pareto improvement through an …

unemployment, undue instability, and excess debt. …

unemployment. The public sector is decomposed into general government and an unfunded pension system with a tax benefit linkage … effects. They strengthen labor supply both in terms of job search intensity, leading to lower unemployment rates, and hours …