We calibrate an infinite-horizon model with endogenous growth and unemployment on actual data from the largest countries in the European Union. Two types of balanced-budget fiscal policy experiments are studied. First, the effects of separately changing the tax rates on capital, labor and...

The paper analyzes the convergence dynamics of a log-linearized open- economy neoclassical growth model under the assumptions of large adjustment costs for human capital investment, moderate adjustment costs for physical capital investment, and perfect capital mobility. The model can be...

The objective of this work is to try to define and calculate the optimal growth path, in the presence of exogenous technical change, without resorting to the discounted-sum criterion. The solution suggested is to consider an optimality criterion expressing an anonymous intergenerational...

The paper assumes a continuum of two period-lived agents; agents are identical except for the inherited income. Young agents optimally allocate their inherited income between consumption and investment in human capital in a stochastic environment. In the second period they receive a wage...

This paper studies the Pareto-optimality of the consensual optimum established in 'Intergenerational anonymity as an alternative to the discounted-sum criterion I: consensual optimality'. For that, a Pareto- optimality criterion is set up by the application of the generalized Karush, Kuhn and...

This paper examines a particular aspect of entrepreneurship, namely firms' ability to respond appropriately to unexpected changes in the environment (i.e., their adaptability). An increase in firms' adaptability improves allocative efficiency in a competitive economy, but can reduce it when...

Theoretical study identifying one modality with conditions necesary for the financial stabilization of an inherently unstable system; and 5040 other unstable dynamic modes. It draws on knowledge made available by the academic field of Control Engineering.

The paper considers the legacy for modern macroeconomics of Kalecki’s theory of income determination. The latter is reconstructed in its analytical constituent parts referring in detail to the original sources. The critical appraisal of its historical relevance is made from the vantage point...

In this paper we consider different explanations for why the coefficient associated with human capital is often negative in growth regressions once country-specific effects are controlled for, whereas the coefficient in question is strongly positive in cross-sectional or panel results based on...

Is democracy exportable? A present-day political doctrine seems to recommend exporting democracy to those countries where diffused religious and social values do not allow the spontaneous growth of democratic institutions. In this paper we present a model that allows us to study the dynamics...