issues not only money, but interest-bearing bonds; these bonds compete with capital in private portfolios. When the … display damped endogenous fluctuations, and development trap phenomena are common. Across different steady states, low capital … system. Also, increases in the steady state inflation rate can easily reduce the steady state capital stock. …

presents an overlapping-generations model of environmental externalities and capital accumulation: consumption of the old … generates long-lived garbage as a by-product, while young agents invest in both capital and destruction of the existing garbage … stock. The model also assumes external increasing returns: increases in the capital stock increase the future productivity …