The paper analyzes the consequences of joining markets of government discount bonds between identical economies when, in each country, there exists a positive probability of the government to default. In autarky such economies of overlapping generations of consumers with capital accumulation...

A reduction in capital tax rates generates substantial dynamic responses within the framework of the standard neoclassical growth model. The short-run revenue loss after a tax cut is partly — or, depending on parameter values, even completely — offset by growth in the long-run, due to the...

We develop two models of economic growth with exhaustible natural resources, exogenous technical progress and consumers heterogeneous in time preferences. The first model assumes private ownership of natural resources. In the second model, natural resources are public property and the resource...

The paper studies the Krugman’s CP model in the weakly explored case of asymmetric regions in two settings: international trade and agglomeration processes. First setting implies that the industrial labor is immobile, while second one consider mobile industrial labor and long-run equilibria....

We embed Max Weber (1958)'s spirit of capitalism (SOC) into an otherwise standard Lucas' tree asset pricing model, by assuming that economic agents care about their social status and that the latter is related to financial wealth. We show that, absent uncertainty, for a wide range of values for...

Many international fisheries agreements involve sharing rules. The current pa-per analysis the stability of sharing rules when coping with long run changes in the composition of fish stocks in an international setting due to climate change. The exploitation of the cod stock in the Baltic Sea...

A Schumpeterian growth model is constructed where R&D firms innovate to produce better versions of the products or imitate to copy existing innovations. Because firms cannot use their innovations or imitations as collateral, they finance their investment by issuing shares. Households save by...

The paper studies the contribution of human capital on economic growth through its impact on the rate of innovation by formulating an endogenous growth model that combines elements from Romer (1990), Aghion and Howitt (1992), and van Zon and Yetkiner (2003). Using a relatively broad concept of...

This paper analyses the effects of globalization, stricter intellectual property rights protection and different labor market policies in a dynamic North-South general equilibrium model with non-scale growth. To this aim, we generalize the Schumpeterian product-lifecycle model of Dinopoulos and...

This paper analyzes Walrasian general equilibrium systems and calculates the static and dynamic solutions for competitive market equilibria. The Walrasian framework encompasses the basic multi-sector growth (MSG) models with neoclassical production technologies in N sectors (industries). The...