The purpose of this note is to simply point out that the multiplicity, intrinsic of course to the presence of non-convexities, characterizes the models of growth with external increasing returns which have been studied recently, and, more importantly, to show that the many competitive equilibria...

Credit market imperfections influence the labor market and aggregate economic activity. In turn, macroeconomic factors have an impact on the credit sector. To assess these effects in a tractable general-equilibrium framework, we introduce endogenous search frictions, in the spirit of Peter...

In a dynamically efficient economy, can a government roll its debt forever and avoid the need to raise taxes? In a series of examples of economies with zero growth, this paper shows that such Ponzi games may be infeasible even when the average rate of return on bonds is negative, and may be...

Overall, the issue of whether Europeans are lazy or Americans are crazy seems of second-order importance relative to understanding the determinants of individual behavior. Amore useful, scientific approach is to assume that underlying tastes are common to both continents, while technologies,...

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Using time-diary data from 27 countries, we demonstrate a negative relationship between real GDP per capita and the female-male difference in total work time—the sum of work for pay and work at home. We also show that in rich non-Catholic countries on four continents men and women do the same...