Access to modern energy is believed to be a prerequisite for sustainable development, poverty alleviation and the achievement of the Millennium Development Goals. However, theoretical models and empirical results offer conflicting evidence on the relationship between energy consumption and...

Since 2004, the Government of Senegal has adopted an accelerated growth program in the aim o reducing poverty by half before 2015 (Millennium Development Goal). This article criticizes thi program by analysing his pro-poor components. It shows that policies are too much oriented toward sectors...

Many countries simultaneously suffer from high rates of inflation, low growth rates of per capita income and poorly developed financial sectors. In this paper, we integrate a microfounded model of money and finance into a model of endogenous growth to examine the effects of inflation and...

We propose a model in which, as incomes grow, workers become less risk-averse and move from fixed-wage contracts to variable pay. This can explain the recent increase in wage dispersion between groups, within groups, and over the lifecycle.

The aim of the paper is to analyze the impact of heterogeneous beliefs in an otherwise standard competitive complete markets discrete time economy. The construction of a consensus belief, as well as a consensus consumer are shown to be valid modulo a predictable aggregation bias, which takes the...