Agent-Based Model with Capital and Credit (hereafter CC-MABM). The novelty of this model with respect to the previous … framework consists in the introduction of capital goods that firms producing consumption goods (C-firms) purchase from capital … goods producers (K-firms). The introduction of durability (in the form of capital which depreciates gradually) has important …

with insecure property rights, we analyze how resources are transformed into productive capital to sustain consumption. We … allow property rights to improve as the country transforms natural resources into capital. The ensuing power struggle about … result, the country substitutes away from resources to capital too rapidly and invests more than predicted by the Hartwick …

The classical Wage Fund (Capital or Credit) framework is integrated with the simplest text-book version of the … theory involving capital and labour without neo-classical assumptions. Interestingly the growth story of the model seems to …. Technological progress without physical capital accumulation magnifies inequality in or out of steady state, generating a Picketty …

KLEMS database. I distinguish between three types of capital: information and communication technologies (ICT), intellectual … property (IP) capital, and traditional capital. I assume that the aggregate output is produced using labor and these three … types of capital and allow for differences in the elasticities of substitution between labor, an aggregate of ICT and IP …

This paper studies the long-run impact of public debt expansion on economic growth and investigates whether the debt … for a universally applicable threshold effect in the relationship between public debt and economic growth, once we account … negative long-run effects of public debt build-up on output growth. Provided that public debt is on a downward trajectory, a …

For a sample of sixteen OECD countries over the period 1980-2007 we show that, for given debt-GDP ratio, an increase in … the maturity of the public debt by one year lowers its long-term interest rate by around 20-30 basis points. This effect … is stronger for countries with higher average inflation or debt. …

This paper investigates the long-run effects of public debt and inflation on economic growth. Our contribution is both … over the 1965-2010 period, we find significant negative long-run effects of public debt and inflation on growth. Our … results indicate that, if the debt to GDP ratio is raised and this increase turns out to be permanent, then it will have …

show that growth is higher if the debt to GDP ratio is below 60 % compared to values above it. Moreover, a comparison with …

I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of …-term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped by … revenue losses on inframarginal units of debt that reflect the price impact of these decisions. The model predicts an interior …