This paper explores an equilibrium model for industry entry dynamics and technological change. We focus on the share valuation of firms in the transition as technology changes, and whether or not share prices are always increasing when technology improves. We find that there can be a U-shaped...

This paper analyses an open economy Ramsey model with an endogenous labour supply without capital. The technology defines an optimal firm size. Changes to the number of firms is subject to adjustment costs, so that the entry dynamics is determined endogenously. We find that there is a short run...

In this paper we develop a general model of an imperfectly competitive small open economy. There is a traded and nontraded sector, whose outputs are combined in order to produce a single final good that can be either consumed or invested. We make general assumptions about preferences and...