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It is well known that rational bubbles can be sustained in balanced growth path of a deterministic economy when the return to capital r is equal to the growth rate g. When there is a lack of stores of value, bubbles can implement an efficient allocation. This paper considers a world where r...
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We argue that promoting education may be a means to reduceincome inequality. When workers of different skill levels …
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-biased technological progress and use cross-country panel data on inequality and GDP to test these ideas. A one-year increase in the level …
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methodology to the United States forthe period 1973-1991 shows that the rise in wage inequality duringthe eighties can be largely …
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