it the Great Recession), but the Australian economy appears to be powering ahead. It is a miracle economy! Unlike most of … economy compared to some of the OECD countries and see that, in fact, Australia has a "miracle economy". The comparisons are …

make the economy less stable at the aggregate level. As in Nelson and Winter (1982), firms differ in their labor … explain the key results. Optimal selectivity is larger, the less "cobweb unstable" the economy, i.e. the more elastic the …

model incorporating England's and China's distinct pre-modern risk-sharing institutions. The model predicts a transition in … England and not China even with equal levels of risk sharing. Under the clan-based Chinese institution, the relatively risk …

estimated on data on single men from Quebec drawn from the 1986 Canadian Census. Budget sets for each work-welfare combination …

social insurance. We describe a model economy in which demographics, technology, and social security are linked together. We … study an economy with two locations (sectors), the farm (agricultural) and the city (industrial). The decision to migrate … economy is consistent with the historical transformation in the United States. Initially a majority of voters live on the farm …