Price controls were part of Israel's stabilization program of July 1985. Some results of the program seem to be inconsistent with competitive macroeconomic models. It is suggested that these results are consistent with an economy that has an oligopolistic market structure. This paper explores...

The authors study the politics of intergenerational redistribution in an overlapping generations model with short-lived governments. The successive governments--who care about the welfare of the currently living generations and possibly about campaign contributions--are unable to precommit the...

The authors examine the extent to which developing countries that do little, if any, research and development themselves benefit from R&D that is performed in the industrial countries. By trading with an industrial country that has a large 'stock of knowledge' from its cumulative R&D activities,...

The authors construct a model of the product cycle featuring endogenous innovation and technology transfer. Competitive entrepreneurs in the industrialized North introduce new products whenever the expected present value of oligopoly profits exceeds the cost of product development. In the...