We discuss the effects of unions on steady-state multiplicity and welfare, and on the existence of endogenous fluctuations. We consider an OG economy with productive capital externalities and we focus on underemployment equilibria. We find that for wide regions in the parameter space, including...

Sustained endogenous growth is known to be impossible in OLG one-sector models without non-convexities and externalities, unless income is redistributed to the young generation. No redistribution proper is however necessary, as shown in two simple examples, if positive profits accruing to young...

We present a comprehensive model of household economic decision covering both full cooperation and noncooperation as well as semi-cooperative cases, varying with income distribution and a parameter vector <InlineEquation ID="IEq1"> <EquationSource Format="TEX">$$\theta $$</EquationSource> <EquationSource Format="MATHML"> <math xmlns:xlink="http://www.w3.org/1999/xlink"> <mrow> <mi mathvariant="italic">θ</mi> </mrow> </math> </EquationSource> </InlineEquation> representing degrees of individual autonomy with respect to the...</equationsource></equationsource></inlineequation>