We provide a methodology to study the role of market distortions on the emergence of indeterminacy and bifurcations … classes of distortions responsible for indeterminacy. Our methodology consists in introducing general specifications for the … distortions influence the range of values for the elasticity of inputs substitution under which local indeterminacy and …

We provide a methodology to study the role of market distortions on the emergence of indeterminacy and bifurcations … classes of distortions responsible for indeterminacy. Our methodology consists in introducing general specifications for the … distortions influence the range of values for the elasticity of inputs substitution under which local indeterminacy and …

This paper addresses the questions of what is an economically efficient pension system, what are the externalities and … conclusion is that NDC is neutral in terms of externalities. It manages the risks and eliminates the negative externalities …

individual preferences and enjoy positive leisure-dependent externalities. For instance, a global sociological change where the …

the existence of these positive externalities for the US in 2000 in estimates using the Current Population Survey …

This paper provides a novel microeconomic foundation for pecuniary human capital externalities in a labor market model …

taxes under a balanced-budget rule in the presence of consumption externalities of the keeping up with the Joneses type. We … belief-driven cyclical fluctuations. Moreover, for higher values of consumption externalities, saddle path stability can only …

fluctuations (associated with local indeterminacy and bifurcations) are possible with smaller externalities, whatever the relative … increasing returns to scale in production (fixed costs and externalities). In one country there is full employment and saddle … indeterminate. After opening the borders, the rigid wage country may export indeterminacy to the full employment country …

taxes under a balanced-budget rule in the presence of consumption externalities of the "keeping up with the Joneses" type … eliminating belief-driven cyclical fluctuations. Moreover, for higher values of consumption externalities, saddle path stability …