Brecher, Richard A.; Chen, Zhiqi; Choudhri, Ehsan U. - In: Journal of Economic Dynamics and Control 34 (2010) 8, pp. 1392-1402
This paper introduces private saving and public debt into the shirking-unemployment model of Shapiro and Stiglitz (1984), while relaxing their exclusive focus on steady states. After generalizing their no-shirking constraint to accommodate asset accumulation, and demonstrating that the resulting...
