In this paper we review some Solow-type growth models, framed is discrete time, which are able to generate complex dynamic behaviour. For these models put forward by Day (1982, 1983); Böhm and Kaas (2000); and Commendatore (2005) we show that crucial features which could determine the emergence...

We investigate in details a Trejos-Wright random matching model of money with a consumer take-it-or-leave-it offer and the individual money holding set {0,1,2}. First we show generic existence of three kinds of steady states: (1) pure-strategy full-support steady states, (2) mixed-strategy...

We investigate in details a Trejos-Wright random matching model of money with a consumer take-it-or-leave-it offer and the individual money holding set {0,1,2}. First we show generic existence of three kinds of steady states: (1) pure-strategy full-support steady states, (2) mixed-strategy...

This paper studies the equilibrium dynamics of a growth model with public finance where two different allocations of public resources are considered. The model simulta- neously determines the optimal shares of consumption, capital accumulation, taxes and composition of the two different public...

Following Jones and Williams (2000), we assume that R&D is simultaneously subject to positive and to negative external effects (e.g., the non rival nature of technology conflicts with congestion externalities). This observation allows to conceive an economy where two R&D sectors evolve without...

Thrift has been viewed since the blessed Adam Smith as the foundation of economic growth. Economists, the theorists of prudence, wsh it so. But it was not, and is not true. Modern economic growth came from some other source---perhaps the stunning shift 1600-1776 in the rhetoric of economy-talk.

This paper presents a fairly general treatment of recursive infinite horizon forward looking optimizing systems on infinite dimensional spatial domains. It includes optimal control, an analysis of local stability of spatially flat optimal steady states and development of techniques to compute...

Recent literature has been able to include into standard optimal growth models some hypotheses that allow for the generation of endogenous long run fluctuations. This paper contributes to this endogenous business cycles literature by considering social interactions. In the proposed model,...

A problem of existence and characterization of solutions of optimal growth models in many sector economies is studied The social utility to be optimized is a generalized form of a preference depending additively on consumption at the different dates of the planning period. The optimization b...

The aim of the paper is to develop a discrete time version of a one-sector optimal growth model with endogenous time preference. The intertemporal discount rate is determined by social factors (i.e., factors that are external to the individual agent), namely the economy wide levels of...