Balance of payments theory is endowed with several schools of thought each approaching the problem from a slightly different angle. To most professional economist this multiplicity is a source of strength, each school highlighting certain problems and largely ignoring others, but to many...

In a world where poor countries provide weak protection for intellectual property rights, market integration will systematically shift technical change in favor of rich nations. For this reason, free trade can increase international income differences. At the same time, integration with...

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In order to get a more complete picture of how labor supply is affected by economic incentives, the effects on absenteeism and not just on contracted hours should be taken into account. <p> In particular, absenteeism due to sick leave can be considerable. In this paper we examine whether the level...</p>

TBA

This paper presents a new approach to the theory of the firm by identifying factor complementarities as central to the determination of the firm’s boundaries. The factor complementarities may take a variety of forms: technological and informational complementarities, as well as economies of...

This paper introduces endogenous and directed technical change in a growth model with environmental constraints. A unique final good is produced by combining inputs from two sectors. One of these sectors uses “dirty” machines and thus creates environmental degradation. Research can be...

This paper analyses the impact of the monetary regime on labour markets in a small open economy, by considering the game between large wage setters and an independent central bank in a two-sector model with potential labour mobility between sectors. Two monetary regimes are considered:...

A very large data set on the incidence of children with an anthropometric status below standard norms in India has recently been made available to the international research community. This paper is a preliminary attempt to provide a “map” of the anthropometric status of children in the...

In recent years a growing consensus has emerged for price stability as the overriding, long run goal of monetary policy. However, despite this consensus, the following question still remains: how should monetary policy be conducted to achieve the price stability goal? This paper examines the...