This paper explores the effects of incomplete markets and positive spillovers on aggregate and industry output behavior …

a (suitable chosen) commodity space. Using this definition endogenous tastes are analytically similar to externalities … tastes have a direct and an indirect impact on welfare. The literature on externalities usually focuses on the direct effect …

-constrained monetary economy with heterogenous agents and increasing returns to scale due to labour and capital productive externalities … (arbitrarily) small degree of (total) externalities provided that the share of labour externalities exceed a lower bound, which …

-fulfilling expectations. We consider an overlapping generations economy with capital externalities and we focus on underemployment equilibria …. We find that for wide regions in the parameter space, including an arbitrarily small degree of externalities and a Cobb … that the role of unions in shaping local dynamics depends on technology (externalities and factor's substitutability …

available, and the reasons for Italy’s positions set forth. The principle guiding Italian negotiators has been to balance the …