Contrary to a popular belief, the most popular Ak growth models display transitional dynamics once the representative agent and complete markets assumptions are overturned. The class of models is identified with diminishing-returns at individual but constant-returns at aggregate due to...

The AK growth model is a standard endogenous model. This paper first solves the social planner's problem in this model and shows that the steady state is the only solution to this model. The paper then considers several generalizations of the AK model on the side of technology. Unlike the basic...

This paper offers an alternative way, based on the logistic population growth hypothesis, to yield transitional dynamics in the standard AK model with exogenous savings rate. Within this framework, we show that the dynamics of the capital stock per person and its growth rate can be non-monotonic...

This paper offers an alternative way, based on the logistic population growth hypothesis, to yield transitional dynamics in the standard AK model with exogenous savings rate. Within this framework, we show that the dynamics of the capital stock per person and its growth rate can be non-monotonic...

This paper examines the effects of a budget-neutral public spending allocation between public investment and private investment subsidy on inequality dynamics and intergenerational mobility in an environment with heterogenous households and incomplete capital market.

L'idea di questo lavoro Š quella di tracciare un profilo del cosiddetto lavoratore povero, ovvero delle persone che pur essendo occupate, percepiscono un basso reddito, normalmente inadeguato rispetto ai bisogni di mantenimento di sŠ e dei familiari a carico. Si utilizza un semplice modello di...

This paper examines the effects of a budget-neutral public spending allocation between public investment and private investment subsidy on inequality dynamics and intergenerational mobility in an environment with heterogeneous households and incomplete capital market.

We provide an introduction to a model of social inequality dynamics. Because capital is distributed less equally than labour, we propose that that one of the main forces driving income inequality is the ratio of factor shares. In this paper we give an easy proof to show that this ratio is driven...

The paper starts with Haslag's (1998) model of the bank's demand for reserves and reformulates it with a cash-in-advance approach for both financial intermediary and consumer. This gives a demand for a base of cash plus reserves that is not sensitive to who gets the inflation tax transfer. It...

This paper presents an analytical discussion and empirical evidence of the relationship between financial sector development and economic growth among Central and Eastern European countries. Theoretical views allow for the complex relationship between the financial sector development and...