This paper studies the undiscounted utilitarian optimal paths of the canonical Dasgupta-Heal-Solow model when the stock of natural capital is a direct argument of well-being, besides consumption. We use a Keynes-Ramsey rule wich yields a generalization of Hartwick's rule : if society has a zero...

Following Stollery [1998], we extend the Solow, Dasgupta-Heal model to analyze the effects of global warning. The rise of temperature is caused by the use of fossil resources so that the temperature level can be linked to the remaining stock of these resources. The rise of temperature affects...

In this paper, the two-period OLG model has been modified to distinguish the effects of individual ageing from changes in the birth rate. Optimal pension and retirement age policies have been characterized in a dynamic framework. We have considered a mixed pension scheme that is fully funded,...

We offer a new method to characterized cointegration properties of higher orders. This method relies on a very simple device. We first examine the question in a deterministic framework, where cointegration porperties pertains to rate of growth. We relate these properties to the structure of the...

Despite numerous efforts at interpretation and exposition, the standard Real Business Cycle model remains somewhat misterious. Its dynamic porperties are by now familiar, at least to those who made the effort to run simulation by themselves. Many extention of the basic model have been developed,...

Le modèle WS-PS (wage-setting, price-setting), introduit par Layard-Nickell-Jackman(1991) et approfondi récemment par Cahuc-Zylberberg(1999), constitue une référence pour fonder un taux de chômage d'équilibre. Nous en donnons ici une présentation systématique. Nous mettons l'accent sur...