The present paper deals with the diffusion of the General Purpose Technologies (GPT) over heterogeneous finanl-good sectors. We show that the gradual adoption of the GPT by each user sector generates a sequence of two-phased cycles, culminating in a "second wave" after all sectors adopt,they...

We develop an equilibrium model of industrial structure in which the organization of firms is endogenous. Differentiated consumer products can be produced either by vertically integrated firms or by pairs of specialized companies. Production of each variety of consumer good requires a unique,...

Economic policymaking in modern democracies generates a great deal of special-interest politics. In policy areas such as finance, trade policy, and regulation, policy decision create benefits for well-defined groups with the cost borne by society at large. Given the difficulties with the...

We study the electoral competition between two parties vying for seats in a legislature. The electorate includes knowledgeable voters and impressionable voters, the later susceptible to electioneering activities.

In this paper, the author will try to describe in this lecture what economists know about foreign trade and in what ways their understanding has improved as a result of the last twenty years of research.