This paper studies the transaction-cost economizing effects of authoritarian management in organizations and systems subject to higher transaction costs originating from various sources. We analyze the nature, mechanisms and transaction-cost aspects of the authoritarian management style. We...

This paper studies the transaction-cost economizing effects of authoritarian management in organizations and systems subject to higher transaction costs originating from various sources. We analyze the nature, mechanisms and transaction-cost aspects of the authoritarian management style. We...

We utilize a standard endogenous-growth model with knowledge spillovers (the “k-K” model). We characterize the optimal Balanced Growth Path (BGP), and compare it to the path under market competition. In the presence of externalities, markets fail. One way to restore efficiency is to...

Financial openness is introduced into a real-business-cycle setup augmented with a detailed government sector. The model is calibrated to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2020). The quantitative importance of financial openness is...

Purpose: This paper aims to explore the effects of fiscal policy in an economy with efficiency wages, consumption taxes and a common income tax rate. Design/methodology/approach: A dynamic general-equilibrium model with the government sector is calibrated to Bulgarian data (1999–2018). Two...

Stochastic shocks to aggregate labor supply elasticity are introduced into a real-business-cycle setup augmented with a detailed government sector. The model is calibrated to Bulgarian data for the period following the introduction of the currency board arrange-ment (1999-2018). The quantitative...

This study represents a new way of looking at health, by investigating the effect of aggregate cancer incidence rates on labour productivity, using a macroeconomic methodology. The health of the labour force is a key determinant of labour productivity, with poor health comes both physical and...

We introduce progressive consumption taxation into a real-business-cycle setup augmented with a detailed government sector. We calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999–2016). We investigate the quantitative...

This article takes an otherwise standard real-business-cycle setup with a government sector, and augments it with shocks to consumer confidence to study business-cycle fluctuations. A surprise increase in consumer confidence generates higher utility, as the household values consumption more in...

We introduce energy as a productive input into a real-business-cycle model with government sector. We calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2018). We investigate the quantitative importance of the presence of...