This paper develops an R&D based endogenous growth model in which the firm’s free-riding behavior, prompted by an incomplete technological protection at the industry level, can drive economic growth. Unlike existing endogenous growth models, it shows how free-riding behavior and process...

This paper studies the dynamic interaction between human capital accumulation and economic growth. Capital market imperfections and an indivisibility in human capital investment prevent poor agents from accumulating skills, the acquisition of which positively affects technological progress. More...

We consider a Diamond-type model of endogenous growth in which there are three assets: fiat money, government bonds, and equity. Because of productivity shocks, the equity return is uncertain, and risk-averse investors require a positive equity premium. Typically, there exist two steady states,...

We consider a linear growth model with idiosyncratic productivity shocks in which producers cannot commit to repay their loans. Borrowing constraints are determined endogenously by the borrowers’ incentives to repay, assuming that defaulters lose a share of output and are excluded from future...

We construct a two-country North–South Product-cycle model of trade with endogenous growth and trade barriers. We remove the scale effects on growth by incorporating rent protection activities by Northern incumbents. We examine the effects of two forms of globalization – an expansion of the...

We construct a two-country North–South Product-cycle model of trade with endogenous growth and trade barriers. We remove the scale effects on growth by incorporating rent protection activities by Northern incumbents. We examine the effects of two forms of globalization – an expansion of the...

This dissertation presents two essays on endogenous growth and renewable resources. The first essay explores the role of renewable resources in a tractable model of endogenous growth driven by horizontal and vertical innovation in the closed economy. The model is tractable in that it yields a...

We analyze a multi-sector growth model with directed technical change where man-made capital and exhaustible resources are essential for production. The relative profitability of factor-specific innovations endogenously determines whether technical progress will be capital- or...

The present thesis develops a formal model of endogenous growth that incorporates costly knowledge codification as a means of intergenerational knowledge transfer. It identifies the circumstances under which knowledge codification takes place in the long run and studies its effects on long run...

The impact of an ageing population on the economy is one of the key issues in most developed countries. It is a generally accepted notion that an ageing population could cause negative effects, including a decrease of per-capita output and economic welfare, on the economy mainly due to the...