The paper starts by reviewing a recent contribution on long-waves, in order to recall the essential points of a theory that, better than any other, is able to explain the long term development of capitalist economies. Considering that the present technological revolution in ICT is part of the...

We consider a small open Harris-Todaro(1970) economy with a rural foreign enclave and urban informal sector. We introduce consumption-efficiency relation to explain the simultaneous existence of informal sector and urban unemployment. The main objective of this paper is to analyse the effects of...

We consider a version of Kiyotaki and Wright's monetary search model in which agents can hold arbitrary amounts of divisible money. A continuum of stationary equilibria, indexed by the aggregate real-money stock, exist with all trading occurring at a single price. There is always a maximum level...

This paper investigates the efficiency of household investment decisions in a unique dataset containing the disaggregated wealth and income of the entire population of Sweden. The analysis focuses on two main sources of inefficiency in the financial portfolio: underdiversification of risky...

The paper argues that, from a dynamic efficiency perspective, intersections of factor price frontiers are irrelevant to the choice of techniques. Because every change in technique involves a temporary loss or gain in both profit and per capita consumption within the transition period, its...

The effect of incomplete information on the term structure of interest rates is examined in the framework of a pure exchange economy under uncertainty. When the growth rate of the aggregate endowment is known, the term structure is flat and deterministic. When agents do not observe the...

This paper is concerned with occupational choice under risk, where agents care about their social status. It is motivated by recent developments in the 'New Economy', which indicate that status preferences possibly provide an explanation for the observed shift towards entrepreneurial...

The present paper examines impacts of foreign exchange rates against the Sudanese currency on savings. The increasing rates of foreign currencies in the domestic Sudanese Black markets have simultaneously resulted in the continuous depreciated Sudanese currency values over the past year...

In the present paper an empirical analysis will point out that shadow economy tends to push up house prices, distorting real estate market. The sample covers EU, Japan and The United States. Data are taken from OECD and (Schneider et al., 2010); (Schneider, 2013). The elaboration of these panel...

It seems to be a trade-off between shadow economy restriction and macroeconomic repercussions. This view is expressed by (Era Dabla-Norris and Andrew Feltenstein, 2003) and is in agreement with the author of the present paper although approached in a different way. Author believes that present...