Turkey could be the EU's biggest success in foreign affairs. Europeans should be proud that they are transforming, in a peaceful manner, the political system of a country as large and complex as Turkey. Regime change EU-style is cheap, voluntary and long-lasting. Turkey also has a lot to...

This paper investigates a dynamic general equilibrium model with search. In particular, search externalities are reßected by an increasing returns to scale matching function, which may imply an indeterminate equilibrium. Hence, the model is capable to generate business ßuctuations, driven by...