This article concerns itself with the environmental role of heavily polluting industries since 1970, analysing its development in 11 basic industries, as well as electricity production and road transport, in 32 industrial countries. It argues for a green industrial policy, demonstrating that...

In this paper, we analyze a general multivariate linear rational expectations model.

This paper examines the extent to which social interactions affect optimal consumption decisions in peer groups. To this purpose, a standard life-cycle model with quadratic utility is augmented to allow for three different forks of social interaction, namely, conformism, altruism, and jealousy....

This paper analyzes the consequences of introducing stochastic technological progress and stochastic labor input into a Solow-Swan exogenous growth model and an 'AK' endogenous growth model with general savings and production functions.

This paper considers estimation and inference in panel vector autoregressions with fixed effects when the time dimension of the panel is finite, and the cross-sectional dimension is large. A Maximum Likelihood estimator based on a transformed likelihood function is proposed and shown to be...

This paper considers the solution of nonlinear rational expectations models resulting from the optimality conditions of a finite-horizon intertemporal optimisation problem satisfying Bellman's principle of optimality (and possibly involving inequality constraints). A backward recursive procedure...