The theoretical literature on generational risk assumes that this risk is large and that the government can effectively share it. To assess these assumptions, this paper simulates a realistically calibrated 80-period overlapping generations life-cycle model with aggregate productivity shocks....

Aggregate hours worked per working-age person decreased in Austria by 25% from 1970 to 2005. During the same time period, taxes increased, particularly the effective marginal tax rate on labor income. Using a standard general equilibrium growth model with taxes, I quantitatively assess the role...

The paper focuses on tools of tax policy used as an element of a pro-family policy in France and in Germany. The author intends to prove, using France as an example, that properly developed tax system may stimulate the fertility rate rise. Formulated recommendations for Poland are followed by a...

In this article, as part of the symposium on total factor productivity, Richard G. Lipsey of Simon Fraser University and Kenneth Carlaw of the University of Canterbury in New Zealand provide a trenchant critique of the concept of total factor productivity. They conclude that "the degree of...

Does consideration of sunspot equilibria in the cash-in-advance model help the model match key features in the US macroeconomic data? One can use the cash-in-advance model to generate predictions of macro time series via an equilibrium of the model. However, when restricted to minimum state...

A hálózatok szerepe egyre kiemeltebb figyelmet kap az innovációval foglalkozó irodalomban: a hálózatok strukturális felépítésének szerepe pedig számos területen keltette fel a kutatók érdeklõdését. Dolgozatunkban azt vizsgáljuk, hogy a vállalatok közötti tudáshálózatok...

A szerző legfőbb mondanivalója, hogy az a kritika, amelyet Kornai 1971-ben az Anti-equilibriumban megfogalmazott, mára már beépült az általános egyensúlyelmélettel szemben álló, paradigmaváltást követelő különféle iskolák érvrendszerébe. Igaz, ez a hatás sokszor csak...

In a one-sector neoclassical dynamic economic growth model, a reasonable ratio of investment to consumption exists, i.e., the “Golden Rule of Consumption”. This study is to extend one-sector neoclassical growth model to a multi-sector one. It is assumed that both the production function and...

This paper develops a globally convergent algorithm which modifies standard block Gauss-Seidel iterations used by tatonnement methods for solving large scale deterministic heterogenous agent models. It is shown that the restrictions on the structure of the Jacobi matrix implicit in any such...

This paper modifies standard block Gauss-Seidel iterations used by tatonnement methods for solving large scale deterministic heterogeneous agent models. The composite method between first- and second-order tatonnement methods is shown to considerably improve convergence both in terms of speed as...