The author investigates the welfare cost of business cycles in an economy where households have heterogeneous trading technologies. In an economy with aggregate risk, the different portfolio choices induced by heterogeneous trading technologies lead to a larger consumption inequality in...

Most risk mitigation activities involve technological uncertainty (TU) because their effectiveness depends on exogenous factors beyond the decision-maker's control or due to the decision-maker's incomplete knowledge about the associated benefits. We provide a systematic assessment of the effects...

Technological advance has been a primary driver of healthcare expenditures in the twentieth century and continues to be so. This paper models the electoral politics of government support for R&D. A forward-looking median voter has to take account of a wide variety of interdependencies even in a...

Social security systems in most industrialized countries face severe financial problems due to adverse demographic changes. The increase in old-age dependency, however, will be spread over a period of approximately 50 years. The degree of technological progress necessary to offset the negative...

This paper presents a classical model of economic growth which incorporates class conflict and induced technological change to show how demographic changes can affect future income distribution and production relations in industrialized countries. Specifically, I use an extended real wage...

This study proposes an alternative methodology for measuring environmentally sensitive productivity growth. The rationale of this methodology is to consider the features of technology appropriately by excluding a spurious technical regress based on the macroeconomic perspective. In order to...