We develop an overlapping generations model, where firms (as consumers) have a two-period life, investing in R&D during the first period and competing in the product market in the second period. The number of firms is endogenously determined and the set of successful firms by a Bernoullian...

The nineteenth century was a time of substantial changes in the patterns of economic growth and the structure of and allocation of political rights. The concurrence of these changes is not coincidental. We develop a model in which ideological parties representing elites use the allocation of...

This paper examines how the degree of interbank competition affects real economic growth, growth patterns, and consumer welfare using a dynamical systems approach. Risk averse agents insure against idiosyncratic risk via deposit contracts that maximize bank profits. These contracts are derived...

Some researchers have documented that the path of development is remarkably related to the pattern of sectoral diversification. Others have highlighted the relation between productive specialization and economic progress. This paper explores the role of product market competition and...

Some researchers have documented that the path of development is remarkably related to the pattern of sectoral diversification. Others have highlighted the relation between productive specialization and economic progress. This paper explores the role of product market competition and...