This paper develops an endogenous growth model with continuous labor reallocation. Economic integration increases the home availability of technologies globally developed. The wider technology pool has implications for the vintage structure of the manufacturing sector and affects the revenues...

The paper develops a unified general equilibrium model includingsavings with overlapping generations, investment and search unemploament. Long-run analytical results for the small open economy identify capital accumulation as a prime transmission channel. The effects of integration on...

The paper examines policy externalities between imperfectly competitive open economies where unemployment prevails in general equilibrium. We develop a two-country and two-sector model with monopolistic competition in the goods market and wage bargaining in the labor market. Policy externalities...

German reunification was unprecedented. A marriage of differences, combining biased choices and high rigidities, has postponed the adjustment in economic and financial circles. Since then, Germany reabsorbs the imbalances introduced and alternates between remission and relapse at the discretion...

The paper examines policy externalities between imperfectly competitive open economies where unemployment prevails in general equilibrium. We develop a two-country and two-sector model with monopolistic competition in the goods market and wage bargaining in the labor market. Policy externalities...

"This paper studies the effects of monetary policy rules in a monetary union. The focus of the analysis is on the interaction between the fiscal policy of member countries (regions) and the central monetary authority. When capital markets are integrated, the fiscal policy of one country will...