Recently, there has been wide interest in the "economics" of population aging. Demographic change has crucial consequences for economic behavior; it e.g. implies that consumption and investment decisions vary over the life-cycle. The latter has important implications for economic growth, whereas...

This paper proposes a theory for the evolution of knowledge diffusion and growth over the very long run. A feedback mechanism between capital accumulation and knowledge spillovers creates a unified growth theory that explains a long epoch of (quasi-) stasis and an epoch of high growth linked by...

This paper studies second best policies for education, saving, and labour in an OLG model in which endogenous growth results from human capital accumulation. Government expenditures have to be financed by linear instruments so that growth equilibria are inefficient. The inefficiency is...

In this paper, we study maximizing long-run economic growth trade-off in monetary and fiscal policies in an endogenous growth model with transaction costs. We show that both monetary and fiscal policies are subject to threshold effects, a result that gives account of a number of recent empirical...

Even though most countries have agreed to a harmonization of intellectual property rights by signing the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), there is still much dispute about the optimal level of protection of intellectual property rights in the world....

This paper develops a two-sector R&D-based growth model with congestion effects from increasing urban population density. We show that endogenous technologicalprogress causes structural change if there are positive productivity spillovers from the modern to the traditional sector and Engel’s...

This paper exploits the homogeneity feature of the Singapore private residential condominium market and constructs matched home purchase price and rental price series using the repeated sales method. These matched series allow us to conduct time series analysis to examine the long-term present...