Does immigration accelerate sectoral change towards high-productivity sectors? This paper uses the mass displacement of ethnic Germans from Eastern Europe to West Germany after World War II as a natural experiment to study this question. A simple two-sector specific factors model, in which...

The multiplier/accelerator discretely revisited / R.M. Goodwin -- Harrodian macrodynamics in generalized coordinates / L. Punzo -- Applications of mathematics to the Goodwin model / G. Ricci -- Learning by doing and cyclical growth / V. De Nicolo -- The occurrence of erratic fluctuations in...

We show that an otherwise standard one-sector real business cycle model with variable capital utilization and mild increasing returns-to-scale is able to generate qualitatively as well as quantitatively realistic aggregate fluctuations driven by news shocks to two formulations of future...