An increase in the riskiness of a technology will raise economy-wide expected output: the technology can be used intensively if its productivity realization is large and curtailed otherwise. Some investment in even the riskiest technologies can therefore bring Pareto improvements. The observed...

The existing research of inter-jurisdictional policy implementation relies on aggregated data from established or completed networks, which cannot discern individual level heterogeneity among policymakers in earlier stages of interlocal collaboration. Further, scholars have difficulties to...

This article explores the links between climate neutrality and sustainability in the context of international trade. For that, it tackles seven main concerns: 1) what do industry leaders now need from policymakers to make them the frontrunners in the global transition to climate neutrality? 2)...

We present a model with two production sectors, one more advanced than the other. Counter-intuitively, we find that a technological improvement may lower the long-run well-being in the economy, even though markets are fully competitive. This can occur if the technological improvement happens in...

In this study, we develop a Goodwin model of the composite form of technological progress under the balance of payments constraint. Subsequently, we describe the inherent periodicity of fixed capital investment and verify the rationality of using finite order Fourier series to describe the fixed...

When people undertake a task for themselves or the organization in which they work, they often set the target outcome of the task as their goal. We suggest that people take this goal as their reference point around which they evaluate their performance as a gain or loss. We also suggest that...

In the Covid-19 crisis, most OECD countries have used short-time work (subsidized working time reductions) to preserve employment relationships. This paper studies whether short-time work can save jobs through stabilizing aggregate demand in recessions. First, we show that the consumption risk...

We present a unified dynamic framework to study the interconnections between international trade and business cycle models. We prove an aggregate equivalence between a competitive, representative firm model that has aggregate production externalities and dynamic trade models that feature...