In this paper I study the optimal control path for a (capital or pollution) stock which accumulates time with a lag to its control. It is shown that the optimal control path is non-monotonic and cyclical in general, but it is monotonic if the objective function is additively separable in the...

An analytical framework is developed to study the repercussions between endogenous capital- and labor-saving technical change and population aging. Following an intuition often attributed to Hicks (1932), I ask whether and how population aging aff ects the relative scarcity of factors of...

Empirische Untersuchungen über die Auswirkungen der Transformation im ländlichen Alltagsleben der Ukraine sind nur selten zu finden. Makroökonomische und finanzpolitische Betrachtungen dominieren die Fachliteratur. Daher ist das Bild über die Veränderungen im ländlichen Raum auch noch...