This paper criticizes the current enthusiasm for labour market policies as the main route to employment creation in OECD countries. Such policies are normally seen as a means of encouraging more employment on existing capital stock. This approach is one-sided and downplays the equally important...

This paper questions the view that foreign direct investment (FDI) is producing an integrated world production and trading system. Although multinational firms have a greater choice of locations than in the past, their recent investments abroad have taken place within a regional, rather than...

This paper fully characterizes the optimal control of a recurrent infectious disease through the use of (non-vaccine) prevention and treatment. The dynamic system may admit multiple steady states and the optimal policy may be path dependent. We find that an optimal path cannot end at a point...