<span style="font-size: 10pt"><span style="font-size: 10pt">This paper presents a specific-factor model showing that, under technological uncertainty and risk averse agents, increasing trade integration is not always welfare increasing. The reason is that changes in the country's specialization level induced by trade integration produce both benefits and...</span></span>

<span style="font-size: 12pt"><span style="font-size: 12pt">Neoclassical theory says that financial liberalization will make the cost of capital decrease, productivity increase and output grow. In reality this does not happen. A key to understanding why it is so is the link between financial liberalization and income distribution. After financial...</span></span>

<span style="font-size: 9.5pt"><span style="font-size: 9.5pt">This paper presents a new stochastic model of asset pricing, based on agents with heterogeneous beliefs. Forecasting rules of all agents are characterized by a stochastic term that</span><span style="font-size: 9.5pt">works as an agent-based time dependent weight of the conditional expectation of the fundamental. Since we consider...</span></span>

 <font size="1">While the large portion of the literature on Markov chain (possibly of orderhigher than one) bootstrap methods has focused on the correct estimation ofthe transition probabilities, little or no attention has been devoted to theproblem of estimating the dimension of the transition probability...</font>

<span style="font-size: 9.5pt"><span style="font-size: 9.5pt">In this paper we study the dynamics of a discrete triangular system T in capital per capita and population growth representing the neoclassical growth model with CES production</span><span style="font-size: 9.5pt">function and differential savings, under the assumption that the labor force growth rate is</span><span style="font-size: 9.5pt">endogenous and described by a...</span></span>

Over the last decade, workfare programmes provided support to the unemployed onlyinsofar as they were willing to accept a job. The theoretical underpinnings of these programmesare that institutional constraints prevent labour supply from adjusting to thetechnologically determined requirements of...

<span style="color: #231f20"><span style="color: #231f20">The paper examines some trends in the distribution of income that have prevailed in thelast two decades, in particular the opposite tendencies to a fall in the wage share and an increase in the profit and rent share. Moreover both profit rates and real interest rates have increased in OECD...</span></span>