Az innováció és a növekedés versenyzői modelljét állandó mérethozadék mellett mutatjuk be. A korábbi állandó mérethozadékú növekedési modellek nem tudták a technológiai innovációkat kezelni. Az endogén innováció jelenlegi modelljei pedig a növekvő mérethozadék és a...

We are interested in the following question: what are the intergenerational effects of a large and unexpected immigration flow? How does it affect the welfare of the different generations living in the country that receives the immigration flow and, in particular, how does it impact on...

This paper uses a simple general equilibrium models with residential investment and input-output structure to illustrate the effects of demand shocks in the productive economy. A decline in the demand for homes generates a readjustment of the portfolio, and a decline in the demand of...

This paper provides an interpretation of the evolution of Spanish private and national savings over the period 1960-1995. During these 35 years private and national saving rates oscillated widely from a very high level in the 1960s to historical minima in the early and mid-1980s to a strong...

The extreme volatility of stock market values has been the subject of a large body of literature. Previous research focused on the short run because of a widespread belief that in the long run the market reverts to well-established fundamentals. The authors' research suggests this belief should...

Human Capital, Trade and Public Policy in Rapidly Growing Economies argues that only two centuries ago, no society had ever enjoyed sustained growth in living standards. The contributors to this book aim to discover why the world today exhibits a predilection for perpetual self-improvement. In...

This paper investigates the claim, often put forth by Real Business Cycle proponents ("e.g. Prescott(1986)), that the poor performances of their models in matching real world aggregate labor market behavior are due to the fact that observed real wage payments do not correspond to the actual...

Growth theorists have almost always adopted the assumption of balanced growth in their investigations of development phenomena. In reality countries growth rates oscillate, sometimes wildly, around some average value. The latter is often taken to represent the balanced rate to which the...

After the fall in fertility during the Demographic Transition, many developed countries experienced a baby bust, followed by the Baby Boom and subsequently a return to low fertility. Received wisdom from the Demography literature links these large fluctuations in fertility to the series of...