Private property in land has often been criticized because it is supposed to bring about a waste of productive resources weakening economic growth. Indeed, because it is non reproductible, land earns a rent which increases in a growing economy and whose capitalization decreases the "productive"...

This article is devoted to a study of the optimal monetary and fiscal policies within the framework of an overlapping generations model with cash-in-advance constraints. We first characterize the intertemporal equilibrium. Then we show how to decentralize the optimal growth path using available...

In this paper, we study the intertemporal equilibria of an infinite-lived representative agent model with public debt. We show that for a given path of government expenditures, there generally exists a continuum of equilibria depending on various debt policies. These equilibria are characterized...

In this paper, we study a notion of sufficient input, i.e. input that allows to produce at least one unit of output when the other inputs are fixed at any positive level. We show that such an input allows to produce any positive amount of production. The main property of sufficient inputs is as...