Many economists remember the masters of Lausanne for their important contributions to general equilibrium and welfare economics, but Leon Walras and Vilfredo Pareto both pursued much broader social research agendas. Walras did this within the general framework of economics, by complementing his...

Purpose – The purpose of this paper is to analyze the effect of utility and production externalities on the equilibrium efficiency, and to devise tax policies capable of correcting the distortions caused by the external effects. Design/methodology/approach – The paper analyzes a...

Productivity bias hypothesis claims that deviation of the PPP based exchange rate from the equilibrium rate is mainly due to productivity differentials among countries. Early studies that employed cross‐sectional data in testing the hypothesis provided mixed results. A few time‐series...

This paper considers the distributional dynamics of a well‐known corruption index. Specifically, we are interested in evaluating whether corruption is best characterized as multimodal (i.e. pointing to clusters of countries with persistently different levels of corruption) and whether there...