This paper extends a three-period Overlapping Generations (OLG) model of endogenous growth where the interactions between public infrastructure, human capital with R&D activities, and growth are studied. The model accounts for the externality of technical knowledge associated with human capital...

We examine whether loan dollarization is contagious across countries and, if so, what factors contribute to such spillover effects. We analyze a unique monthly data set of loan dollarization for 23 transition economies. Using a flexible regime-switching model, we simultaneously test for shift...

This paper argues that excessive liberalisation causes financial development to lose its effectiveness in generating economic growth. We investigate the hypothesis through a dynamic panel analysis for 88 countries for the period of 1973 - 2005 using a comprehensive financial development...

This paper uses a theoretical and empirical approach to examine the long run effects of working hours restrictions on the natural rate of unemployment. We estimate a French NAIRU using the Kalman filter applied to a Phillips curve model with French quarterly data between 1987 and 2009. The...

In a model of incomplete, heterogeneous information, with externalities and strategic interactions, we analyse the possibility of adaptive learning to act as coordination device. We build on the framework introduced by Angeletos and Pavan (2007) and extend it to a setting where agents need to...

This paper considers the effects of humanitarian aid on economic welfare through a demographic transition channel. We develop a two-period overlapping generations model where reproductive agents face a non-zero probability of death in childhood. As adults, agents allocate their time to work,...