This paper shows that dynamic inefficiency can occur in dynamic general equilibrium models with fully optimizing, infinitely-lived households even in a situation with underinvestment. We identify necessary conditions for such a possibility and illustrate it in a standard R&D-based growth model....

Purpose – The purpose of this paper is to provide an in‐depth description of the process of institutionalisation and development of human resource management (HRM) practices in subsidiaries of German multinational companies in Russia. Design/methodology/approach – The study is based on...