Pluriactivity has been identified in literature as a capital accumulation strategy. However, it has also been recognized as a survival strategy particularly in a resource constrained environment. Accordingly, it is questionable as to what extent pluriactivitity leads households to be...

Most economic historians would surely endorse Paul Romer's view expressed above that technological progress lies at the heart of long run economic growth. Long ago Kuznets identified the epoch of 'modern economic growth' as one where growth came to be driven by scientific and technological...

Recent literature on the design of optimal monetary policy has shown that deviations fromprice stability are small whenever prices are sticky. This paper reconsiders this issue byintroducing capital accumulation in the model. Optimal monetary policy in this setupimplies small deviations from...

An analytical framework is developed to study the repercussions betweenendogenous capital- and labor-saving technical change and population aging.Following an intuition often attributed to Hicks (1932), I ask whether and howpopulation aging aects the relative scarcity of factors of production,...

We study the eect of a declining labor force on the incentives to engage in labor-savingtechnical change and ask how this eect is inuenced by institutional characteristics of the pensionscheme. When labor is scarcer it becomes more expensive and innovation investments that increaselabor...

We revisitWestern Europe’s record with labor-productivity convergence and tentativelyextrapolate its implications for the future path of Eastern Europe. Thepoorer Western European countries caught up with the richer ones through bothhigher rates of physical capital accumulation and greater...

This paper represents a first attempt at a tractable analysis of how monetary policy influences the income distribution in an economy. It presents a monetary growth model in which inflation affects credit market efficiency, and via this link, influences capital accumulation, and the income...

The basic machines of macroeconomics. Ramsey, Solow, Samuelson-Diamond, RBCs, ISLM, Mundell-Fleming, Fischer-Taylor. How they work, what shortcuts they take, and how they can be used. Half-term subject. From the course home page: Course Description This half semester class presents an...

This paper examines the impact of declines in adult mortality on growth in an overlapping generations model. With public education and imperfect annuity markets, a decline in mortality affects growth through three channels. First, it raises the saving rate and thereby increases the rate of...

The Bogor Declaration of 1994 proposed free trade in the Asia Pacific region by the year 2020. If implemented as announced, this program will have important implications for the world economy over the next few decades. This paper uses a new dynamic multi-sector global model called the...