The paper provides necessary and sufficient conditions for aggregation of heterogeneous individuals in dynamic economies, when individuals differ in abilities as well as in capital endowments, and when there are distortionary taxes. The aggregation theorems imply that the competitive equilibrium...

We show that when individuals can save (accumulate capital), they all eventually become public-good contributors. In steady state, larger economies have more contributors. If the public good is normal, then its quantity increases in population size in the open-loop equilibrium, but not...

Although important both theoretically and practically, the nature of consumer economic expectation formation has been little studied, particularly by psychologists. The most relevant previous research suggests that expectations are based on a heuristic that results in them being significantly...

This paper explores the effect of time varying velocity in a transition to price stability. Nonstationary velocity, expressed as function of consumption, is made endogenous in Ireland's (1997) model. We find that the disinflationary booms found by Ball (1994) may or may not disappear; and also...

The current British Government's "Big Society" plan is based on the idea that granting more freedom to local communities and volunteers will compensate for a withdrawal of public agencies and spending. This idea is grounded on a widely held belief about the relationship between government and...

The paper investigates the effects of firm-specific and country-specific characteristics, and the 1997 Asian financial crisis on the debt maturity structure of firms in the Asia Pacific region. Given that the economies of the sample countries were at different stages of development and were...

We develop a unifying framework to integrate two of organizational sociology’s theory fragments on categorization: typecasting and form emergence. Typecasting is a producer-level theory that considers the consequences producers face for specializing versus spanning across category boundaries....

The purpose of this paper is to show how differences in individuals’ labour productivities cause differences in their accumulation of capital, and thereby analysing the evolution of the income distribution. There are three cases of interest: (i) the high productive accumulate relatively...

This paper attempts to address a puzzle in China’s investment pattern: despite high aggregate investment and remarkable economic growth, negative net investment is commonly found at the microeconomic level. Using a large firm-level dataset, we test three hypotheses to explain the...

Counterfeit goods consumption has predominantly been viewed as an economic, cultural, ethical/moral, legal and/or information-management issue. Strategies based on these perspectives have taken steps to curb counterfeiting (or "piracy") worldwide. However, counterfeit purchasing continues to be...