This paper constructs a multi-sector dynamic general equilibrium model for a trading economy. We incorporate three major factors of production: capital, skilled labor & unskilled labor. We solve and calibrate the model using data from Japan and Korea. We then consider changes to immigration...

This paper examines the impact of hypothetical market reforms in North. We build a dynamic general equilibrium model and simulate multiple reform scenarios. We first construct a baseline model which mimicks the current command economy. In this scenario the government allocates output in an...

This paper presents a pair of models of the storage of maize. One is directly based on standard financial models of portfolio choice. Rather than optimally balancing a financial portfolio by choosing from a variety of financial instruments, our agents optimize holdings of maize by choosing from...

This paper looks at the linkages between growth and business cycles by bringing together two strands of literature. We incorporate a quality ladders engine of growth into an otherwise standard real business cycle model. Our fundamental question is, can Schumpeter’s creative destruction process...

This paper looks at the linkages between growth and business cycles by bringing together two strands of literature. We incorporate a quality ladders engine of growth into an otherwise standard real business cycle model. We are interested in whether the process which leads to technological...

This abstract will be reformatted upon submission. You don't need to format for line-breaks here!!!!! This paper tests the contributions of the size of state-owned enterprises as a determinant of China’s economic growth. The methodology is discussed in papers by Levine and Renelt (1992) and...