This paper explores the role of arbitrary assumptions regarding dimension and thetradeability of capital in neoclassical growth models. It is shown that international marketsfor physical and financial capital are required to reproduce the competitive world growthpath only when the number of...

This paper examines dynamic efficiency in the context of a two-sector overlappinggenerations model. First, conditions for dynamic efficiency in a centrally planned economy arederived. Then, in a competitive environment, the implications of dynamic (in)efficiency for thesteady state relative...

This paper demonstrates, in the context of a two-sector OLG neoclassicalgrowth model, conditions under which international trade in consumptiongoods alone may be sufficient for the equalization of real returns to physicalcapital across countries; that is, under which commodity arbitrage is...

This paper explores whether the international mobility of physical and/or financial capital is essential for productive efficiency in each of three open OLG models of neoclassical growth that vary in terms of dimensional attributes. A tradeoff between capital mobility requirements and dimension...

This paper examines the effects of international income transfers on capital accumulationand welfare in a one-sector overlapping generations model. It is shown that a strong form ofthe transfer paradox – in which the donor country experiences a welfare gain while therecipient country...

The histograms of interpurchase times for frequently purchased packagedgoods have consistently shown pronounced seven-day cycles. Evidence supports that theweekly spike phenomenon is the result of consumers’ regular shopping trip schedules. Weexplore the implications of this peculiar...

The histograms of interpurchase times for frequently purchased packaged goods have consistently shown pronounced seven-day cycles. Evidence supports that the weekly spike phenomenon is the result of consumers' regular shopping trip schedules. We explore the implications of this peculiar...