The paper shows that there do exist two kinds of steady state equilibria in the overlapping generations models with consumption and production loans, similar to the pure exchagne economies examined by Gale (1973). Furthermore, the local stability properties of these two (kinds of) steady states...

This paper examines the effects of government debt and deficit, income tax, and public investment on economy in a endogenous growth model with finite-horizon, the spirit of capitalism, and government expenditure. It shows that with the increasing of the spirit of capitalism and life horizon (the...

This paper documents the vast expansion of schooling over the past several decades. It begins by considering international panel data and makes the observation that poor countries today have higher average education levels than countries at the same level of economic development used to have in...