Modelin the local and central government behaviours to assess the welfare/efficiency/equity impacts of fiscal decentralization. Static optimization; simulation The relative welfare and efficiency effects of fiscal decision mechanisms (defined as social planners optimum choice of fiscal...

This paper studies the role of expectations and monetary policy on the economy's response to climate actions. We show that in a stochastic environment and without the standard assumption of perfect rationality of agents, there is more uncertainty regarding the path and the economic impact of a...

This paper incorporates the phenomenon of tolerance, as the ability to accept diversity, into an economic analysis showing how different aptitudes to trust and cooperation can affect economic outcomes. In the economic system we propose, tolerance is associated with the different weight that...

This paper investigates the economic consequences of migration in the Ramsey-type dynamic optimizing context. In contrast to Hazari and Sgro (2003) conclusions, we show that with a Cobb-Douglas production function migration unambiguously reduces per-capita domestic consumption growth, whereas...