We add to recent evidence on deindustrialization and document a new pattern: increasing industry polarization over time. We assess whether these new features of structural change can be explained by a dynamic open economy model with two primary driving forces, sector-biased productivity growth...

This paper develops a two-country dynamic general equilibrium model with endogenous growth to analyze the effects of international trade on steady state growth. The two countries differ both in preferences and in technologies. We show first, that both countries cannot simultaneously experience...

This paper presents a dynamic small open economy version of the standard neoclassical exogenous growth model with international migration. It considers both the case of perfect world capital markets and the case of imperfect capital markets and shows that local indeterminacy always arises...

This paper presents a dynamic small open economy version of the standard neoclassical exogenous growth model with international migration. It considers both the case of perfect world capital markets and the case of imperfect capital markets and shows that local indeterminacy always arises...

The paper analyzes the consequences of joining markets of government discount bonds between identical economies when, in each country, there exists a positive probability of the government to default. In autarky such economies of overlapping generations of consumers with capital accumulation...

In this paper we present a dynamic small open economy version of the standard neoclassical model of exogenous growth where we allow for international migration. We consider both the case of perfect world capital markets and the case of imperfect capital markets and show that local indeterminacy...

Our main objective is to study the impact of consumption externality like keeping of with the Joneses on the properties of long-run equilibrium in the two-sector optimal growth model. Does this consumption externality lead to a new mechanism of local indeterminacy and endogenous fluctuations? We...

Our main objective is to study the impact of consumption externality like keeping of with the Joneses on the properties of long-run equilibrium in the two-sector optimal growth model. Does this consumption externality lead to a new mechanism of local indeterminacy and endogenous fluctuations? We...