In this paper, we modify the model of Benhabib and Laroque in which the behaviour of non steady-state equilibria in the neighborhood of the goldenrule steady-state are studied, to include liquidity constraints. We observe in an example, the appearance of new cycles.

In this paper we test empirically with the Nordhaus and Yang (1996) RICE model the core property of the transfer scheme advocated by Germain, Toint and Tulkens (1997). This scheme is designed to sustain full cooperation in a voluntary international environmental agreement by making all countries...

We Highlight a fast subsampling method that can be used to provide valid inference in nonlinear dynamic econometric models.

This paper examines the effect of budget deficit on the current account balance in Nigeria, covering the period from 1973 to 1993. This is motivated by the fact that the magnitude of government has increased with amazing rapidity since the early 1980s. Simultaneously, the current account balance...

In this paper we use mixed logit specifications to allow parameters to vary in the population when estimating the value of time for long-distance car travel.