Shahnazi, Rouhollah; Renani, Mohsen; Esfahani, Rahim Dalali - In: Iranian Economic Review 16 (2011) 2, pp. 73-88
This paper focuses on the impacts of oil revenues on government fiscal policy when we have externality of human capital in economic. Therefore, we devised a fiscal policy capable to make the decentralized economy to achieve the first-best equilibrium in the Uzawa-Lucas model. The results of this...