Moral concepts affect crime supply. This idea is modelled assuming that illegal activities is habit forming. We introduce habits in a intertemporal general equilibrium framework to illegal activities and compare its outcomes with a model without habit formation. The findings are that habit (i)...

Neste artigo, foi estimada a taxa natural de juros para a economia brasileira entre o final de 2001 e segundo trimestre de 2010 com base em dois modelos, sendo o primeiro deles o proposto por Laubach e Williams e o segundo proposto por Mesónnier e Renne, que trata de uma versão alterada do...

This paper explores the link between an environmental policy and economic growth employing an extension of the Neoclassical Growth Model. We include a state equation to renewable natural resources, and consider natural resources as a component of the aggregate productivity. It is assumed that...

This study proposes a theoretical model of endogenous growth that demonstrates that the level of the public debt-to-gross domestic product (GDP) ratio should negatively impact the effect of fiscal policy on growth. This effect occurs because government indebtedness extracts a portion of young...

Credit markets in emerging economies can be distinguished from those in advanced economies in many respects, including the collateral required for households to borrow. This work proposes a DSGE framework to analyze one peculiarity that characterizes the credit markets of some emerging markets:...