On the persistence of output fluctuations in high technology sectors
Abstract: Fatás (2000) argues that in a cross-section analysis of countries there exists a positive correlation between long-term growth rates and the persistence of output fluctuations. The current...
View ArticleGrowing through subsidies
Abstract: We consider an overlapping generation model based on Matsuyama (1999) and show that, whenever actual capital accumulation falls below its balanced growth path, subsidising innovators by...
View ArticleRenormalization method and its economic applications
Abstract: The purpose of this paper is to give new insights of the method of Helleman (1980) in the context of macrodynamics. This method explains how a difference equation can be locally studied from...
View ArticleHeterogeneous beliefs and instability
Abstract: While Rational Expectations have dominated the paradigm of expectations formation, they have been more recently challenged on the empirical ground such as, for instance, in the dynamics of...
View ArticleTaxation, unemployment and working time in models of economic growth
Abstract: This paper combines collective bargaining over wages and working time with models of endogenous and neoclassical growth. Public expenditure is funded by taxes on capital and labour supplied...
View ArticleThe cost of political intervention in monetary policy
Abstract: Data from a unique monetary ‘experiment’ conducted in the UK during the period 1994-97 are used to investigate the cost of political intervention in monetary policy. The paper finds that the...
View ArticleUniversities and fundamental research: reflections on the growth of...
Abstract: The recent rise in university-industry partnerships has stimulated an important public policy debate regarding how these relationships affect fundamental research. In this paper, we examine...
View ArticleWelfare, growth and environment: a sceptical review of the skeptical...
Abstract: In his wide ranging attempt to review the literature on economic development and welfare in relation to the environment, Lomborg claims balance and objectivity, but actually presents a...
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