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Inequality and Economic Growth: The Perspective of the New Growth Theories
(American Economic Association, 1999)
We analyze the relationship between inequality and economic growth from two directions. The first part of the survey examines the effect of inequality on growth, showing that when capital markets are imperfect, there is ...
Renegotiation Design with Unverifiable Information
(The Econometric Society, 1994)
This paper considers a buyer-seller relationship with observable but unverifiable investments and/or random utility parameters. In such situations, it is known that contract renegotiation may prevent the implementation of ...
The Political Economy of Fiscal Adjustments
(Brookings Institution Press, 1998)
A Theory of Divided Government
(JSTOR, 1996)
This paper extends the spatial theory of voting to the case in which policy choices depend upon the interaction between executive and the legislature. Voters are strategic and to analyze equilibrium the authors apply ...
A Model of Growth Through Creative Destruction
(1992)
A model of endogenous growth is developed in which vertical innovations, generated by a competitive research sector, constitute the underlying source of growth. Equilibrium is determined by a forward-looking difference ...
Competition, Financial Discipline and Growth
(Oxford University Press (OUP), 1999)
This paper develops a general equilibrium model of technological adoption in an economy populated by 'satisficing' entrepreneurs whose main objective is to minimise innovative effort while keeping the firm alive. In such ...
Comments on 'Europe's Gamble' by M. Obstfeld
(Brookings Institution Press, 1997)
Income Distribution, Political Instability, and Investment
(Elsevier, 1996)
This paper successfully tests on a sample of 71 countries for the period 1960–85 the following hypotheses. Income inequality, by fuelling social discontent, increases sociopolitical instability. The latter, by creating ...
Efficiency and Observability with Long-Run and Short-Run Players
(Elsevier, 1994)
We present a general algorithm for computing the limit, as δ → 1, of the set of payoffs of perfect public equilibria of repeated games with long-run and short-run players, allowing for the possibility that the players′ ...
Dualism and Macroeconomic Volatility
(MIT Press, 1999)
This paper develops a simple macroeconomic model that shows that combining capital market imperfections together with unequal access to investment opportunities across individuals can generate endogenous and permanent ...