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  • 1
    Electronic Resource
    Electronic Resource
    Reachability of locational Nash equilibria (1998)
    Springer
    OR spectrum 20 (1998), S. 101-107 
    Details
    ISSN: 1436-6304
    Keywords: Competitive location model ; Nash equilibria ; stability ; reachability ; Wettbewerbsmodelle in der Standorttheorie ; Nash Gleichgewicht ; Stabilität ; Erreichbarkeit
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Description / Table of Contents: Zusammenfassung In der Arbeit werden die Standorte von Duopolisten in einem Baum untersucht. Unter der Annahme festgesetzter Preise werden notwendige und hinreichende Bedingungen für Nash Gleichgewichte für Standorte auf Bäumen hergeleitet. Unter Verwendung dieser Bedingungen wird dann gezeigt, daß — angenommen Nash Gleichgewichte existieren — diese in einem wiederholt angewandten sequentiellen Standortfindungsprozeß, in dem beide Duopolisten als Zielfunktion kurzfristige Gewinnmaximierung haben, auch erreicht werden.
    Notes: Abstract This paper examines the location of duopolists on a tree. Given parametric prices, we first delineate necessary and sufficient conditions for locational Nash equilibria on trees. Given these conditions, we then show that Nash equilibria, provided they exist, can be reached in a repeated sequential relocation process in which both facilities follow short-term profit maximization objectives.
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    URL: http://dx.doi.org/10.1007/BF01539861
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  • 2
    Electronic Resource
    Electronic Resource
    Reachability of locational Nash equilibria (1998)
    Springer
    OR spectrum 20 (1998), S. 101-107 
    Details
    ISSN: 1436-6304
    Keywords: Key words: Competitive location model ; Nash equilibria ; stability ; reachability ; Schlüsselwörter: Wettbewerbsmodelle in der Standorttheorie ; Nash Gleichgewicht ; Stabilität ; Erreichbarkeit
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Description / Table of Contents: Zusammenfassung. In der Arbeit werden die Standorte von Duopolisten in einem Baum untersucht. Unter der Annahme festgesetzter Preise werden notwendige und hinreichende Bedingungen für Nash Gleichgewichte für Standorte auf Bäumen hergeleitet. Unter Verwendung dieser Bedingungen wird dann gezeigt, daß– angenommen Nash Gleichgewichte existieren – diese in einem wiederholt angewandten sequentiellen Standortfindungsprozeß, in dem beide Duopolisten als Zielfunktion kurzfristige Gewinnmaximierung haben, auch erreicht werden. “Equilibrium is a place in heaven, but how do we get there from here?”
    Notes: Abstract. This paper examines the location of duopolists on a tree. Given parametric prices, we first delineate necessary and sufficient conditions for locational Nash equilibria on trees. Given these conditions, we then show that Nash equilibria, provided they exist, can be reached in a repeated sequential relocation process in which both facilities follow short-term profit maximization objectives.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s002910050058
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  • 3
    Electronic Resource
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    Stability results for approximately efficient solutions (1994)
    Springer
    OR spectrum 16 (1994), S. 47-52 
    Details
    ISSN: 1436-6304
    Keywords: Vector optimization ; approximately efficient solutions ; stability ; Vektoroptimierung ; Näherungslösungen ; Stabilität
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Description / Table of Contents: Zusammenfassung Wir führen ein Konzept für Näherungslösungen in der Vektoroptimierung ein und vergleichen dieses mit einem neuen Konzept aus [8]. Weiterhin untersuchen wir Beziehungen zwischen der Menge der Näherungslösungen eines Vektoroptimierungsproblems und den Näherungslösungen eines entsprechenden parametrischen Ersatzproblems. Schließlich beweisen wir Stabilitätseigenschaften des skalaren Ersatzproblems.
    Notes: Abstract We introduce a concept for approximately efficient solutions in vector optimization and compare it with another recent concept given in [8]. Further, we study relations between the set of approximately efficient solutions of a vector optimization problem and the approximate solutions of a corresponding parametric surrogate optimization problem. Finally, we prove stability properties for the scalar surrogate problem.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01719703
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  • 4
    Electronic Resource
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    Generalized linear complementarity in a problem ofn-person games (1996)
    Springer
    OR spectrum 18 (1996), S. 231-239 
    Details
    ISSN: 1436-6304
    Keywords: Generalized polymatrix games ; generalized linear complementarity problem ; stability ; degree theory ; Verallgemeinerte Polymatrix-Spiele ; verallgemeinertes lineares Komplementaritätsproblem ; Stabilität ; Grad-Theorie
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Description / Table of Contents: Zusammenfassung In dieser Arbeit führen wir eine Verallgemeinerung des Polymatrix-Spiels (eines Nicht-Nullsummen- und nicht-kooperativenn-Personen-Spiels), das von Howson betrachtet wurde, ein und führen das Problem, eine Gleichgewichtsmenge von Strategien für ein solches Spiel zu berechnen, auf das verallgemeinerte lineare Komplementaritätsproblem von Cottle und Dantzig zurück. Für eine noch allgemeinere Version des Spiels beweisen wir die Existenz einerε-Gleichgewichtsmenge von Strategien. Wir präsentieren auch ein Ergebnis über die Stabilität der Gleichgewichte, das auf der Grad-Theorie beruht.
    Notes: Abstract In this paper, we introduce a generalization of the polymatrix game (a nonzero sum noncooperativen-person game) considered by Howson and relate the problem of computing an equilibrium set of strategies for such a game to the generalized linear complementarity problem of Cottle and Dantzig. For an even more general version of the game we prove the existence of anε-equilibrium set of strategies. We also present a result on the stability of the equilibria based on degree theory.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01540162
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  • 5
    Electronic Resource
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    Money demand stability: Evidence from Spain (1998)
    Springer
    Empirical economics 23 (1998), S. 387-400 
    Details
    ISSN: 1435-8921
    Keywords: Key words: Money demand ; cointegration ; stability ; regime shift ; JEL classification: E41 ; C22
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract. Using several tests for structural stability in regressions with I(1) variables and for the existence of cointegration in models with regime shifts, the empirical evidence on the existence of a structural break in the Spanish long-run demand for broad money (ALP2) is analysed.  The results indicate that shifts affecting the demand for ALP2 in recent years have substantially altered its long-run properties. As to the cause of this structural break, emphasis is placed on the role played by the increasing openness of the Spanish financial system to international markets as obstacles to free capital movements have progressively disappeared.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001810050027
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  • 6
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    Convergence across industrialised countries (1890–1989): new results using time series methods (1999)
    Springer
    Empirical economics 24 (1999), S. 23-44 
    Details
    ISSN: 1435-8921
    Keywords: Key words: Cointegration ; convergence ; growth ; Kalman filter ; JEL classifications: C22 ; O47 ; O57
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract. Augmented Dickey Fuller (ADF) and Kalman filter convergence tests are applied to annual GDPs per head to 16 industrialised countries from 1890 to 1989. Results favour convergence towards the US with a structural break following the Second World War. Estimates suggest that steady-states were higher after the war and that speeds of convergence are different across countries. The Kalman filter method dismissed the no convergence hypothesis more often than its ADF counterpart. This could explain the apparent contradiction in earlier empirical work on similar data sets (cross-section methods tended to favour convergence while time series methods were unable to dismiss the no convergence hypothesis.)
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001810050042
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  • 7
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    Bifurcations in parametric nonlinear programming (1990)
    Springer
    Annals of operations research 27 (1990), S. 343-369 
    Details
    ISSN: 1572-9338
    Keywords: Bifurcation ; singularities ; continuation ; parametric nonlinear programming ; stability
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Notes: Abstract Bifurcation and continuation techniques are introduced as a class of methods for investigating the parametric nonlinear programming problem. Motivated by the Fritz John first-order necessary conditions, the parametric programming problem is first reformulated as a closed system of nonlinear equations which contains all Karush-Kuhn-Tucker and Fritz John points, both feasible and infeasible solutions, and relative minima, maxima, and saddle points. Since changes in the structure of the solution set and critical point type can occur only at singularities, necessary and sufficient conditions for the existence of a singularity are developed in terms of the loss of a complementarity condition, the linear dependence constraint qualification, and the singularity of the Hessian of the Lagrangian on a tangent space. After a brief introduction to elementary bifurcation theory, some simple singularities in this parametric problem are analyzed for both branching and persistence of local minima. Finally, a brief introduction to numerical continuation and bifurcation procedures is given to indicate how these facts can be used in a numerical investigation of the problem.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02055201
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  • 8
    Electronic Resource
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    Stability in multistage stochastic programming (1995)
    Springer
    Annals of operations research 56 (1995), S. 79-93 
    Details
    ISSN: 1572-9338
    Keywords: Multistage stochastic programs ; optimization in Banach spaces ; stability ; approximation
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Notes: Abstract Multistage stochastic programs are regarded as mathematical programs in a Banach spaceX of summable functions. Relying on a result for parametric programs in Banach spaces, the paper presents conditions under which linearly constrained convex multistage problems behave stably when the (input) data process is subjected to (small) perturbations. In particular, we show the persistence of optimal solutions, the local Lipschitz continuity of the optimal value and the upper semicontinuity of optimal sets with respect to the weak topology inX. The linear case with deterministic first-stage decisions is studied in more detail.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02031701
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  • 9
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    Stability Properties of a Bond Portfolio Management Problem (2000)
    Springer
    Annals of operations research 99 (2000), S. 251-265 
    Details
    ISSN: 1572-9338
    Keywords: stochastic programming ; bond portfolio management ; interest ratescenarios ; stability ; sensitivity
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Notes: Abstract The bond portfolio management problem is formulated as a multiperiod two-stage or multistage stochastic program based on interest rate scenarios. These scenarios depend on the available market data, on the applied estimation and sampling techniques, etc., and are used to evaluate coefficients of the resulting large scale mathematical program. The aim of the contribution is to analyze stability and sensitivity of this program on small changes of the coefficients – the (scenario dependent) values of future interest rates and prices. We shall prove that under sensible assumptions, the scenario subproblems are stable linear programs and that also the optimal first-stage decisions and the optimal value of the considered stochastic program possess acceptable continuity properties.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1019275817688
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  • 10
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    Sequential stability of the constant cost dynamic lot size model-searching for monotonicity (1994)
    Springer
    OR spectrum 15 (1994), S. 197-203 
    Details
    ISSN: 1436-6304
    Keywords: Inventory ; dynamic programming ; stability ; Lagerhaltung ; Dynamische Optimierung ; Stabilität
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Description / Table of Contents: Zusammenfassung Die Menge der Kostenparameter, für die eine optimale Lösung des dynamischen Losgrößenmodells optimal bleibt wird hier Stabilitätsregion genannt. Die Größe einer solchen Menge kann als Maß der Robustheit einer Lösung angesehen werden. Es ist zu erwarten, daß die Stabilitätsregionen mit wachsendem Zeithorizont schrumpfen und daß sie in diesem Sinne monoton sind. In der vorliegenden Arbeit werden verschiedene hinreichende Bedingungen für diese Monotonie untersucht. Die Bedingungen setzen unter anderem die Existenz von Planungs- und Vorhersage-Horizonten voraus und verallgemeinern so Ergebnisse einer früheren Arbeit, in der Aussagen für gewöhnliche Planungs-Horizonte vorgestellt wurden.
    Notes: Abstract The set of cost inputs for which an optimal solution of the dynamic lot size model remains valid is called stability region. The size of this region may be viewed as a measure of robustness of a solution. It is an expectation that the stability regions shrink with growing time horizons and that they are monotonous in this sense. In the present paper several sufficient conditions implying monotonicity will be studied. The conditions cover the existence of planning and forecast horizons and generalize the results of a previous paper in wich monotonicity results were presented for the case of ordinary planning horizons.
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    URL: http://dx.doi.org/10.1007/BF01719450
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  • 11
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    Sources of Sectoral Growth in an Economy Wide Context: The Case of U.S. Agriculture (1997)
    Springer
    Journal of productivity analysis 8 (1997), S. 293-310 
    Details
    ISSN: 1573-0441
    Keywords: growth ; USagriculture ; externalities ; spill-overs ; public R and D
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Growth in U.S. agriculture is linked to the non-farm economy through domestic terms of trade and factor market adjustments. With almost stable input growth, the relatively large contributions from growth in Total Factor Productivity (TFP) are passed on to intermediate and final consumers in the form of declining real prices for primary farm products. The resulting net growth in the real value of farm output (GDP) is relatively low (0.25% per annum). The decomposition of TFP suggests that public agricultural stock of knowledge and infrastructure are “robustly” associated with TFP growth, while spill-overs from private agricultural and economy wide research and development (R and D) are positive but, relatively small.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007759705652
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  • 12
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    Sensitivity and Stability of the Classifications of Returns to Scale in Data Envelopment Analysis (1999)
    Springer
    Journal of productivity analysis 12 (1999), S. 55-75 
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    ISSN: 1573-0441
    Keywords: Data envelopment analysis (DEA) ; returns to scale (RTS) ; sensitivity ; stability
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Sensitivity of the returns to scale (RTS) classifications in data envelopment analysis is studied by means of linear programming problems. The stability region for an observation preserving its current RTS classification (constant, increasing or decreasing returns to scale) can be easily investigated by the optimal values to a set of particular DEA-type formulations. Necessary and sufficient conditions are determined for preserving the RTS classifications when input or output data perturbations are non-proportional. It is shown that the sensitivity analysis method under proportional data perturbations can also be used to estimate the RTS classifications and discover the identical RTS regions yielded by the input-based and the output-based DEA methods. Thus, our approach provides information on both the RTS classifications and the stability of the classifications. This sensitivity analysis method can easily be applied via existing DEA codes.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007803207538
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  • 13
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    Do Small Innovating Firms Outperform Non-Innovators? (2000)
    Springer
    Small business economics 14 (2000), S. 195-210 
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    ISSN: 1573-0913
    Keywords: growth ; manufacturing ; performance ; product innovation ; small firms
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The paper considers the relative performance [along a number of parameters] of a sample of 228 small manufacturing firms categorised by level of innovation. Whilst innovators appear no more likely to have experienced some form of sales or employment growth, they are significantly more likely to have grown more. In other words, the innovators' growth rate distributions are highly negatively skewed. With regards to export intensities, profitability and productivity levels, the findings are less clear. On the whole, the results reported here are similar to those of other small firm studies, yet vary markedly from large firm equivalents; suggesting that the nature of the returns to innovation may be contingent, at least in part, upon firm size. Moreover, the high levels of variation in firm performance should caution us against proffering innovative imperatives. If we are to counsel firms to "innovate at all costs", we must be clear about, and clearly demonstrate, the nature of the returns they may reasonably expect and the processes through which these may be optimised.
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    URL: http://dx.doi.org/10.1023/A:1008100206266
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  • 14
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    Education funding and regional convergence (2000)
    Springer
    Journal of population economics 13 (2000), S. 403-424 
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    ISSN: 1432-1475
    Keywords: JEL classification: O41 ; F22 ; Key words: Altruism ; education ; growth ; convergence ; capital mobility
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract. The aim of this paper is to discuss the process of regional convergence within the framework of an overlapping generations model in which the engine of growth is the accumulation of human capital. In particular, we consider different education funding systems and compare their performance in terms of growth rates and pace of convergence between two heterogeneous regions. The analysis suggests that the choice of a particular education system incorporates a possible trade-off between long run growth rate and short run convergence. In such choice, the initial capital stock and the extent of regional human capital discrepancy appear as central variables.
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    URL: http://dx.doi.org/10.1007/s001480050144
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  • 15
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    Fertility, growth and the financing of public education and health (1996)
    Springer
    Journal of population economics 9 (1996), S. 415-428 
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    ISSN: 1432-1475
    Keywords: H42 ; J 13 ; O 11 ; Fertility ; growth ; public education and health
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract This paper considers the implications of the financing of government services to children when fertility decisions are endogenously determined. In particular, it is shown that when the services are financed by taxation, the equilibrium outcome is biased away from the socially preferred result. The bias results in higher fertility rates and lower economic growth rates than the efficient social optimum. This arises because each household internalizes the benefits, but not the costs of the tax-financed services. We consider alternative methods of financing the public provision of services and find that a combination of taxation and vouchers can eliminate the bias in the equilibrium outcome.
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    URL: http://dx.doi.org/10.1007/BF00573073
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  • 16
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    Immigration, assimilation and growth (1998)
    Springer
    Journal of population economics 11 (1998), S. 273-291 
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    ISSN: 1432-1475
    Keywords: JEL classification: F22 ; O3 ; J61 ; Key words: Immigration ; assimilation ; growth ; diversity
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract. This paper analyzes the welfare effects of immigration and its subsequent effect on ethnic diversity in a model featuring human capital spillovers which depend on the degree of ethnic heterogeneity, variation rates of time preference across individuals and endogenous levels of immigration and assimilation. In the model, an increase in ethnic diversity reduces the spillovers effect for the majority. Nonetheless, immigration can be welfare improving for the majority ethnic group even if it increases the degree of diversity as long as it raises the average human capital level and/or growth rate by increasing the proportion of people with low rates of time preference. However, if an economy is too homogenous, it will not be able to attract immigrants. Finally, if the level of immigration is not too high, then immigration also raises the net benefits to assimilation which leads to a more homogenous economy.
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    URL: http://dx.doi.org/10.1007/s001480050069
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  • 17
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    Endogenous fertility, mortality and growth (1998)
    Springer
    Journal of population economics 11 (1998), S. 517-534 
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    ISSN: 1432-1475
    Keywords: Key words: Fertility ; mortality ; growth ; JEL classification: J13 ; O41
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract. Economic and demographic outcomes are determined jointly in a choice-theoretic model of fertility, mortality and capital accumulation. There is an endogenous population of reproductive agents who belong to dynastic families of overlapping generations connected through altruism. In addition to choosing savings and births, parents may reduce (infant) deaths by incurring expenditures on health-care which is also provided by the government. A generalised production technology accounts for long-run endogenous growth with short-run transitional dynamics. The analysis yields testable time series and cross-section implications which accord with the empirical evidence on the relationship between demography and development.
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    URL: http://dx.doi.org/10.1007/s001480050082
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  • 18
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    Fertility, growth and the financing of public education and health (1996)
    Springer
    Journal of population economics 9 (1996), S. 415-428 
    Details
    ISSN: 1432-1475
    Keywords: Key words: Fertility ; growth ; public education and health
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract. This paper considers the implications of the financing of government services to children when fertility decisions are endogenously determined. In particular, it is shown that when the services are financed by taxation, the equilibrium outcome is biased away from the socially preferred result. The bias results in higher fertility rates and lower economic growth rates than the efficient social optimum. This arises because each household internalizes the benefits, but not the costs of the tax-financed services. We consider alternative methods of financing the public provision of services and find that a combination of taxation and vouchers can eliminate the bias in the equilibrium outcome. JEL classification: H42, J13, O11
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    URL: http://dx.doi.org/10.1007/BF00573073
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  • 19
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    A generalization of the Nash equilibrium theorem on bimatrix games (1996)
    Springer
    International journal of game theory 25 (1996), S. 1-12 
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    ISSN: 1432-1270
    Keywords: Bimatrix game ; ɛ-equilibrium ; optimal strategies ; vertical linear complementarity problem ; degree ; stability
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Notes: Abstract In this article, we consider a two-person game in which the first player picks a row representative matrixM from a nonempty set $$A$$ ofm ×n matrices and a probability distributionx on {1,2,...,m} while the second player picks a column representative matrixN from a nonempty set ℬ ofm ×n matrices and a probability distribution y on 1,2,...,n. This leads to the respective costs ofx t My andx t Ny for these players. We establish the existence of an ɛ-equilibrium for this game under the assumption that $$A$$ and ℬ are bounded. When the sets $$A$$ and ℬ are compact in ℝmxn, the result yields an equilibrium state at which stage no player can decrease his cost by unilaterally changing his row/column selection and probability distribution. The result, when further specialized to singleton sets, reduces to the famous theorem of Nash on bimatrix games.
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    URL: http://dx.doi.org/10.1007/BF01254380
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  • 20
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    Resilience in the Dynamics of Economy-Environment Systems (1998)
    Springer
    Environmental and resource economics 11 (1998), S. 503-520 
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    ISSN: 1573-1502
    Keywords: biodiversity ; dynamics ; resilience ; stability
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract The ecological concept of resilience has begun to inform analysis of change in economy-environment systems. The linkages between resilience and the stability of dynamical systems are discussed, along with its role in understanding of the evolution of such systems. Particular linkages discussed include those between resilience, biodiversity and the sustainability of alternative states. Recent developments in modelling the resilience of joint economy-environment systems suggest the advantages of analysing change in the system as a Markov process, the transition probabilities between states offering a natural measure of the resilience of the system in such states. It is argued that this ‘emergent property’ of the collaboration between ecology and economics has far-reaching implications for the way we think about, model and manage the environmental sustainability of economic development.
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    URL: http://dx.doi.org/10.1023/A:1008255614276
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  • 21
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    Role of the Minimal State Variable Criterion in Rational Expectations Models (1999)
    Springer
    International tax and public finance 6 (1999), S. 621-639 
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    ISSN: 1573-6970
    Keywords: expectations ; bubbles ; uniqueness ; stability ; state variables ; multiplicity
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper concerns the minimal-state-variable (MSV) criterion for selection among solutions in rational expectationsmodels that feature a multiplicity of paths that satisfy all of the model's conditions. It compares the MSVcriterion with others, including the widely used saddle-path (dynamic stability) criterion. It is emphasized that theMSV criterion can be viewed as a scientifically useful classification scheme that delineates the unique solutionthat is free of bubble components. In the process of demonstrating uniqueness for a broad class of linear models,the paper exposits a convenient computational procedure. Applications to current issues are outlined.
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    URL: http://dx.doi.org/10.1023/A:1008746610773
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  • 22
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    Democracy and growth (1996)
    Springer
    Journal of economic growth 1 (1996), S. 1-27 
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    ISSN: 1573-7020
    Keywords: growth ; democracy ; freedom ; rule of law ; O40 ; O57
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Growth and democracy (subjective indexes of political freedom) are analyzed for a panel of about 100 countries from 1960 to 1990. The favorable effects on growth include maintenance of the rule of law, free markets, small government consumption, and high human capital. Once these kinds of variables and the initial level of real per capita GDP are held constant, the overall effect of democracy on growth is weakly negative. There is a suggestion of a nonlinear relationship in which more democracy enhances growth at low levels of political freedom but depresses growth when a moderate level of freedom has already been attained. Improvements in the standard of living—measured by GDP, health status, and education—substantially raise the probability that political freedoms will grow. These results allow for predictions about which countries will become more or less democratic over time.
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    URL: http://dx.doi.org/10.1007/BF00163340
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  • 23
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    Growth, income distribution, and democracy: What the data say (1996)
    Springer
    Journal of economic growth 1 (1996), S. 149-187 
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    ISSN: 1573-7020
    Keywords: income distribution ; growth ; fertility ; political instability ; O1 ; H5
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper investigates the relationship between income distribution, democratic institutions, and growth. It does so by addressing three main issues: the properties and reliability of the income distribution data, the robustness of the reduced form relationships between income distribution and growth estimated so far, and the specific channels through which income distribution affects growth. The main conclusion in this regard is that there is strong empirical support for two types of explanations, linking income distribution to sociopolitical instability and to the education/fertility decision. A third channel, based on the interplay of borrowing constraints and investment in human capital, also seems to receive some support by the data, although it is probably the hardest to test with the existing data. By contrast, there appears to be less empirical support for explanations based on the effects of income distribution on fiscal policy.
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    Imperfect competition and capital accumulation: the role of price normalization (1996)
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    Journal of economics 63 (1996), S. 279-302 
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    ISSN: 1617-7134
    Keywords: general equilibrium ; imperfect competition ; growth ; price normalization ; D43 ; D51 ; O41
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We consider a capital-accumulation model with infinitely lived households and two production sectors. The intermediate-good sector is characterized by perfect competition, a constant-returns-to-scale technology, and production externalities. The final-good sector is a monopoly operating under constant returns to scale. We analyze the general equilibrium in the sense of Gabszewicz and Vial [Journal of Economic Theory (1972) 4: 381–400] for this economy and different price-normalization rules. It is shown that the qualitative behavior of the equilibrium paths depends crucially on the chosen normalization rule. In particular, whether equilibria are monotonic or oscillating and whether indeterminacy occurs or not may depend on the choice of the numeraire.
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    Proof of global stability, transitional dynamics, and international capital flows in a two-country model of innovation and growth (1996)
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    Journal of economics 64 (1996), S. 53-84 
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    ISSN: 1617-7134
    Keywords: convergence ; international trade ; international capital flows ; stability ; endogenous growth ; F12 ; O41
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Global stability properties of dynamic two-country models can be easily studied in the case of perfect international capital flows. With internationally constant relative productivities, balanced-growth path values for factor prices will hold on any path leading to the balanced-growth path unless one country experiences a period of no innovation. Innovation rates converge in the case of perfect international knowledge spillovers but long-run consumption levels and trade patterns are path-dependent. GDP per capita is predicted to converge slowly despite the presence of perfect international capital markets and no explicit inclusion of adjustment costs. The trade balance of the rich country is initially positive but after some time turns into a deficit.
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    Diffusion of innovations in globally stable Walrasian equilibrium (1997)
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    Journal of economics 66 (1997), S. 1-22 
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    ISSN: 1617-7134
    Keywords: diffusion of innovations ; Walrasian equilibrium ; stability ; O31
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract When all products in the economy are weak gross substitutes, preferences are homothetic, and firms face menu costs then all prices in an industry move together at the same rate. In the closed-loop Nash noncooperative equilibrium, all firms invest in productivity and reduce real prices. As a result, in the case of quadratic menu costs, the outputs of industries and the economy go up along S-shaped time paths characteristic of diffusion of innovations.
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    A dynamic Stackelberg model with production-adjustment costs (1997)
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    Journal of economics 66 (1997), S. 271-282 
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    ISSN: 1617-7134
    Keywords: Stackelberg model ; dynamic oligopoly ; stability ; C62 ; C73 ; D43
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    Topics: Economics
    Notes: Abstract We investigate the (dynamic) stability of a stackelberg oligopoly model of a market of a homogeneous good, with output competition, one Stackelberg leader and a number of identical followers. We assume that each firm incurs quadratic production-adjustment costs if it changes its output. We present a simple necessary and sufficient condition for stability of the model. Using the condition, we compare the stability of this model with the stability of two related Cournot models in which all firms present are followers. It turns out that the Stackelberg model is “more stable” than these two Cournot models.
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    The spirit of capitalism, social status, money, and accumulation (1998)
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    Journal of economics 68 (1998), S. 219-233 
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    ISSN: 1617-7134
    Keywords: spirit of capitalism ; social status ; money ; growth ; E1 ; E31 ; O42
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper demonstrates the unambiguous existence of the Tobin portfolio-shift effect in the wealth-is-status and the spirit-of-capitalism models of growth. Namely, higher inflation leads to higher capital stock in the long run, and inflation increases the endogenous-growth rate of the economy.
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    Reopening the convergence debate: A new look at cross-country growth empirics (1996)
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    Journal of economic growth 1 (1996), S. 363-389 
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    ISSN: 1573-7020
    Keywords: convergence ; growth ; generalized method of moments ; O41 ; O47
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract There are two sources of inconsistency in existing cross-country empirical work on growth: correlated individual effects and endogenous explanatory variables. We estimate a variety of cross-country growth regressions using a generalized method of moments estimator that eliminates both problems. In one application, we find that per capita incomes converge to their steady-state levels at a rate of approximately 10 percent per year. This result stands in sharp contrast to the current consensus, which places the convergence rate at 2 percent. We discuss the theoretical implications of this finding. In another application, we perform a test of the Solow model. Again, contrary to prior reults, we reject both the standard and the augmented version of the model.
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    Power, Distributive Conflicts, and Multiple Growth Paths (1997)
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    Journal of economic growth 2 (1997), S. 155-168 
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    ISSN: 1573-7020
    Keywords: growth ; taxation ; capital flight ; multiple equilibria ; redistribution
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article shows that multiple growth paths may occurin a politico-economic model of endogenous growth. This multiplicityis characterized by the coexistence of the low-tax, low-capital-flightequilibrium and a high-tax, high-capital-flight equilibrium.The likelihood of multiplicity is crucially related to the structureof power in society—namely, it is necessary that the politicallydecisive agents have a greater access to international capitalmarkets than the average in the economy.
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    The Distribution of Human Capital and Economic Growth (1997)
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    Journal of economic growth 2 (1997), S. 93-124 
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    ISSN: 1573-7020
    Keywords: Income distribution ; human capital ; growth ; overlapping-generations ; Kuznets hypothesis
    Source: Springer Online Journal Archives 1860-2000
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    Notes: Abstract This paper analyzes the interaction between the distributionof human capital, technological progress, and economic growth.It argues that the composition of human capital is an importantfactor in the determination of the pattern of economic development.The study demonstrates that the evolutionary pattern of the humancapital distribution, the income distribution, and economic growthare determined simultaneously by the interplay between a local home environment externality and a global technologicalexternality. In early stages of development the local home environmentexternality is the dominating factor and hence the distributionof income becomes polarized; whereas in mature stages of developmentthe global technological externality dominates and the distributionof income ultimately contracts. Polarization, in early stagesof development may be a necessary ingredient for future economicgrowth. An economy that prematurely implements a policy designedto enhance equality may be trapped at a low stage of development.An underdeveloped economy, which values equality as well as prosperity,may confront a trade-off between equality in the short-run followedby equality and stagnation in the long-run, and inequality inthe short-run followed by equality and prosperity in the longrun.
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    The Transition from Stagnation to Growth: An Adaptive Learning Approach (1997)
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    Journal of economic growth 2 (1997), S. 185-209 
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    ISSN: 1573-7020
    Keywords: growth ; human capital ; development ; transition ; learning ; genetic algorithm
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article develops the first model in which, consistentwith the empirical evidence, the transition from stagnation toeconomic growth is a very long endogenous process. The modelhas one steady state with a low and stagnant level of incomeper capita and another steady state with a high and growing levelof income per capita. Both of these steady states are locallystable under the perfect foresight assumption. We relax the perfectforesight assumption and introduce adaptive learning into thisenvironment. Learning acts as an equilibrium selection criterionand provides an interesting transition dynamic between steadystates. We find that for sufficiently low initial values of humancapital—values that would tend to characterize preindustrialeconomies—the system under learning spends a long periodof time (an epoch) in the neighborhood of the low-income steadystate before finally transitioning to a neighborhood of the high-incomesteady state. We argue that this type of transition dynamic providesa good characterization of the economic growth and developmentpatterns that have been observed across countries.
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    R&D, Learning, and Phases of Economic Growth (1999)
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    Journal of economic growth 4 (1999), S. 429-445 
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    ISSN: 1573-7020
    Keywords: growth ; R&D ; education ; regime shift
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The role of learning and R&D in economic development is addressed in an endogenous growth model. When human capital is below a threshold level, the model predicts that skills are accumulated as the only growth-generating activity, whereas both innovation activities and learning drive growth above this level. Hence, an endogenous regime shift is triggered when the level of human capital reaches the threshold level because it becomes profitable to innovate.
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    Inequality and Growth in a Panel of Countries (2000)
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    Journal of economic growth 5 (2000), S. 5-32 
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    ISSN: 1573-7020
    Keywords: inequality ; growth ; Kuznets curve ; Gini coefficient
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Evidence from a broad panel of countries shows little overall relation between income inequality and rates of growth and investment. For growth, higher inequality tends to retard growth in poor countries and encourage growth in richer places. The Kuznets curve—whereby inequality first increases and later decreases during the process of economic development—emerges as a clear empirical regularity. However, this relation does not explain the bulk of variations in inequality across countries or over time.
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    Exploitation and Growth (1997)
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    Journal of economic growth 2 (1997), S. 251-278 
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    ISSN: 1573-7020
    Keywords: exploitation ; growth ; property rights ; taxation
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract I develop a model of exploitation—coercive wealthtransfer—and growth based on social importance. Exploitationreduces growth since the return to capital falls with exploitationcosts. Initial relative wealth across groups—the measureof social importance—determines which group is the exploiterand how costly exploitation will be. The exploiter selects anexploitation path that maintains its dominant position and rarelymaximizes current transfers. Productive minorities and fast-growinggroups are most prone to exploitation. International sanctions,if strong, end exploitation; otherwise they increase exploitationand reduce growth. Segregation and apartheid are broadly consistentwith the theory.
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    Mercantilism and Modern Growth (1999)
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    Journal of economic growth 4 (1999), S. 55-80 
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    ISSN: 1573-7020
    Keywords: mercantilism ; growth ; taxation ; openness ; familiarity
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Nations close themselves voluntarily to varying degrees. Restrictions on the flow of ideas are difficult to understand, since open countries have higher relative incomes. This article provides an explanation based on the existence of two channels of public finance—traditional and mercantilistic. The latter refers to monopoly creation to provide a stream of government revenue. Strong, profitable monopolies require that the nation be closed to new ideas about technology and organization. The government sets the degree of restriction to balance current mercantilistic revenue with future revenue from traditional sources. The model is supported with numerical simulations and historical illustrations.
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    Notes on Growth Accounting (1999)
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    Journal of economic growth 4 (1999), S. 119-137 
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    ISSN: 1573-7020
    Keywords: growth ; technology ; Solow
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Growth accounting breaks down economic growth into components associated with changes in factor inputs and the Solow residual, which reflects technological progress and other elements. After a presentation of the standard model, the analysis considers dual approaches to growth accounting (which considers changes in factor prices rather than quantities), spillover effects and increasing returns, taxes, and multiple types of factor inputs. Later sections place the growth-accounting exercise within the context of two recent strands of endogenous growth theory—varieties-of-products models and quality-ladders models. Within these settings, the Solow residual can be interpreted in terms of measures of the endogenously changing level of technology.
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    Schumpeterian Entrepreneurs Meet Engel's Law: The Impact of Inequality on Innovation-Driven Growth (2000)
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    Journal of economic growth 5 (2000), S. 185-206 
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    ISSN: 1573-7020
    Keywords: innovation ; growth ; inequality ; hierarchic demand ; multiple equilibria
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article analyzes the impactof inequality on growth when consumers have hierarchic preferencesand technical progress is driven by innovations. With hierarchicpreferences, the poor consume predominantly basic goods, whereasthe rich consume also luxury goods. Inequality has an impacton growth because it affects the level and the dynamics of aninnovator's demand. It is shown that redistribution from veryrich to very poor consumers can be beneficial for growth. Ingeneral, the growth effect depends on the nature of redistribution.Due to a demand externality from R&D activities, multipleequilibria are possible.
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    Macrodynamic Implications of Income-Transfer Policies for Human Capital Investment and School Effort (1997)
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    Journal of economic growth 2 (1997), S. 305-329 
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    ISSN: 1573-7020
    Keywords: growth ; income distribution ; tax and transfer policy ; human capital investment ; school effort
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The distortion in educational investment in poorer childrenis often attributed to credit market imperfections and henceto the unequal access of children to educational opportunity.However, the distortion might also be attributable to disincentiveeffects that cause children to make inefficient use of educationalopportunities. This possibility is demonstrated for an overlappinggenerations economy with multiple family dynasties in which childrenhave random unobservable abilities and base their school efforton their parents‘ after-tax returns to schooling. Income redistributioncan result in suboptimal effort choices that offset the beneficialeffects of income transfers and sharply lower social welfare.
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    Why Isn't Convergence Instantaneous? Young Workers, Old Workers, and Gradual Adjustment (1998)
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    Journal of economic growth 3 (1998), S. 5-28 
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    ISSN: 1573-7020
    Keywords: convergence ; growth ; complementarity ; adjustment ; young workers ; old workers ; age
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The human capital of young and old workers are imperfect substitutes both in production and in providing on-the-job training. This helps explain why capital does not flow from rich to poor countries, causing instantaneous convergence of per capita output. If each generation chooses its human capital optimally, given that of the preceding and succeeding generations, human capital follows a unique rational-expectations path. For moderate substitutability, human capital within each sector oscillates relative to that in other sectors, but aggregate human capital converges to the steady state monotonically.
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    Free Trade, Growth, and Convergence (1998)
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    Journal of economic growth 3 (1998), S. 143-170 
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    ISSN: 1573-7020
    Keywords: growth ; convergence ; trade ; liberalization ; knowledge diffusion
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Can trade liberalization have a permanent affect on output levels, and more important, does it have an impact on steady-state growth rates? The model emphasizes the role that knowledge spillovers emanating from heightened trade can have on income convergence and growth rates during transition and over the long run. Among the results of the model, unilateral liberalization by one country reduces the income gap between the liberalizing country and other, wealthier countries. From the long-run growth perspective, unilateral (and multilateral) liberalization generates a positive impact on the steady-state growth of all the trading countries.
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    Income Distribution, Redistributive Politics, and Economic Growth (1998)
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    Journal of economic growth 3 (1998), S. 217-240 
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    ISSN: 1573-7020
    Keywords: growth ; inequality ; political economy ; income distribution ; political effect ; threshold effect
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article studies the political economy of inequality and growth by combining the political economy approach with an imperfect capital market assumption. In the present model, there emerges a class of individuals whose members do not invest privately beyond the state-financed schooling, due to their initial wealth constraint. We show that inequality affects private investment not only through the political effect, which relates inequality to private investment negatively, but also through what we call the threshold effect, which associates inequality to private investment positively. In general, private investment and inequality do not show a monotone negative relationship.
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    Democracy and Growth: Alternative Approaches (1998)
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    Journal of economic growth 3 (1998), S. 241-266 
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    ISSN: 1573-7020
    Keywords: democracy ; growth ; regime change ; regression tree
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article focuses on two previously unexamined aspects of the relationship between economic growth and democracy. First, the growth experiences of countries that experience significant changes in democracy are examined directly. Countries that democratize are found to grow faster than a priori similar countries, while countries that become less democratic grow more slowly than comparable countries. These differences do not seem to be due to differences in education or investment levels. Second, regression tree analysis suggests that democracy, along with initial income and literacy, contributes to the identification of regimes of countries facing similar aggregate production functions.
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    The Role of Financial Development in Growth and Investment (2000)
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    Journal of economic growth 5 (2000), S. 341-360 
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    Keywords: growth ; investment ; human capital ; financial development
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Thisarticle decomposes the well-documented relationship between financialdevelopment and growth. We examine whether financial developmentaffects growth solely through its contribution to growth in ``primitives'' or factor accumulation rates or whether it alsohas a positive impact on total factor productivity growth. Ourresults suggest that indicators of financial development arecorrelated with both total factor productivity growth and investment.However, the indicators that are correlated with total factorproductivity growth differ from those that encourage investment.In addition, many of the results are sensitive to the inclusionof country fixed effects, which may indicate that the financialdevelopment indicators are proxying for broader country characteristics.
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    The Tyranny of Concepts: CUDIE (Cumulated, Depreciated, Investment Effort) Is Not Capital (2000)
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    Journal of economic growth 5 (2000), S. 361-384 
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    Keywords: capital ; growth ; productivity ; public sector
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The cost of public investment is not the increment to the value ofpublic capital. Unlike with private investors, there is no plausiblebehavioral model in which every dollar that the public sectorspends as ``investment'' creates economically valuable ``capital.''While this simple analytic point is obvious, it has so far beenuniformly ignored in the empirical literature on economic growth,which uses—at best—cumulated, depreciated, investmenteffort (CUDIE) as a proxy for capital stocks. However, particularlyfor developing countries the difference between investment costand capital value is of first-order empirical importance: governmentinvestment is half of more of total investment, and calculationspresented here suggest that in many countries government investmentspending has created little useful capital. This has implicationsin three broad areas. First, none of the existing empirical estimatesof the impact of public spending has identified the productivityof public capital. Even where public capital has a potentiallylarge contribution to production, public-investment spendingmay have had a low impact. Second, it implies that all estimatesof total factor productivity in developing countries are deeplysuspect as there is no way to empirically distinguish betweenlow growth because of investments that create no factors andlow growth due to slow productivity growth. Third, multivariateregressions to date have not adequately controlled for capitalstock growth, which leads to erroneous interpretations of regressioncoefficients.
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    Economic growth and the rise of protectionism and urban unrest in developing economies (1994)
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    Open economies review 5 (1994), S. 65-88 
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    ISSN: 1573-708X
    Keywords: growth ; protectionism ; dualism ; collective action ; developing countries
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper examines how economic growth can affect various political actors and influence trade and labor policies in a developing economy. The paper extends the Findlay-Wellisz (1982) model of endogenous trade policy to include the endogenous determination of an urban-rural wage differential along lines suggestive of the Harris-Todaro (1970) model. Under assumptions normally associated with developing economies, the model shows that growth, stimulated primarily by capital formation, can lead to the rise of protectionism and urban unrest.
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    Technology Transfer, Income Distribution and the Process of Economic Development (1997)
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    Open economies review 8 (1997), S. 245-270 
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    ISSN: 1573-708X
    Keywords: income distribution ; human capital ; growth ; complementarity
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper studies the role of income distribution and technology transfer in the process of economic development. A novel aspect of the model is that the composition of human capital as well as the level affect economic growth. Utilizing an overlapping-generations model in which income distribution changes endogenously, we present an economic explanation for why some countries could not start modern economic growth; why some countries took off but have apparently stopped growing after some time; and why some countries have successfully developed and continue to grow.
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    Firm profitability, growth, and innovation (1995)
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    Review of industrial organization 10 (1995), S. 579-588 
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    ISSN: 1573-7160
    Keywords: Innovation ; profitability ; growth ; firm size ; R&D
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract A new data base measuring company-level innovative activity is used to test how firm growth, profitability, size, and R&D intensity influence subsequent innovative activity. While R&D intensity is found to promote subsequent innovations, and smaller firms are identified as being more conducive to innovation activity than are larger firms, we find that the effect of company growth and profitability on subsequent innovation depends on the technological-opportunity environment. Profitability is found to promote subsequent innovative activity for firms in high-technological-opportunity industries but not in low-technological-opportunity industries. By contrast, high growth generates more innovative activity for firms in low-technological-opportunity industries, but not in high-technological-opportunity environments.
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    New Information Technology and the Knowledge-Based Economy. The Italian Evidence (1997)
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    Review of industrial organization 12 (1997), S. 593-607 
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    ISSN: 1573-7160
    Keywords: New information technology ; communication and business services ; innovation ; productivity ; growth
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This work analyses the outcome of the interaction between: 1) the diffusion of new information technologies; 2) their effects on the tradability, divisibility and transportability of information; 3) the growing role of business service industries in the introduction of new technologies; 4) the interaction between receptivity and connectivity of learning agents in the generation of localized technological change based upon both tacit and generic knowledge, and 5) the parallel increase in total factor productivity. The empirical results provide some support, with respect to the Italian economy, to two hypotheses: 1) The co-evolution of usage of business and communication services. Our empirical analysis has shown the strong correlation between the levels and rates of growth in the use of communication and business services. 2) The productivity enhancing effects of the co-evolution in the use of business and communication.
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    Location and the Growth of Nations (1997)
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    Journal of economic growth 2 (1997), S. 399-418 
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    ISSN: 1573-7020
    Keywords: growth ; international spillovers ; spatial economics ; openness
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Does a country‘s long-term growth depend on what happensin countries that are nearby? Such linkages could occur for avariety of reasons, including demand and technology spillovers.We present a series of tests to determine the existence of suchrelationships and the forms that they might take. We find thata country‘s growth rate is closely related to that of nearbycountries and show that this correlation reflects more than theexistence of common shocks. Trade alone does not appear responsiblefor these linkages either. In addition, we find that being neara large market contributes to growth.
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    Private information, money, and growth: Indeterminacy, fluctuations, and the Mundell-Tobin effect (1996)
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    Journal of economic growth 1 (1996), S. 309-332 
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    ISSN: 1573-7020
    Keywords: private information ; growth ; indeterminacy ; E31 ; E32 ; E44 ; G14 ; O16
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We introduce an informational asymmetry into an otherwise standard monetary growth model and examine its implications for the determinacy of equilibrium, for endogenous economic volatility, and for the relationship between steady-state output and the rate of money growth. Some empirical evidence suggests that, for economies with low initial inflation rates, permanent increases in the money growth rate raise long-run output levels. This relationship is reversed for economies with high initial inflation rates. Our model predicts this pattern. Moreover, in economies with high enough rates of inflation, credit rationing emerges, monetary equilibria become indeterminate, and endogenous economic volatility arises.
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    Technological Diffusion, Convergence, and Growth (1997)
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    Journal of economic growth 2 (1997), S. 1-26 
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    ISSN: 1573-7020
    Keywords: growth ; technology ; diffusion ; convergence ; adaptation
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We construct a model that combines elements of endogenousgrowth with the convergence implications of the neoclassicalgrowth model. In the long run, the world growth rate is drivenby discoveries in the technologically leading economies. Followersconverge toward the leaders because copying is cheaper than innovationover some range. A tendency for copying costs to increase reducesfollowers‘ growth rates and thereby generates a pattern of conditionalconvergence. We discuss how countries are selected to be technologicalleaders, and we assess welfare implications. Poorly defined intellectualproperty rights imply that leaders have insufficient incentiveto invent and followers have excessive incentive to copy.
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    Matching, Heterogeneity, and the Evolution of Income Distribution (1997)
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    Journal of economic growth 2 (1997), S. 61-92 
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    ISSN: 1573-7020
    Keywords: search ; matching ; mismatch ; human capital ; growth ; wage inequality ; income inequality
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper analyzes a model in which firms and workershave to engage in costly search to find a production partner,and endogenizes the skill, job, and wage distributions in thiscontext. The presence of search frictions implies that thereare two redistributive forces in the labor market. The firstis mismatch relative to the Walrasian economy; skilled workerstend to work with lower physical to human capital ratios, andthis compresses the earnings differentials. The second is theopportunity cost effect; because the opportunity cost of acceptingan unskilled worker, which is to forgo the opportunity to employa skilled worker, is high, unskilled wages are pushed down. Theinteraction between these two forces leads to a non-ergodic equilibriumprocess for wage and income inequality. Further, the presenceof mismatch reduces the rate of return to physical capital andthus depresses growth. A key prediction of the analysis is thatincreasing wage inequality is more likely to arise in economieswith less frictional labor markets, which is in line with thediverse cross-country patterns observed over the past two decades.Finally, the paper predicts that, as is largely the case withU.S. data, between group and within group wage inequality shouldmove in the same direction.
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    Democratic Choice of an Education System: Implications for Growth and Income Distribution (1997)
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    Journal of economic growth 2 (1997), S. 169-183 
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    ISSN: 1573-7020
    Keywords: growth ; democracy ; education ; inequality
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We use an OLG model to examine democratic choice betweentwo modes of government support for education: subsidies forprivately purchased education and free uniform public provision.We find little conflict between democracy and growth: the samefactors that generate popular support for subsidization overfree uniform provision—large external benefits, a largeexcess burden, and little inequality—also favor its relativegrowth performance. Furthermore, restricting the franchise toan upper-income elite may also reduce growth. Two extensionsexamine the effect of intergenerational mobility and indicatethe theoretical possibility of periodic swings in the balancebetween public and private spending.
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    Economic Growth and Investment in Education: How Allocation Matters (1998)
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    Journal of economic growth 3 (1998), S. 337-359 
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    ISSN: 1573-7020
    Keywords: growth ; education ; human capital ; panel data
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article proposes an approach to answering two questions: first, does investment in education help growth; second, does the allocation of investment in education matter? I develop a model where individual ability is heterogeneous and education both trains students and reveals their suitability for further training. I use UNESCO data on educational enrollments and spending to estimate the efficiency of existing educational allocations in a panel of countries. A cross-country growth decomposition regression shows that the correlation of human capital capital accumulation and GDP growth is not significant in countries with poor allocations but is significant and positive in countries with better allocations.
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    Patterns of Economic Development and the Formation of Clubs (1999)
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    Journal of economic growth 4 (1999), S. 305-330 
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    ISSN: 1573-7020
    Keywords: growth ; convergence clubs ; poverty trap ; cultural factors ; location
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This study investigates the sources of heterogeneity across a worldwide set of countries. Unspecified ex ante and unanticipated cultural (Protestant versus Catholic), geographical (continents), and institutional (OECD versus non-OECD) clubs emerge endogenously and naturally as homogeneous classes on the basis of their economic structure. The dynamics both within and across the identified groups of countries are consistent with multiple equilibrium-growth models proposed by, for instance, Azariadis and Drazen (1990), therefore strengthening the viability of the convergence club hypothesis. In particular, higher stages of development are, on average, non linearly associated with higher stages of growth.
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    Knowledge as a Set in Idea Space: An Epistemological View on Growth (2000)
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    Journal of economic growth 5 (2000), S. 253-275 
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    ISSN: 1573-7020
    Keywords: knowledge ; ideas ; growth ; knowledge set ; paradigm ; combination of ideas
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This articlepresents a model of knowledge, seen as a set of ideas definedin a multidimensional idea space. Knowledge is created throughconvex combinations of older ideas and through paradigm shifts.When normal science has made the knowledge set convex, scientificopportunity is exhausted. Individual countries are endowed withdifferent knowledge sets, which gives rise to idea gaps. Thegrowth of a country's knowledge depends on diffusion from othercountries, on own production, and on the state of its human capitaland institutions. In the long run, economic growth will dependon knowledge growth, but only paradigm shifts can save R&Dfrom diminishing returns
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    Economic Growth and Political Regimes (1999)
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    Journal of economic growth 4 (1999), S. 81-111 
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    ISSN: 1573-7020
    Keywords: growth ; investment ; regimes
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The absence of continuous regime type measures that focus on institutions rather than outcomes besets studies on whether democratic or authoritarian regimes grow faster. Additional shortcomings include the failure to consider development stages and the erroneous endogenous specification of regimes. Given panel data on 105 countries from 1960 to 1989, the effective party/constitutional framework measure does not correlate with growth or investment in the total sample. But considering development levels, some evidence indicates that discretion decreases growth in advanced areas, and, contrary to theory, inhibits investment in poorer countries. Also, single-party dictatorships have higher investment ratios but do not grow faster than party-less regimes.
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    Entrepreneurs, Professionals, and Growth (1999)
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    Journal of economic growth 4 (1999), S. 213-232 
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    ISSN: 1573-7020
    Keywords: education ; work experience ; self-employment ; growth
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We examine the implications for growth and development of the existence of two types of human capital: entrepreneurial and professional. Entrepreneurs accumulate human capital through a work-experience intensive process, whereas professionals’ human capital accumulation is education-intensive. Moreover, the return to entrepreneurship is uncertain. We show how skill-biased technological progress leads to changes in the composition of aggregate human capital; as technology improves, individuals devote less time to the accumulation of human capital through work experience and more to the accumulation of human capital through professional training. Thus, our model explains why entrepreneurs play a relatively more important role in intermediate-income countries and professionals are relatively more abundant in richer economies. It also shows that those countries that initially have too little of either entrepreneurial or professional human capital may end up in a development trap.
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    Endogenous Fertility, Income Distribution, and Growth (1999)
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    Journal of economic growth 4 (1999), S. 331-349 
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    ISSN: 1573-7020
    Keywords: growth ; fertility ; income distribution
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article analyzes the interaction between growth and fertility via income distribution in a model in which fertility decisions are motivated by old-age support. It provides an explanation of the demographic transition of an economy from a stage of increasing fertility and low growth to a stage of low fertility, high human capital investments, and high growth.
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    Research and development in the growth process (1996)
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    Journal of economic growth 1 (1996), S. 49-73 
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    ISSN: 1573-7020
    Keywords: growth ; innovations ; O30 ; O40
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    Topics: Economics
    Notes: Abstract This paper introduces into Schumpeterian growth theory an important element of heterogeneity in the structure of innovative activity—namely, the distinction between research and development. We construct a simple model of growth to investigate how the (steady-state) rate of growth affects and is affected by the relative mix between research and development. Although we assume for simplicity that the total supply of innovative activity is given it turns out that, with one important exception, the growth rate responds to most parameter changes in the same way as in previous models where growth was determined by the total amount of innovative activity. In particular, the level of research tends to covary positively with the rate of growth, even in the extreme case where the general knowledge that underlies long-run growth is created only by secondary innovations arising from the development process. The exception concerns the effects of competition on growth. Although simpler Schumpeterian growth models implied that increased competition would reduce growth by reducing the incentive to innovate, introducing the distinction between research and development implies that this effect is likely to be reversed.
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    Social conflict and growth (1996)
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    Journal of economic growth 1 (1996), S. 125-142 
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    ISSN: 1573-7020
    Keywords: dynamic games ; growth ; social conflict ; D74 ; O40
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Despite the predictions of the neoclassical theory of economic growth, we observe that poor countries have invested at lower rates and have not grown faster than rich countries. To explain these empirical regularities we provide a game-theoretic model of conflict between social groups over the distribution of income. Among all possible equilibria, we concentrate on those that are on the constrained Pareto frontier. We study how the level of wealth and the degree of inequality affects growth. We show how lower wealth can lead to lower growth and even to stagnation when the incentives to domestic accumulation are weakened by redistributive considerations.
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    A Doodles Theory of Economic Growth (1999)
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    Review of industrial organization 14 (1999), S. 391-396 
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    ISSN: 1573-7160
    Keywords: Fate ; growth
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Fate bringeth economic growth and malfeasance giveth its gains
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    Theories of Firms' Growth and the Generation of Jobs (2000)
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    Review of industrial organization 17 (2000), S. 229-248 
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    ISSN: 1573-7160
    Keywords: Age ; firms' ; growth ; jobs ; size
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper relates recent empiricalresearch on the growth of U.K. companies to the maineconomic theories of firms' growth and to empiricalresults for the U.S.A. Smaller and younger firms havebeen growing more quickly than larger and older firms, thus generating proportionately more new jobs. Theseresults do not support the various theories of staticand dynamic economies of scale. Serial correlation ofgrowth is very low, so success does not persist. Thesystematic tendency for small and younger firms togrow more quickly is the main reason why firm growthis not entirely stochastic.
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    The political economy of mixed public and private schooling: A dynamic analysis (1996)
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    International tax and public finance 3 (1996), S. 297-310 
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    ISSN: 1573-6970
    Keywords: Education ; political economy ; income inequality ; growth
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper analyzes the political economy of education, acquired through a combination of compulsory public schooling and supplementary private education, in the context of an OLG model in which growth is driven by the accumulation of human capital. The level of public schooling, fully funded by a proportional income tax, is determined by majority vote, while supplementary private education is purchased individually. We show existence of a political-economic equilibrium, and examine its characteristics, describing the evolution of the publicprivate mix over time: for moderate parameter values the share of public schooling increases as incomes rise, and inequality falls.
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    A positive theory of social security (1996)
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    Journal of economic growth 1 (1996), S. 277-304 
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    ISSN: 1573-7020
    Keywords: social security ; pensions ; human capital ; growth ; transfers ; H53 ; H55 ; I38 ; O4
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In this paper I make two points. First, I argue that social security programs around the world link public pensions to retirement: people do not lose their pensions if they make a million dollars a year in the stock market, but they do confront marginal tax rates of up to 100 percent if they choose to work. Second, after arguing that most existing theories cannot explain this fact, I construct a positive theory that is consistent with it. The main idea is that pensions are a means to induce retirement—that is, to buy the elderly out of the labor force because aggregate output is higher if the elderly do not work. This is modeled through positive externalities in the average stock of human capital: because skills depreciate with age, the elderly have lower-than-average skill and, as a result, have a negative effect on the productivity of the young. When the difference between the skill level of the young and that of the old is large enough, aggregate output in an economy where the elderly do not work is higher. Retirement is desirable in this case, and social security transfers are the means by which such retirement is induced. The theory developed in this paper is also shown to be consistent with a number of other regularities documented in Section 1.
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    Transboundary Externalities in the Environmental Transition Hypothesis (2000)
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    Environmental and resource economics 17 (2000), S. 353-373 
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    ISSN: 1573-1502
    Keywords: environmental transition ; growth ; Kuznets ; pollution ; transboundary externalities
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract The Environmental Kuznets Curve (EKC) is a hypothesis which implies that it is possible to “grow out of environmental degradation”. Most theoretical models of the EKC relation have not accounted for transboundary and intergenerational externalities nor have empirical studies provided evidence that validates an inverted U shaped relation between environmental degradation and economic growth for pollution problems where the effects are far-displaced or are long-delayed. This paper integrates the theory of transboundary externalities into the most common theoretical framework applied to the EKC hypothesis. It shows that where a significant proportion of the environmental impacts of economic activity occurs outside the territories in which those activities take place, the de-linking of growth and environmental degradation is less likely to happen. This proposition is demonstrated by assuming that decisionmakers have a Nash-type non cooperative strategic behavior.
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    Money demand stability: Evidence from Spain (1998)
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    Empirical economics 23 (1998), S. 387-400 
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    ISSN: 1435-8921
    Keywords: Money demand ; cointegration ; stability ; regime shift ; E41 ; C22
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Using several tests for structural stability in regressions with I(1) variables and for the existence of cointegration in models with regime shifts, the empirical evidence on the existence of a structural break in the Spanish long-run demand for broad money (ALP2) is analysed. The results indicate that shifts affecting the demand for ALP2 in recent years have substantially altered its long-run properties. As to the cause of this structural break, emphasis is placed on the role played by the increasing openness of the Spanish financial system to international markets as obstacles to free capital movements have progressively disappeared.
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    Stochastic scheduling problems I — General strategies (1984)
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    Mathematical methods of operations research 28 (1984), S. 193-260 
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    ISSN: 1432-5217
    Keywords: Analytic behaviour of strategies ; continuous strategies ; ES strategies ; MES strategies ; machine idleness ; monotonicity behaviour ; optimal strategies ; preselectivity ; regular measure of performance ; scheduling problems ; stability ; stochastic dynamic optimization ; stochastically ordered distributions ; stochastic scheduling
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Notes: Abstract The paper contains an introduction to recent developments in the theory of non-preemptive stochastic scheduling problems. The topics covered are: arbitrary joint distributions of activity durations, arbitrary regular measures of performance and arbitrary precedence and resource constraints. The possible instability of the problem is demonstrated and hints are given on stable classes of strategies available, including the combinatorial vs. analytical characterization of such classes. Given this background, the main emphasis of the paper is on the monotonicity behaviour of the model and on the existence of optimal strategies. Existing results are presented and generalized, in particular w.r.t. the cases of lower semicontinuous performance measures or joint duration distributions having a Lebesgue density.
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    Stochastic scheduling problems II-set strategies- (1985)
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    Mathematical methods of operations research 29 (1985), S. 65-104 
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    ISSN: 1432-5217
    Keywords: Additive cost criterion ; analytic behaviour of strategies ; ES strategy ; list schedule ; MES strategy ; priority rule ; quasi-stability ; regular measure of performance ; scheduling problems ; set strategy ; shift property ; stability ; stochastic scheduling
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Notes: Abstract The paper introduces the finite class of set strategies for stochastic scheduling problems. It is shown that the knownstable classes of strategies such as ES and MES strategies are of this type, as arelist-scheduling strategies such as LEPT and SEPT and other, more complicatedpriority-type strategies. Roughly speaking, set strategies are characterized by the fact that the decision as to which jobs should be started at timet depends only on the knowledge of the two sets of jobs finished up to timet and being processed at timet. Contrary to list scheduling strategies, set strategies may involve deliberate idleness of machines, i.e. may not be greedy and can therefore not generally be induced by priority rules. It is demonstrated that set strategies have useful properties. They are e.g.λ n -almost everywhere continuous and therefore show satisfactorystability behaviour w.r.t. weak convergence of the joint distribution of job durations. Furthermore, the optimum w.r.t.all strategies is already attained on this class if job durations are independent and exponentially distributed and the performance measure fulfills a certainshift condition. This shift property is a quite natural concept and generalizes aspects of the notion ofadditivity in semi-Markov decision theory and stochastic dynamic optimization. Its complete analytical characterization is a major object of this paper. Typical additive cost criteria such as makespan and flowtime are of course covered, which yields simultaneously a first step towards generalization of optimality of LEPT and SEPT rules, as known for special cases. In fact, in view of the obtained optimality result, the question of when deliberate idleness of machines can be avoided, gains considerable interest, as it characterizes stochastic environments in whichpriority strategies are optimal. This provides a major link with current research on the analysis of networks of queues in the context of computer systems.
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    Portfolio optimization via stochastic programming: Methods of output analysis (1999)
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    Mathematical methods of operations research 50 (1999), S. 245-270 
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    ISSN: 1432-5217
    Keywords: Key words: Portfolio optimization ; stochastic programming ; stability ; postoptimality ; worst-case analysis
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Notes: Abstract. Solutions of portfolio optimization problems are often influenced by errors or misspecifications due to approximation, estimation and incomplete information. Selected methods for analysis of results obtained by solving stochastic programs are presented and their scope illustrated on generic examples – the Markowitz model, a multiperiod bond portfolio management problem and a general strategic investment problem. The approaches are based on asymptotic and robust statistics, on the moment problem and on results of parametric optimization.
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    Economic growth with environmental damage and technical progress (1994)
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    Environmental and resource economics 4 (1994), S. 241-249 
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    ISSN: 1573-1502
    Keywords: Economic growth ; pollution control ; technical progress ; tradeable pollution permits ; stability
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract The papers on economic growth with environmental constraints usually ignore the effect of technical progress, this results in static steady state solutions. This paper examines the problem of optimal economic growth with environmental damage, technical progress taken into account, which produces a steady state solution that corresponds to an equilibrium growth, with non-constant emissions and pollutant stock. As a means of steering the economy along the optimal path, two types of tradeable pollution permits are analyzed. The method of stabilizing the optimal path, leading to a steady state, is suggested.
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