We construct a framework for modeling dynamic Cournot oligopoly. We consider models where utility maximizing consumers give rise to demand functions that depend on current and prior period prices. Future demand depends on the current price and consumers and firms must take this into account when...

In this paper, we investigate the relation between public and private consumption, by constructing a general government spending data set, by function, for twelve European Union countries. In particular, we split government consumption into two categories. The first category includes defense,...

In this paper, using a dynamic panel of 21 OECD countries, we find that, unlike the other OECD countries in the sample, wage setting institutions, competition conditions, public finances, and external imbalances can account for the behavior of the public sector wage premium (WPR) and the...

In this paper, using a dynamic panel of 21 OECD countries, we find that, unlike the other OECD countries in the sample, wage setting institutions, competition conditions, public finances and external imbalances can account for the behavior of the public sector wage premium (WPR) and the self...

In recent years the growth pattern of Greece has been disturbed, as this country is suffering from a persisting economic crisis that goes beyond the usual business cycle. In this paper, we develop a neoclassical growth model of market and political power interactions that explains this crisis....

This paper replicates the article Fiorito and Kollintzas (2004) “Public goods, merit goods, and the relationship between private and government consumption”. The authors investigated whether government consumption crowds out private consumption by splitting government consumption into two...