This paper considers the effects of monetary and fiscal policies in an optimizing model with capital accumulation and a pos itive birth rate. An increase in monetary growth leads to a reduction in the real interest rate and a boost of capital and total consumpti on. However, the superneutrality...

This paper develops a model of labor bargaining in which insider and outsider factors play a different role across firms and over time. Three different bargaining regimes are identified: in two of them the outcome is dictated by outside market conditions, while in the third there is scope for...