Institutions, crucial for the analysis of how agents deal with uncertainty, have been gaining increasing relevance on the Economic research agenda. In this paper, we analyze the institutional literature that provides insights into different research fields, aiming to explain why this perspective...

It is widely recognized that scientific research has a dramatic impact on economies since it is crucial to foster technological knowledge. Today’s migratory movements and concentration of highly educated population and population with high scientific potential in developed countries play an...

We propose a new framework to analyse the wage premium behaviour. Building on Acemoglu and Zilibotti (2001), we introduce physical capital and two assumptions: (i) internal costly investment in both capital and R&D; (ii) complementarities between capital goods in production. We find that, for...

Since the beginning of the European single currency project, the adoption of fiscal binding rules, restraining the use of the single policy instrument left for national authorities, has been challenged by many authors and politicians. The discussion has been rekindled in recent years, following...

In this paper, we examine the studies, since Adam Smith, on the impact of commercial and technological aspects, resulting from international trade, on the physical accumulation and quality of productive factors. We remark that the theory of economic growth and the theory of international trade,...

In this paper, we compare the present process of definition and implementation of fiscal policies in the European Union with the main conclusions of the “fiscal federalism” theory. This is done in order to draw possible lessons for future evolution, particularly taking into account the...

This paper develops a general equilibrium endogenous growth model that emphasizes the mechanisms, other than market size, through which trade-induced North-South technological knowledge diffusion influences the direction of technological progress and, thus, the path of intra and inter-country...

The increasing openness to international trade during the second half of the XXth century is an inescapable feature in the development of the Portuguese economy. Despite having been hit by several crises in its Balance of Payments over the century, Portugal did not suffer, apparently, from...

We summarise Runge-Kutta type methods for the solution of ordinary differential equations in models of economic dynamics. In this work we are going to present explicit Runge-Kutta type methods, a family of methods to solve numerically systems of ordinary differential equations, without the need...

In the dominant literature, the technological-knowledge bias that drives wage inequality is determined by the market-size channel. We develop an endogenous growth model with two technologies in which: a specific quality of labour, low or high-skilled, is combined with a specific set of...