We examine the effect of non-zero, long-run foreign asset positions on consumption dynamics in response to productivity shocks in a two-country, dynamic, general equilibrium model, with different discount factors across countries populated by overlapping generations of households. We then...

I study the independent impacts of windfall income from non-renewable resource exports and productivity growth on the changing share of employment in manufacturing in an open economy. The framework includes non-unitary income and substitution elasticities, so that both windfall income and...

Over the last half century, the saving rate in the United States exhibited significant variations. In this paper, I examine whether a general equilibrium model that allows for shifts in the growth rate of total factor productivity can account for these variations. The model generates significant...