This article derives optimal fiscal rules within a stochastic model of Keynesian type in the context of Poole (1970) analysis. By using optimal control theory and applying the Hamilton-Jacoby Bellman equation, we extend the original Poole results concerning the output stabilization properties of...

In this paper we develop two simple discrete-time Ramsey models augmented with migrant workers to assess the impact of migration on per-capita domestic consumption. In one model we assume perfect substitutability between migrants and natives while in a second model we explore the effect of...

This paper investigates the economic consequences of migration in the Ramsey-type dynamic optimizing context. In contrast to Hazari and Sgro (2003) conclusions, we show that with a Cobb-Douglas production function migration unambiguously reduces per-capita domestic consumption growth, whereas...

This paper incorporates the phenomenon of tolerance into an economic analysis, showing how different attitudes to trust and cooperation can affect economic outcomes. In the economic system we propose, tolerance is associated with the different weight that agents attribute to their own nature and...

This paper incorporates the phenomenon of tolerance, as the ability to accept diversity, into an economic analysis showing how different aptitudes to trust and cooperation can affect economic outcomes. In the economic system we propose, tolerance is associated with the different weight that...

L’approccio tradizionale allo studio della corruzione considera questo fenomeno la diretta conseguenza degli incentivi forniti da norme e vincoli formali agli agenti economici. Il modello sviluppato in questo articolo cerca di evidenziare i limiti di questo approccio, ridimensionando...

Is democracy exportable? A present-day political doctrine seems to recommend exporting democracy to those countries where diffused religious and social values do not allow the spontaneous growth of democratic institutions. In this paper we present a model that allows us to study the dynamics...

The paper presents an application of the chaos theory to tourism, a sector in which operators' choices are particularly elaborate and complex. The dynamics of the tourist industry are, in fact, the result of close interactions between units of production, tourist flows, local authorities and...

A perpetual scarcity of public goods/services produces distortions of an individual’s attitudes towards the cost of bureaucratic procedures: even if bureaucracy is not cumbersome, poverty induces people to perceive honesty as too expensive and to prefer illegal payments because they cannot...