This paper analyzes the global dynamics of a convex overlapping generations model with land and analyzes the implications of international capital mobility in this model. It shows that this model can explain some of the stylised facts of the growth literature which cannot be explained by the...

Should we think of immigration as an exogenous shock to labor supply in the receiving economy? The time series of the share of migrant labor is `Granger caused' by that of total hours worked and the average real wage in the UK economy. This suggests that immigration is, in part, determined by...

The determinants of an economy's balanced growth path for income per capita may vary over time. In this paper we apply unobserved components analysis to an otherwise standard panel model of economic growth dynamics so that an economy's long run relative income per capita can change at any point...

Immigration has been a significant part of US population growth over recent decades, with the number of ``foreign born to non-US nationals" rising from approximately 10 million in 1970 to nearly 40 million or 12.9% of the US total population in 2010. In this paper, using a VAR with sign...

Why has the recent covid-19 pandemic led to the imposition of export quotas in many countries? Why is the agricultural sector highly protected in developed economies? We show how the addition of subsistence constraints to the standard models of international trade together with a potential shock...

The determinants of an economy's growth path for income per head may vary over time. In this paper we apply unobserved components analysis to an otherwise standard panel model of economic growth dynamics so that an economy's long run relative income per head can change at any point of time. We...

The determinants of an economy's growth path for income per head may vary over time. In this paper we apply unobserved components analysis to an otherwise standard panel model of economic growth dynamics so that an economy's long run relative income per head can change at any point of time. We...

Should immigration be regarded as an exogenous shock? If so, what is its effect on native wages? Might any effect differ across different sectors of the economy? In this paper we answer these questions by applying macroeconomic time series methods to a time series of UK labor market variables...

This research advances the hypothesis that resource abundant economies characterized by a socially cohesive workforce and network externalities triggered the emergence of efficiency-enhancing inclusive institutions designed to restrict mobility and to enhance the attachment of community members...

This paper analyzes the role of income distribution in macroeconomic analysis. The study demonstrates that the long-run equilibrium depends on the initial distribution of income. In accordance with empirical evidence concerning the correlation between income distribution and output, an economy...