We investigate how bank migration across state lines over the last quarter century has affected the size and covariance of business fluctuations within states. Starting with a two-state version of the unit banking model in Holmstrom and Triocole (1997), we conclude that the theoretical effect of...

The paper uses quarterly GDP data for some 30 years up to and including 2001, to examine the identity and development of the European business cycle. Cycles are identified by using a band-pass filter version of the Hodrick-Prescott filter and affiliations are examined using clustering techniques...

A general growth model with explicit resource reallocation costs is set up. A new feature is the property of hysteresis (i.e. a continuum of stationary equilibria) in closed-economy growth models. Employing a linear model the hysteresis range and the consequences for the long-run growth rate are...

The paradoxes of Lucas and Romer relate to the theoretical coherence of the international differences in productivity of the factors of production. To solve these paradoxes, the assumption of externality of the physical capital seems better than the assumption of externality of the human capital...

Current political crisis in Sudan have roots in lags of economic development and mismanagement. The result is food insecurity degeneration of the country's mainstay, the agricultural sector and underdevelopment of it secondary sector. The paper review issues on historical development of the...

The paper shows that the emergence of a relatively more capital intensive, "industrial" production sector with relatively faster total factor productivity growth than the existing less capital intensive, "cottage" production sector will always slow down real wage growth if capital and labor are...

The paper studies endogenous world balanced growth equilibria in which national learning productivity differentials govern relative per capita products. Learning productivities depend on the national share of world specialized goods production, national and world scale, and familiarity with the...

The purpose of this essay is to analyze the circumstances where a monetary economy dominates over a redistributive barter economy in which there is not an absence of double coincidence of wants problem. For this purpose, we develop a spatial general equilibrium model where individuals must trade...