The concept of ‘pro-poor growth’ focuses on the interrelation between economic growth, inequality and poverty. The literature has often considered the concept of pro-poor growth within a country by using household data in one or in a large cross-section of countries. In this paper, we adopt...

We study the optimal dynamics of an AK economy where population is uniformly distributed along the unit circle. Locations only differ in initial capital endowments. Despite constant returns to capital, we prove that transition dynamics will set in. In particular, we prove that the...

We study the optimal dynamics of an AK economy where population is uniformly distributed along the unit circle. Locations only differ in initial capital endowments. Despite constant returns to capital, we prove that transition dynamics will set in. In particular, we prove that the...

The convergence of estimators, e.g. maximum likelihood estimators, for increasing sample size is well understood in many cases. However, even when the rate of convergence of the estimator is known, practical application is hampered by the fact, that the estimator cannot always be obtained at...

In this paper, we introduce adoption costs in a canonical vintage capital model. Adoption costs take the form of a direct loss in production during a fixed period of time. We explicitly characterize the optimal machine replacement policy as a function of the adoption period. Using an explicit...

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...

After the publication of The General Theory of Employment, Interest and Money (hereafter, GT), an intense debate about its main preposition – that the long-run equilibrium of the economy is a position of involuntary unemployment – was established. The consensus view that emerged from it,...

There is now an extensive empirical literature relating to tests for various forms of convergence between the real per capita outputs of different countries. The evidence from these tests is mixed, and depends upon the type of data used, the countries in question, and the sample period in...

In the standard models of North-South technological-knowledge diffusion, the larger the initial technological-knowledge gap between countries is, the higher the Southern catching up. However, this result does not adjust well to Southern reality as a whole. The purpose of this paper is to...

The convergence of estimators, e.g. maximum likelihood estimators, for increasing sample size is well understood in many cases. However, even when the rate of convergence of the estimator is known, practical application is hampered by the fact, that the estimator cannot always be obtained at...