This paper proposes a new explanation for the rise in top performers’ income based on an asymmetry in globalization, with one country producing globalized non-rivalrous performances, other countries producing purely domestic ones. In the country with globalized performances, the globalization...

Within a Monetary Union, we assume that the policy of a hard-nosed central bank results in a real appreciation of the Union currency, which is in contradiction with the growth targets of several countries. These countries may join together to question the policy of the bank. As a consequence,...