This paper studies the interaction between technology, which flows in from abroad, and human capital, which is accumulated domestically, as the twin engines of growth in a developing economy. Technology inflows are modeled as a pure external effect, with the rate of inflow governed by a policy...

In the model with transaction costs, housing consumption follows an (S,s) type policy. Here we are interested in how various parameters affect the width of the (S,s) bands and the behavior of (a)-(c) within that band.