Introduction -- Money, Bonds and Economic Activity: Money, Bonds and Interest Rates -- Term Structure of Interest Rates -- The Credit Market and Economic Activity: Theories on Credit Market, Credit Risk and Economic Activity -- Empirical Tests on Credit Market and Economic Activity -- The Stock...

Interactions between Economy and Climate: Climate Change and Technical Progress: Impact of Informational Constraints -- Environmental Policy in a Dynamic Model with Heterogeneous Agents and Voting -- Optimal Environmental Policy in the Presence of Multiple Equilibria and Reversible Hysteresis --...

In this paper we analyze an endogenous growth model in which sustained per capital growth results from investment in public capital and the government is allowed to borrow from the capital market. As to the government behavior, we do not suppose that governments optimize but instead stick to...

This paper studies wage-price dynamics in the context of a disequilibrium macro model where there are two Phillips (PC) curves, a wage PC and price PC. We adapt this framework but introduce a Kaldorian delay effect in wage dynamics whereby output and sales predate wage dynamics. Though along...

By contrasting endogenous growth models with facts, one is frequently confronted with the prediction that levels of economic variables, such as R&D expenditures, imply lasting effects on the growth rate of an economy. As stylized facts show, the research intensity in most advanced countries has...

Price dynamics and the macroeconomy -- Stock market and the macroeconomy -- Bond market, term structure, and the macroeconomy -- Financial markets in open economies -- Stock market and exchange rates -- Output and stock market dynamics with state-dependent financial market reactions --...

This paper responds to the development policy debate involving the World Bank and the IMF on the use of fiscal policy not only for economic stabilization but also to promote economic growth and increase per capita income. A key issue in this debate relates to the effect of the composition of...