In this paper the climate change effect is an unforeseen earth temperature level above which a negative externality on technology and hence on society's welfare is exerted. We use a dynamic overlapping generations model to develop a positive analysis of the growth path of an economy with the...

In this paper the climate change effect is an unforeseen earth temperature level above which a negative externality on technology and hence on society's welfare is exerted. We use a dynamic overlapping generations model to develop a positive analysis of the growth path of an economy with the...

Our interest here concerns liquidity supply as a distinctive feature of the bank-borrower relationship. Any agent facing an opportunity or a commitment may find him/herself unexpectedly illiquid, and hence he/she may find it profitable to borrow "on call" if this costs less than missing the...

Is a fiscal stimulus of investment a viable complement to, or substitute for, monetary policy? We address this issue by means of real option valuation of a private investment which generates private as well as public benefits. A surge in uncertainty about private profitability delays investment...

Our interest here concerns liquidity supply as a distinctive feature of the bank-firm relationship. Any agent facing an opportunity or a commitment may find him/herself unexpectedly illiquid, and hence he/she may find it profitable to borrow quot;on callquot; if this costs less than missing the...