This paper discusses the emergence of endogenous redistributive cycles in a stochastic growth model with incomplete asset markets and heterogeneous agents, where agents vote on the degree of progressivity in the tax-transfer-scheme. We develop two models, the first being highly-stylized, where...

This paper studies the conditions under which new equipment may endogenously occur. To this end, we construct an endogenous growth multisectoral model with a preeminent new equipment sector. Technological progress is embodied: New machines can only be run on the most recent generations of...

The one-sector neoclassical growth model (Solow, 1956,RES) can generate only simple dynamics. The dynamic properties of the Solow model follow from the saving behaviour and the neoclassical technology. As shown by Day (1982, AER), when average savings are allowed to vary, the discrete-time...

In this paper, we provide empirical evidence for some European countries, over the period 1963-2000, on whether business cycle affects convergence process or catching-up. To do so, we first evaluate beta-convergence. We find evidence in favour of this type of convergence for six countries...

Differential equations with advanced and delayed time arguments may arise in the optimality conditions of simple growth models with delays. Models with investment gestation lags (time-to-build), consumption gestation lags (habit formation) or learning by using lie in this category. In this...

This paper investigates the nature of the aggregate production function of health services. We build a model to analyze the role of public policy in determining social health outcomes, taking into account households choices concerning education, health related expenditures and saving. In the...

We are concerned by the dynamic demographic and economic consequences of epidemics, and to this end, we consider a general overlapping generations model which allows for several epidemic configurations. People live for three periods, successively as children, junior adults and senior adults. A...