Over the past two decades, the financial services industry has experienced a significant increase in competition and internal rivalry. Driven by deregulation and advances in information technologies, many historical institutional distinctions among financial intermediaries have disappeared or...

[...]We conclude that technological change, combinedwith overall growth in the capital stock, is the most importantfactor driving the growing wage inequality betweenlow-skilled and high-skilled workers. Increased competitionfrom abroad, both from developing and industrializedcountries, appears...

This paper examines the effect of a new technology on a labour-intensive service. Comparing primal and dual TFP-growth with final-year social savings, we find that, between 1900 and 1938, motion pictures increased entertainment output (measured in spectator-hours) by at least nine percent...

If households and firms face different interest rates, there may be mutual gains in forming seniority wage contracts, which facilitate implicit saving by younger workers, who might otherwise save either little or nothing at all at low interest rates. A three-period OLG model is presented with...

...We rely on Matsuyama (1996, 1999) to study the effects on growth and welfareof non distortive tax/subsidy policies. In particular, we are interested ininvestigating the stabilising/destabilising effects of policies aimed at eliminatingeconomic fluctuations. The focus on stabilisation...