Research classified by Journal of Economic Literature (JEL) codes
Top JEL
/ O: Economic Development, Innovation, Technological Change, and Growth
/ / O4: Economic Growth and Aggregate Productivity
/ / / O41: One, Two, and Multisector Growth Models
2026
- Ricardo J. Caballero, 2026, "Speculative Growth and the AI "Bubble"," NBER Working Papers, National Bureau of Economic Research, Inc, number 34722, Jan.
- Ajay K. Agrawal & John McHale & Alexander Oettl, 2026, "Enhancing Worker Productivity Without Automating Tasks: A Different Approach to AI and the Task-Based Model," NBER Working Papers, National Bureau of Economic Research, Inc, number 34781, Jan.
- Margarida Duarte & Diego Restuccia, 2026, "Aggregate Employment and the Rise of Services across Time and Countries," NBER Working Papers, National Bureau of Economic Research, Inc, number 34804, Feb.
- Mark Setterfield, 2026, "Wage stagnation and secular stagnation," Working Papers, New School for Social Research, Department of Economics, number 2601, Jan.
- Clara Zanon Brenck & Mark Setterfield, 2026, "Income Distribution Sensitive Thirlwall's Law: a decomposition of import income elasticities and estimation for the Brazilian economy," Working Papers, New School for Social Research, Department of Economics, number 2602, Feb.
- Mark Setterfield, 2026, "The care economy and macroeconomic outcomes: a structuralist approach," Working Papers, New School for Social Research, Department of Economics, number 2603, Feb.
- Juin-Jen Chang & Chun-Hung Kuo & Kun-Ying Lei & Chia-Ying Liu, 2026, "The nexus between labor share and income inequality: theory and evidence from the U.S," Oxford Economic Papers, Oxford University Press, volume 78, issue 1, pages 179-210.
- Wanderson Schmoeller Monteiro & Jaylson Jair da Silveira & Gilberto Tadeu Lima, 2026, "Persistent Heterogeneity in Working Households` Expectations Regarding Economic Conditions and Macroeconomic Dynamics," Working Papers, Department of Economics, University of São Paulo (FEA-USP), number 2026_04, Feb.
- Codrina Rada & Ansel Schiavone & Rudi von Arnim, 2026, "The payroll share in US states: Evidence from fourteen sectors," Journal of Evolutionary Economics, Springer, volume 36, issue 1, pages 1-42, April, DOI: 10.1007/s00191-025-00942-5.
- Margarida Duarte & Diego Restuccia, 2026, "Aggregate Employment and the Rise of Services across Time and Countries," Working Papers, University of Toronto, Department of Economics, number tecipa-817, Jan.
- Ken-Ichi Akao & Stefano Bartolini, 2026, "Economic growth and social crisis: explaining the American paradox," Department of Economics University of Siena, Department of Economics, University of Siena, number 941, Feb.
- Pau Roldan-Blanco & Tom Schmitz & Christian Fons-Rosen, 2026, "The Effects of Startup Acquisitions on Innovation and Economic Growth," Working Papers, Barcelona School of Economics, number 1560, Feb.
- Lucas Bretschger, 2026, "Cold War on a Warming Planet: Climate Policy in a Divided World," CESifo Working Paper Series, CESifo, number 12438.
- Jat, Rajveer & Ramaswami, Bharat, 2026, "The agricultural productivity gap: Informality matters," Journal of Development Economics, Elsevier, volume 178, issue C, DOI: 10.1016/j.jdeveco.2025.103617.
- Tamai, Toshiki, 2026, "Public investment, economic growth, and wealth distribution," Journal of Economic Dynamics and Control, Elsevier, volume 184, issue C, DOI: 10.1016/j.jedc.2026.105280.
- Stojanovikj, Martin, 2026, "Patents and R&D Subsidies in a Two-Sector Schumpeterian Economy," Economic Modelling, Elsevier, volume 155, issue C, DOI: 10.1016/j.econmod.2025.107438.
- Barros, Fernando & Delalibera, Bruno R. & Ribeiro, Marcos J. & Teignier, Marc, 2026, "Production networks and structural transformation," Economic Modelling, Elsevier, volume 156, issue C, DOI: 10.1016/j.econmod.2025.107461.
- Del Río, Fernando & Rebelo, Francisco, 2026, "Normalizing VES production functions: extending the supply-side system approach," Economics Letters, Elsevier, volume 259, issue C, DOI: 10.1016/j.econlet.2025.112794.
- Leiva, Favio, 2026, "A two-sector model of resource depletion in Peruvian mining districts: Bayesian Model Averaging calibration and 3D phase diagram analysis," Resources Policy, Elsevier, volume 114, issue C, DOI: 10.1016/j.resourpol.2026.105863.
- Óscar Afonso, 2026, "How monetary policy and institutions shape R&D: a dynamic general equilibrium approach," Economic Change and Restructuring, Springer, volume 59, issue 1, pages 1-28, February, DOI: 10.1007/s10644-026-09965-9.
2025
- Larry Samuelson & Jakub Steiner, 2025, "Growth and Redistribution: The Hedging Perspective," American Economic Review: Insights, American Economic Association, volume 7, issue 2, pages 250-267, June, DOI: 10.1257/aeri.20240456.
- Damián Pierri & Fernando García-Belenguer, 2025, "External Debt Dynamics in an Endogenous Growth Model," Working Papers, Red Nacional de Investigadores en Economía (RedNIE), number 353, Feb.
- Hayato Kato & Kensuke Suzuki & Motoaki Takahashi, 2025, "Trade Policy and Structural Change," Papers, arXiv.org, number 2508.01360, Aug, revised Nov 2025.
- Hiroaki Sasaki & Noriki Fukatani & Daisuke Imai & Yusuke Kamanaka, 2025, "Sustainable Economic Growth in an Economy With Exhaustible Resources and a Declining Population Under the Balance‐of‐Payments Constraint," Bulletin of Economic Research, Wiley Blackwell, volume 77, issue 3, pages 328-345, July, DOI: 10.1111/boer.12488.
- David Desmarchelier & Magali Jaoul‐Grammare & Guillaume Morel & Thi K. C. Pham, 2025, "Infectious disease and endogenous cycles: Lockdown hits two birds with one stone," International Journal of Economic Theory, The International Society for Economic Theory, volume 21, issue 3, pages 316-342, September, DOI: 10.1111/ijet.70001.
- Bento Pedro & Ranasinghe Ashantha, 2025, "Financial Frictions at Entry, Average Firm Size, and Productivity," The B.E. Journal of Macroeconomics, De Gruyter, volume 25, issue 1, pages 81-120, DOI: 10.1515/bejm-2024-0051.
- Philippe Aghion & Timo Boppart & Michael Peters & Matthew Schwartzman & Fabrizio Zilibotti, 2025, "A theory of endogenous degrowth and environmental sustainability," CEP Discussion Papers, Centre for Economic Performance, LSE, number dp2086, Mar.
- Anastasiia Antonova & Ralph Luetticke & Gernot J. Muller & Gernot Müller, 2025, "The Military Multiplier," CESifo Working Paper Series, CESifo, number 11882.
- Hayato Kato & Kensuke Suzuki & Motoaki Takahashi & Hayato Kato, 2025, "Trade Policy and Structural Change," CESifo Working Paper Series, CESifo, number 12050.
- Kirill Borissov & Stefano Bosi & Thai Ha-Huy & Van-Quy Nguyen & Mikhail Pakhnin, 2025, "Endogenous Discounting and Economic Dynamics," CESifo Working Paper Series, CESifo, number 12156.
- Tomohiro Hirano & Alexis Akira Toda, 2025, "Unbalanced Growth and Land Overvaluation," CIGS Working Paper Series, The Canon Institute for Global Studies, number 25-011E, Mar.
- Arthur JACOBS & Freddy HEYLEN, 2025, "Demographic change, secular stagnation, and inequality: automation as a blessing?," JODE - Journal of Demographic Economics, Cambridge University Press, volume 91, issue 4, pages 508-548, December, DOI: 10.1017/dem.2024.10.
- Bucci, Alberto & Carbonari, Lorenzo & Trivin, Pedro & Trovato, Giovanni, 2025, "Human capital-based growth with depopulation and class-size effects: theory and empirics – ERRATUM," Macroeconomic Dynamics, Cambridge University Press, volume 29, issue , pages 1-1, January.
- Irmen, Andreas, 2025, "Endogenous working hours, overlapping generations, and balanced neoclassical growth," Macroeconomic Dynamics, Cambridge University Press, volume 29, issue , pages 1-1, January.
- Bucci, Alberto & Carbonari, Lorenzo & Trivin, Pedro & Trovato, Giovanni, 2025, "Human capital-based growth with depopulation and class-size effects: theory and empirics," Macroeconomic Dynamics, Cambridge University Press, volume 29, issue , pages 1-1, January.
- Ngoc-Sang Pham & Thi Kim Cuong Pham & Trong Tin Nguyen & Cuong Le Van, 2025, "Endogenous Innovation in a Growth Model à la Solow," EconomiX Working Papers, University of Paris Nanterre, EconomiX, number 2025-46.
- Hou, Yao & Huang, Jinglei & Xie, Danxia & Zhou, Weidi, 2025, "The limits to growth in the AI-driven economy," China Economic Review, Elsevier, volume 94, issue PA, DOI: 10.1016/j.chieco.2025.102510.
- Fazzari, Steven M. & González, Alejandro, 2025, "How large are hysteresis effects? Estimates from a Keynesian growth model," Journal of Economic Dynamics and Control, Elsevier, volume 173, issue C, DOI: 10.1016/j.jedc.2025.105058.
- Lehmann, Robert & Zarges, Lara, 2025, "What drives German trend output growth? A sectoral view," Journal of Economic Dynamics and Control, Elsevier, volume 174, issue C, DOI: 10.1016/j.jedc.2025.105079.
- del Río, Fernando & Lores, Francisco-Xavier, 2025, "TFP and global growth: Shaping cross-country income inequality, 1960–2019," Economic Analysis and Policy, Elsevier, volume 88, issue C, pages 191-213, DOI: 10.1016/j.eap.2025.08.039.
- Gersbach, Hans & Komarov, Evgenij, 2025, "Research bubbles," Economic Modelling, Elsevier, volume 143, issue C, DOI: 10.1016/j.econmod.2024.106888.
- Seneviratne, Prathi, 2025, "The unintended consequences of compensating trade’s losers," Economic Modelling, Elsevier, volume 145, issue C, DOI: 10.1016/j.econmod.2025.107010.
- Parello, Carmelo Pierpaolo, 2025, "Temporary migration, indeterminacy and growth," Economic Modelling, Elsevier, volume 149, issue C, DOI: 10.1016/j.econmod.2025.107112.
- Tamai, Toshiki & Wang, Yaqi, 2025, "Government expenditure composition and long-run economic growth in the aging democracy," Economic Modelling, Elsevier, volume 149, issue C, DOI: 10.1016/j.econmod.2025.107119.
- Gersbach, Hans & Komarov, Evgenij & von Maydell, Richard, 2025, "Artificial intelligence as self-learning capital," Economic Modelling, Elsevier, volume 153, issue C, DOI: 10.1016/j.econmod.2025.107221.
- Bom, Pedro R.D. & Stojanovikj, Martin, 2025, "Patent policy at a tipping point: Why stronger patent protection may not foster economic growth," Economic Modelling, Elsevier, volume 153, issue C, DOI: 10.1016/j.econmod.2025.107356.
- Bucci, Alberto & Calcagno, Riccardo & Marsiglio, Simone & Sequeira, Tiago Neves, 2025, "Financial literacy, human capital and long-run economic growth," The North American Journal of Economics and Finance, Elsevier, volume 80, issue C, DOI: 10.1016/j.najef.2025.102468.
- Santos, João & Sousa, Tânia & Serrenho, André & Domingos, Tiago, 2025, "An aggregate price for energy services: Useful exergy as an intermediate flow in a two-sector model of the economy," Ecological Economics, Elsevier, volume 236, issue C, DOI: 10.1016/j.ecolecon.2025.108665.
- Mavrigiannakis, Konstantinos & Vasilatos, Andreas & Vella, Eugenia, 2025, "Fiscal tightening and skills mismatch," European Economic Review, Elsevier, volume 174, issue C, DOI: 10.1016/j.euroecorev.2025.104984.
- Bandyopadhyay, Debasis & Liang, Yan & Tang, Xueli, 2025, "Diffusing knowledge: Reoptimizing redistribution for growth and inequality," European Economic Review, Elsevier, volume 178, issue C, DOI: 10.1016/j.euroecorev.2025.105096.
- Kruse-Andersen, Peter K., 2025, "Directed technical change and economic growth effects of environmental policy," Energy Economics, Elsevier, volume 147, issue C, DOI: 10.1016/j.eneco.2025.108512.
- Cai, Sheng & Xiang, Wei, 2025, "Multinational production, technology diffusion, and economic growth," Journal of International Economics, Elsevier, volume 157, issue C, DOI: 10.1016/j.jinteco.2025.104137.
- Ikeshita, Kenichiro, 2025, "Effects of automation and human investment on skill premium," Innovation and Green Development, Elsevier, volume 4, issue 2, DOI: 10.1016/j.igd.2025.100220.
- Huang, Chien-Yu & Lai, Ching-Chong & Peretto, Pietro F., 2025, "Public R&D, private R&D and growth: A Schumpeterian approach," Journal of Economic Behavior & Organization, Elsevier, volume 236, issue C, DOI: 10.1016/j.jebo.2025.107087.
- Delli Gatti, Domenico & Ferraresi, Tommaso & Gusella, Filippo & Popoyan, Lilit & Ricchiuti, Giorgio & Roventini, Andrea, 2025, "The complex interplay between exchange rate and real markets: An agent-based model exploration," Journal of Economic Behavior & Organization, Elsevier, volume 238, issue C, DOI: 10.1016/j.jebo.2025.107252.
- Bretschger, Lucas, 2025, "Nature and the ultimate resource: Sustainability with poor input substitution," Journal of Environmental Economics and Management, Elsevier, volume 133, issue C, DOI: 10.1016/j.jeem.2025.103209.
- Nishimura, Kazuo & Pelgrin, Florian & Venditti, Alain, 2025, "Business cycles fluctuations in three-sector intertemporal equilibrium models," Journal of Economic Theory, Elsevier, volume 226, issue C, DOI: 10.1016/j.jet.2025.106010.
- Shirota, Toyoichiro & Tsuchida, Satoshi, 2025, "Aggregate implications of changing industrial trends in Japan," Journal of the Japanese and International Economies, Elsevier, volume 75, issue C, DOI: 10.1016/j.jjie.2024.101351.
- Kunieda, Takuma & Nishimura, Kazuo, 2025, "Capital account liberalization, production heterogeneity, and belief-driven fluctuations in financial-constrained economies," Journal of Macroeconomics, Elsevier, volume 86, issue C, DOI: 10.1016/j.jmacro.2025.103715.
- Canavire-Bacarreza, Gustavo & Puerta-Cuartas, Alejandro & Beverinotti, Javier, 2025, "Efficiency in poverty reduction in Bolivia," Journal of Policy Modeling, Elsevier, volume 47, issue 3, pages 569-587, DOI: 10.1016/j.jpolmod.2024.11.001.
- Gómez, Manuel A., 2025, "Factor substitution and economic growth in a Romer-type model with monopolistic competition," Journal of Mathematical Economics, Elsevier, volume 117, issue C, DOI: 10.1016/j.jmateco.2025.103086.
- Akao, Ken-Ichi & Kamihigashi, Takashi & Nishimura, Kazuo, 2025, "Critical capital stock in a continuous-time growth model with a convex-concave production function," Journal of Mathematical Economics, Elsevier, volume 119, issue C, DOI: 10.1016/j.jmateco.2025.103146.
- Bosi, Stefano & Desmarchelier, David & Le Van, Cuong, 2025, "On human capital accumulation in times of epidemic," Mathematical Social Sciences, Elsevier, volume 138, issue C, DOI: 10.1016/j.mathsocsci.2025.102466.
- Bella, Giovanni, 2025, "Emergence of chaotic dynamics in the Goodwin model with disequilibrium in the goods market," Structural Change and Economic Dynamics, Elsevier, volume 73, issue C, pages 170-180, DOI: 10.1016/j.strueco.2025.01.005.
- Borsato, Andrea & Lorentz, André, 2025, "Public science vs. mission-oriented policies in long-run growth: An agent-based model," Structural Change and Economic Dynamics, Elsevier, volume 74, issue C, pages 129-146, DOI: 10.1016/j.strueco.2025.03.001.
- Acurio Vásconez, Verónica & Pereira Henriques, Mónica, 2025, "Unraveling the interplay of substitution elasticities and the green energy rebound effect," Structural Change and Economic Dynamics, Elsevier, volume 75, issue C, pages 717-725, DOI: 10.1016/j.strueco.2025.10.007.
- Daymard, Arnaud, 2025, "Is agricultural productivity a prerequisite for structural transformation? Evidence on the role of trade openness," Structural Change and Economic Dynamics, Elsevier, volume 75, issue C, pages 828-848, DOI: 10.1016/j.strueco.2025.10.016.
- Renee Fry-McKibbin & Weifeng Larry Liu & Warwick J. McKibbin, 2025, "Rapid Productivity Growth in Asia: Internal and External Financing," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2025-49, Aug.
- Joana David Avritzer & LÃdia Brochier, 2025, "Credit-financed household consumption and the debt service ratio: tackling endogenous autonomous demand in the supermultiplier model," Review of Keynesian Economics, Edward Elgar Publishing, volume 13, issue 1, pages 21-50, January.
- Clara Zanon Brenck, 2025, "The incidence of tax rates on workers’ debt stability and demand regimes," Review of Keynesian Economics, Edward Elgar Publishing, volume 13, issue 1, pages 51-70, January.
- Jaime Alonso-Carrera & MarÃa Jesús Freire-Serén & Xavier Raurich, 2025, "Sectoral markups, factor substitution and factor-augmenting technical progress," UB School of Economics Working Papers, University of Barcelona School of Economics, number 2025/483.
- Juan C. Córdoba & Anni T. Isojärvi & Haoran Li, 2025, "Declining Search Frictions, Unemployment, and Growth Revisited," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.), number 2025-098, Oct, DOI: 10.17016/FEDS.2025.098.
- Ana Maria Santacreu & Ashley Stewart, 2025, "The Impact of the 2017 Tax Cuts and Jobs Act on U.S. Multinationals' Intangible Assets," Review, Federal Reserve Bank of St. Louis, volume 107, issue 4, pages 1-16, March, DOI: 10.20955/r.2025.04.
- Jesse LaBelle & Fernando M. Martin & Ana Maria Santacreu, 2025, "Taxation and the Global Allocation of Intangibles," Working Papers, Federal Reserve Bank of St. Louis, number 2025-025, Sep, revised 19 Dec 2025, DOI: 10.20955/wp.2025.025.
- Jeremy Pearce & Liangjie Wu, 2025, "Market Concentration and Aggregate Productivity: The Role of Demand," Staff Reports, Federal Reserve Bank of New York, number 1159, Jul, DOI: 10.59576/sr.1159.
- Pedro Lima & Tiago Neves Sequeira & Óscar Afonso, 2025, "Lobbying, Growth and Inequality: A Directed Technical Change model with gametheoretic microfoundations," CeBER Working Papers, Centre for Business and Economics Research (CeBER), University of Coimbra, number 2025-01, Apr.
- Grégory Donnat & Maxime Menuet & Alexandru Minea & Patrick Villieu, 2025, "Does Public Debt Impair Total Factor Productivity?," GREDEG Working Papers, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France, number 2025-26, Jul.
- Carmel Chiswick, 2025, "Economic Development in the 21st Century," Working Papers, The George Washington University, The Center for Economic Research, number 2025-011, Nov.
- Kazuo Nishimura & Florian Pelgrin & Alain Venditti, 2025, "Business cycles fluctuations in three-sector intertemporal equilibrium models," Post-Print, HAL, number hal-05085177, DOI: 10.1016/j.jet.2025.106010.
- Andrea Borsato & André Lorentz, 2025, "Public science vs. mission-oriented policies in long-run growth: An agent-based model," Post-Print, HAL, number hal-05092674, Sep, DOI: 10.1016/j.strueco.2025.03.001.
- Grafström, Jonas, 2025, "Time as a Structural Barrier for a Circular Economy," Ratio Working Papers, The Ratio Institute, number 387, Nov.
- KATO, Hayato & SUZUKI, Kensuke & TAKAHASHI, Motoaki, 2025, "Trade Policy and Structural Change," Discussion Paper Series, Institute of Economic Research, Hitotsubashi University, number 772, Aug.
- Robert A. Blecker, 2025, "Conflict and cooperation in international trade: post-Keynesian perspectives," FMM Working Paper, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute, number 119-2025.
- Chiswick, Carmel U., 2025, "Economic Development in the 21st Century," IZA Discussion Papers, IZA Network @ LISER, number 18182, Oct.
- Burda, Michael C. & Goeth, Anna-Maria & Zessner-Spitzenberg, Leopold, 2025, "Capital Adjustment Costs and Stranded Assets in an Optimal Energy Transition," IZA Discussion Papers, IZA Network @ LISER, number 18356, Dec.
- Orlando Gomes, 2025, "The Human Capital — Artificial Intelligence Symbiosis and Economic Growth," De Economist, Springer, volume 173, issue 2, pages 331-365, July, DOI: 10.1007/s10645-025-09452-y.
- Ben J. Heijdra & Pim Heijnen, 2025, "Rent-Seeking, Capital Accumulation, and Macroeconomic Growth," De Economist, Springer, volume 173, issue 3, pages 475-518, September, DOI: 10.1007/s10645-025-09456-8.
- Ratbek Dzhumashev & Gennadi Kazakevitch, 2025, "Production, Environment, and Population Growth," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, volume 88, issue 11, pages 2791-2814, November, DOI: 10.1007/s10640-025-00956-4.
- Pintu Parui & Klaus Prettner, 2025, "Public provision of healthcare and basic research: What are the joint effects on economic growth and welfare?," Journal of Economic Growth, Springer, volume 30, issue 3, pages 383-415, September, DOI: 10.1007/s10887-024-09250-2.
- Hiroaki Sasaki, 2025, "The future of growth and distribution in an economy with automation technology," Journal of Economics, Springer, volume 145, issue 1, pages 1-30, June, DOI: 10.1007/s00712-024-00891-w.
- Peter J. Stauvermann & Jin Hu & Ronald R. Kumar, 2025, "The effects of imperfect competition and antitrust measures in a three-sector OLG model," Journal of Economics, Springer, volume 146, issue 2, pages 145-186, October, DOI: 10.1007/s00712-025-00912-2.
- Ryoji Ohdoi, 2025, "International asymmetries in population aging and their consequences for the technology gap and global growth," Discussion Paper Series, School of Economics, Kwansei Gakuin University, number 302, Dec.
- Colin Davis & Laixun Zhao, 2025, "Innovation, Market Concentration, and Inequality with Endogenous Time Preferences," Discussion Paper Series, Research Institute for Economics & Business Administration, Kobe University, number DP2025-27, Nov.
- Hiroaki Sasaki, 2025, "The paradox of technological progress, growth, distribution, and employment in a demand-led framework," Journal of Post Keynesian Economics, Taylor & Francis Journals, volume 48, issue 3, pages 542-574, July, DOI: 10.1080/01603477.2025.2482529.
- Tomohiro Hirano & Alexis Akira Toda, 2025, "Unbalanced growth and land overvaluation," Proceedings of the National Academy of Sciences, Proceedings of the National Academy of Sciences, volume 122, issue 14, pages 2423295122-, April, DOI: 10.1073/pnas.2423295122.
- David Baqaee & Hannes Malmberg, 2025, "Long-Run Comparative Statics," NBER Working Papers, National Bureau of Economic Research, Inc, number 33504, Feb.
- Douglas Gollin & David Lagakos & Xiao Ma & Shraddha Mandi, 2025, "The Dynamics of Agricultural Productivity Gaps: An Open-Economy Perspective," NBER Working Papers, National Bureau of Economic Research, Inc, number 33529, Feb.
- Philippe Aghion & Timo Boppart & Michael Peters & Matthew Schwartzman & Fabrizio Zilibotti, 2025, "A Theory of Endogenous Degrowth and Environmental Sustainability," NBER Working Papers, National Bureau of Economic Research, Inc, number 33634, Jun.
- David Baqaee & Kunal Sangani, 2025, "Quotas in General Equilibrium," NBER Working Papers, National Bureau of Economic Research, Inc, number 33695, Apr.
- Derek Lemoine, 2025, "Climbing the Energy Ladder: How Energy Resources Hinder, Facilitate, and Fuel Economic Growth," NBER Working Papers, National Bureau of Economic Research, Inc, number 33864, May.
- Philippe Aghion & Antonin Bergeaud & Timo Boppart & Peter J. Klenow & Huiyu Li, 2025, "Good Rents versus Bad Rents: R&D Misallocation and Growth," NBER Working Papers, National Bureau of Economic Research, Inc, number 34190, Aug.
- Mark Setterfield, 2025, "Animal Spirits, Keynesian stability, and the relationship between distribution and growth," Working Papers, New School for Social Research, Department of Economics, number 2501, Jan.
- Mark Setterfield, 2025, "Distribution and Steady-State Growth Revisited," Working Papers, New School for Social Research, Department of Economics, number 2502, Feb, revised Jun 2025.
- Luke Petach & Daniele Tavani, 2025, "The end of laissez-faire in classical-Marxian models of growth and distribution," Working Papers, New School for Social Research, Department of Economics, number 2507, May.
- Henrik Egbert & Teodor Sedlarski & Aleksandar B. Todorov, 2025, "Foundations of Contemporary Economics: Arthur Lewis and Economic Development in a Dual Sector Model," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 5-19, December.
- Hayato Kato & Kensuke Suzuki & Motoaki Takahashi, 2025, "Trade Policy and Structural Change," Discussion Papers in Economics and Business, Osaka University, Graduate School of Economics, number 25-07, Aug.
- Jorge Durán & Omar Licandro, 2025, "Is the output growth rate in NIPA a welfare measure?," The Economic Journal, Royal Economic Society, volume 135, issue 665, pages 119-143.
- Tatsuro Iwaisako, 2025, "Welfare-maximizing patent length in a dynamic general equilibrium model," Oxford Economic Papers, Oxford University Press, volume 77, issue 1, pages 19-41.
- Vincent Glode & Guillermo Ordoñez, 2025, "Technological Progress and Rent Seeking," The Review of Financial Studies, Society for Financial Studies, volume 38, issue 4, pages 1259-1289.
- Delano S. Villanueva, 2025, "A stylized version of the Aghion-Howitt growth model," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, volume 62, issue 2, pages 125-129, December.
- Luke Petach & Daniele Tavani, 2025, "The end of laissez-faire in classical-Marxian models of growth and distribution," Working Papers, Post Keynesian Economics Society (PKES), number PKWP2514, May.
- Parello, Carmelo Pierpaolo & Venturini, Francesco, 2025, "Knowledge Gaps, Convergence and Growth," MPRA Paper, University Library of Munich, Germany, number 123877, Mar.
- R S, Vaidyanathan & Keswani Mehra, Meeta, 2025, "Leveraging Firm Entry Policy to Drive Innovation, Growth, and Reduce Income Inequality, in the Presence of Entry Threats and Rent-Seeking," MPRA Paper, University Library of Munich, Germany, number 124087, Mar.
- Miyake, Yusuke, 2025, "Algorithm Impact on Fertility and R&D Sector," MPRA Paper, University Library of Munich, Germany, number 124245, Apr.
- Ohki, Kazuyoshi, 2025, "Incremental Innovation by Heterogeneous Incumbents and Economic Growth: relationship between two sources of growth," MPRA Paper, University Library of Munich, Germany, number 124304.
- Sasaki, Hiroaki & Shimizu, Kenji & Ishihara, Yousuke, 2025, "Automation, Economic Growth, and Wage Inequality: A Comment on Afonso (2024)," MPRA Paper, University Library of Munich, Germany, number 124420, Apr.
- Kato, Yuta, 2025, "Escaping the Middle-income Trap: The Role of Strategic Public Investment and Industrial Structure Change," MPRA Paper, University Library of Munich, Germany, number 124758, May.
- Cajas Guijarro, John, 2025, "Double-Hopf bifurcation in an extended Goodwin model with Mechanization, Independent Investment, and Disequilibrium: Toward a Marxian-Keynesian Synthesis," MPRA Paper, University Library of Munich, Germany, number 125286, Jul.
- Cajas Guijarro, John, 2025, "Double-Hopf bifurcation in an extended Goodwin model with Mechanization, Independent Investment, and Disequilibrium: Toward a Marxian-Keynesian Synthesis," MPRA Paper, University Library of Munich, Germany, number 125329, Jul.
- Gallo, Ettore & Zamparelli, Luca, 2025, "Harrodian Instability and Induced Technical Change," MPRA Paper, University Library of Munich, Germany, number 125533.
- Kurniady, Alvin, 2025, "Total Output of the Future," MPRA Paper, University Library of Munich, Germany, number 126057, Sep.
- Nam, Jaejun & Kim, Nayeon, 2025, "Limits of Knowledge Spillovers: Why Developing Economies Struggle to Catch Up," MPRA Paper, University Library of Munich, Germany, number 126362, Oct.
- Kurniady, Alvin, 2025, "Production Function in an Economy with Deployed Self-Learning Technologies," MPRA Paper, University Library of Munich, Germany, number 126457, Oct.
- Cajas-Guijarro, John & Cajas-Guijarro, Daniel, 2025, "Resonant and non-resonant Double Hopf bifurcation in a 4D Goodwin model with Wage inequality," MPRA Paper, University Library of Munich, Germany, number 126746, Nov.
- Kurniady, Alvin, 2025, "New Production Function (which is Supported by Empirical Evidences) for an Economy with Deployed Self-Learning Technologies," MPRA Paper, University Library of Munich, Germany, number 127275, Dec.
- Todorova, Tamara, 2025, "The Welfare Effects of Trump’s Tariff Policy," MPRA Paper, University Library of Munich, Germany, number 127575, Dec.
- Junmin Liao & Xian Sun & Wei Wang, 2025, "Code and data files for "The Extended Non-Homothetic CES Preference"," Computer Codes, Review of Economic Dynamics, number 23-241, revised .
- Junmin Liao & Xian Sun & Wei Wang, 2025, "The Extended Non-Homothetic CES Preference," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, volume 58, October, DOI: 10.1016/j.red.2025.101304.
- Pintu Parui, 2025, "Corporate Debt, Rentiers’ Portfolio Dynamics, Instability and Growth: A Neo-Kaleckian Perspective," South Asian Journal of Macroeconomics and Public Finance, , volume 14, issue 1, pages 60-98, June, DOI: 10.1177/22779787251336524.
- Marquez Mendoza, Marco Antonio & GarcÃa Gonzalez, Óscar Arturo, 2025, "The Transfer of Industrial Product Value to the Service Sector in Mexico's Economic Structure 2000–2018," Revista Galega de Economía, University of Santiago de Compostela. Faculty of Economics and Business., volume 34, issue 3, pages 1-22, DOI: 10.15304/rge.34.3.10071.
- Giorgio Fabbri & Silvia Faggian & Giuseppe Freni, 2025, "Growth models with externalities on networks," Decisions in Economics and Finance, Springer;Associazione per la Matematica, volume 48, issue 1, pages 415-436, June, DOI: 10.1007/s10203-024-00496-4.
- Akihiko Kaneko, 2025, "Examining the effect of a child tax on fertility in a two-sector model," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), volume 72, issue 1, pages 1-17, June, DOI: 10.1007/s12232-024-00478-3.
- Delali Accolley, 2025, "Altruism and private investment in human capital," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), volume 72, issue 2, pages 1-36, December, DOI: 10.1007/s12232-025-00511-z.
- T Thasni & Kausik Gangopadhyay & Debasis Mondal, 2025, "Does the Productivity Growth Numbers Explain the Unbalanced Growth Experience of the Indian Economy?," India Studies in Business and Economics, Springer, chapter 0, in: Dibyendu Maiti & Bishwanath Goldar & K.L. Krishna, "75 Years of Growth, Development and Productivity in India", DOI: 10.1007/978-981-97-8054-9_5.
- Frédéric Dufourt & Kazuo Nishimura & Alain Venditti, 2025, "Expectations, beliefs and the business cycle: tracing back to the deep economic drivers," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), volume 79, issue 1, pages 89-149, February, DOI: 10.1007/s00199-024-01555-y.
- Damián Migueles Chazarreta & Ignat Stepanok, 2025, "Intellectual property rights protection and the dynamic gains from trade," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), volume 79, issue 2, pages 445-495, March, DOI: 10.1007/s00199-024-01584-7.
- Siew Ling Yew & Jie Zhang, 2025, "Health externalities to labor productivity and optimal policies with endogenous fertility, labor, and longevity," Journal of Population Economics, Springer;European Society for Population Economics, volume 38, issue 2, pages 1-42, June, DOI: 10.1007/s00148-025-01098-z.
- Thomas H. W. Ziesemer, 2025, "Evidence on an endogenous growth model with public R&D," Economics of Innovation and New Technology, Taylor & Francis Journals, volume 34, issue 4, pages 536-572, May, DOI: 10.1080/10438599.2024.2354426.
- Verónica Acurio Vásconez & Mónica Pereira Henriques, 2025, "Unraveling the Interplay of Substitution Elasticities and the Green Energy Rebound Effect," Working Papers of BETA, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg, number 2025-12.
- Johdo Wataru, 2025, "Export-Promoting Policies, Agglomeration, and Growth," Economic Themes, Sciendo, volume 63, issue 1, pages 59-80, DOI: 10.2478/ethemes-2025-0004.
- Alberto Bucci & Klaus Prettner, 2025, "Endogenous Depopulation and Economic Growth," Department of Economics Working Papers, Vienna University of Economics and Business, Department of Economics, number wuwp377, Apr.
- Johan Gustafsson & Klaus Prettner & Fei Xu, 2025, "Anti-corruption policy and economic growth," Department of Economics Working Papers, Vienna University of Economics and Business, Department of Economics, number wuwp380, Aug.
- Alberto Bucci & Klaus Prettner & Jamel Saadaoui, 2025, "Robotic versus traditional capital complementarity and economic growth in the era of full automation," Department of Economics Working Papers, Vienna University of Economics and Business, Department of Economics, number wuwp391, Dec.
- Subhrasil Chingri & Debasis Mondal & Klaus Prettner, 2025, "Can Human Capital Save Labor? Automation, Education, and the Global Decline in the Labor Share," Department of Economics Working Papers, Vienna University of Economics and Business, Department of Economics, number wuwp392, Dec.
- Pintu Parui & Klaus Prettner, 2025, "Optimal Public Investment in Education, Health, and R&D: A Unified Framework for Innovation-Driven Growth," Department of Economics Working Papers, Vienna University of Economics and Business, Department of Economics, number wuwp396, Dec.
- Bucci, Alberto & Prettner, Klaus, 2025, "Endogenous Depopulation and Economic Growth," Department of Economics Working Paper Series, WU Vienna University of Economics and Business, number 377, Apr.
- Gustaffsson, Johan & Prettner, Klaus & Xu, Fei, 2025, "Anti-corruption policy and economic growth," Department of Economics Working Paper Series, WU Vienna University of Economics and Business, number 380, Aug.
- Bucci, Alberto & Prettner, Klaus & Saadaoui, Jamel, 2025, "Robotic versus traditional capital complementarity and economic growth in the era of full automation," Department of Economics Working Paper Series, WU Vienna University of Economics and Business, number 391, Dec.
- Chingri, Subhrasil & Mondal, Debasis & Prettner, Klaus, 2025, "Can Human Capital Save Labor? Automation, Education, and the Global Decline in the Labor Share," Department of Economics Working Paper Series, WU Vienna University of Economics and Business, number 392, Dec.
- Parui, Pintu & Prettner, Klaus, 2025, "Optimal Public Investment in Education, Health, and R&D: A Unified Framework for Innovation- Driven Growth," Department of Economics Working Paper Series, WU Vienna University of Economics and Business, number 396, Dec.
- Todorova, Tamara, 2025, "The Welfare Effects of Trump’s Tariff Policy," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, volume 16, issue 4, pages 972-980, DOI: 10.14505/tpref.v16.4(36).13.
- Bucci, Alberto & Prettner, Klaus, 2025, "Endogenous Depopulation And Economic Growth," GLO Discussion Paper Series, Global Labor Organization (GLO), number 1585.
- Chiswick, Carmel U., 2025, "Economic Development in the 21st Century," GLO Discussion Paper Series, Global Labor Organization (GLO), number 1679.
- Bekkers, Eddy & Humphreys, Lee & Kalachyhin, Hryhorii & Wilczynska, Karolina & Zhao, Danchen, 2025, "Through the looking glass: Artificial intelligence, international trade, and economic growth in the long run," WTO Staff Working Papers, World Trade Organization (WTO), Economic Research and Statistics Division, number ERSD-2025-09.
2024
- Emmanuelle Augeraud-Veron & Raouf Boucekkine & Fausto Gozzi & Alain Vendetti & Benteng Zou, 2024, "Fifty years of mathematical growth theory: Classical topics and new trends," DEM Discussion Paper Series, Department of Economics at the University of Luxembourg, number 24-02.
- Pintu Parui, 2024, "Fiscal expansion, government debt and economic growth: a post-Keynesian perspective," Journal of Post Keynesian Economics, Taylor & Francis Journals, volume 47, issue 1, pages 117-154, January, DOI: 10.1080/01603477.2023.2221444.
- Jonathan M. Colmer & David Lagakos & Martin Shu, 2024, "Is the Electricity Sector a Weak Link in Development?," NBER Working Papers, National Bureau of Economic Research, Inc, number 32041, Jan.
- Francisco J. Buera & Nicholas Trachter, 2024, "Sectoral Development Multipliers," NBER Working Papers, National Bureau of Economic Research, Inc, number 32230, Mar.
- Anton Korinek & Donghyun Suh, 2024, "Scenarios for the Transition to AGI," NBER Working Papers, National Bureau of Economic Research, Inc, number 32255, Mar.
- Joseph P. Kaboski & Jianyu Lu & Wei Qian & Lixia Ren, 2024, "Melitz Meets Lewis: The Impacts of Roads on Structural Transformation and Businesses," NBER Working Papers, National Bureau of Economic Research, Inc, number 32448, May.
- L. Rachel Ngai & Claudia Olivetti & Barbara Petrongolo, 2024, "Gendered Change: 150 Years of Transformation in US Hours," NBER Working Papers, National Bureau of Economic Research, Inc, number 32475, May.
- Peter J. Klenow & Huiyu Li, 2024, "Entry Costs Rise with Growth," NBER Working Papers, National Bureau of Economic Research, Inc, number 32974, Sep.
- Morris A. Davis & Andra C. Ghent & Jesse M. Gregory, 2024, "Winners and Losers from the Work-from-Home Technology Boon," NBER Working Papers, National Bureau of Economic Research, Inc, number 33284, Dec.
- Mark Setterfield, 2024, "The Kalecki-Robinson Tradition in Post-Keynesian Growth Theory," Working Papers, New School for Social Research, Department of Economics, number 2402, Jan.
- Luca Zamparelli, 2024, "Technical Change in Alternative Theories of Growth," Working Papers, New School for Social Research, Department of Economics, number 2404, Jan.
- Dimitar Blagoev & Kalin Karev, 2024, "Development of the Recycling Industry Sector in Bulgaria in the Context of the Circular Economy Concept," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 136-156, September.
- Stoycho Rusinov, 2024, "The Effects of the Demographic Crisis on Economic Growth from 1980 to 2022 in Bulgaria," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 143-156, December.
- Kamil Aliyev, 2024, "Optimal Government Expenditures on Production and Extraction Technologies in a Small Open Economy with a Non-renewable Natural Resource," Discussion Papers in Economics and Business, Osaka University, Graduate School of Economics, number 24-01, Jan.
- Ying Feng & David Lagakos & James E Rauch, 2024, "Unemployment and Development," The Economic Journal, Royal Economic Society, volume 134, issue 658, pages 614-647.
- Wenliang Li, 2024, "Structural change, labour reallocation, and productivity growth in post-reform China," Oxford Economic Papers, Oxford University Press, volume 76, issue 4, pages 1147-1167.
- Morris A Davis & Andra C Ghent & Jesse Gregory, 2024, "The Work-From-Home Technology Boon and its Consequences," The Review of Economic Studies, Review of Economic Studies Ltd, volume 91, issue 6, pages 3362-3401.
- L. Rachel Ngai & Claudia Olivetti & Barbara Petrongolo, 2024, "Gendered change: 150 years of transformation in US hours," Economics Series Working Papers, University of Oxford, Department of Economics, number 1046, May.
- Amaral, Pedro & Rivera-Padilla, Alberto, 2024, "Cross-country income dispersion, human capital, and technology adoption," MPRA Paper, University Library of Munich, Germany, number 121157, Apr.
- Sasaki, Hiroaki & Mizutani, Aya, 2024, "Public Services, Welfare, and Growth under Baumol's Cost Disease," MPRA Paper, University Library of Munich, Germany, number 121693, Aug.
- Sasaki, Hiroaki, 2024, "The Paradox of Technological Progress, Growth, Distribution, and Employment in a Demand-led Framework," MPRA Paper, University Library of Munich, Germany, number 121694, Aug.
- Cao, Huoqing & Chen, Chaoran & Xi, Xican, 2024, "Home Production and Gender Gap in Structural Change," MPRA Paper, University Library of Munich, Germany, number 122334, Oct.
- Li, Hao & Wang, Gaowang & Yang, Liyang, 2024, "Data-driven innovation and growth," MPRA Paper, University Library of Munich, Germany, number 122388, Oct.
- Rangan Gupta & Sarah Nandnaba & Wei Jiang, 2024, "Climate Change and Growth Dynamics," Working Papers, University of Pretoria, Department of Economics, number 202404, Feb.
- Alberto Bucci & Lorenzo Carbonari & Giovanni Trovato & Pedro Trivin, 2024, "Human Capital-based Growth with Depopulation and Class-size Effects: Theory and Empirics," CEIS Research Paper, Tor Vergata University, CEIS, number 575, Apr, revised 30 Apr 2024.
- Portovelo, Ligia & Veloso, Ana & Portela, Miguel, 2024, "You Get What You Pay For: Human Capital Impact on Organizational Performance in Portugal," Revista Galega de Economía, University of Santiago de Compostela. Faculty of Economics and Business., volume 33, issue 3, pages 1-22.
- Kazuhiro Kurose & Hiroshi Nishi, 2024, "Special issue: microfoundation of evolutionary economics and its application: part 2," Evolutionary and Institutional Economics Review, Springer, volume 21, issue 2, pages 301-303, September, DOI: 10.1007/s40844-024-00292-0.
- Paul Ritschel & Jan Wenzelburger, 2024, "Financial intermediation and efficient risk sharing in two-period lived OLG models," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), volume 12, issue 1, pages 57-78, June, DOI: 10.1007/s40505-024-00263-z.
- Surbhi Mishra & Dukhabandhu Sahoo & Souryabrata Mohapatra, 2024, "Mapping Structural Break and Sectoral Movement on Female Employment in India Since 1991," The Indian Journal of Labour Economics, Springer;The Indian Society of Labour Economics (ISLE), volume 67, issue 3, pages 731-750, September, DOI: 10.1007/s41027-024-00512-6.
- Basanta K. Pradhan & V. K. Chetty, 2024, "Harrod–Domar Formula for Two-Sector Growth Models," India Studies in Business and Economics, Springer, in: Probal Pratap Ghosh & Rajbans Talwar & Sureshbabu Syamasundar Velagapudi, "Practical Economic Analysis and Computation", DOI: 10.1007/978-981-97-6753-3_4.
- Dalano DaSouza & Mahalia Jackman, 2024, "Estimating the Impact of Education on Growth in a Small Data-Poor Country: the Case of Saint Vincent and the Grenadines," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), volume 15, issue 3, pages 13449-13469, September, DOI: 10.1007/s13132-023-01589-y.
- Aditya Goenka & Lin Liu & Manh-Hung Nguyen, 2024, "Modelling optimal lockdowns with waning immunity," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), volume 77, issue 1, pages 197-234, February, DOI: 10.1007/s00199-022-01468-8.
- Tiago Cavalcanti & Angelo Mendes & Pierluca Pannella, 2024, "Entrepreneurship and misallocation in production network economies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), volume 78, issue 1, pages 29-68, August, DOI: 10.1007/s00199-023-01535-8.
- Kevin Genna & Christian Ghiglino & Kazuo Nishimura & Alain Venditti, 2024, "Knowledge-based structural change," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), volume 78, issue 4, pages 1333-1388, December, DOI: 10.1007/s00199-024-01587-4.
- Giorgio Fabbri & Marie-Louise Leroux & Paolo Melindi-Ghidi & Willem Sas, 2024, "Conditioning public pensions on health: effects on capital accumulation and welfare," Journal of Population Economics, Springer;European Society for Population Economics, volume 37, issue 2, pages 1-21, June, DOI: 10.1007/s00148-024-01020-z.
- Tanguy Le Fur & Alain Trannoy, 2024, "The health-maximizing level of labor supply: a macroeconomic perspective on the American Health Puzzle," Journal of Population Economics, Springer;European Society for Population Economics, volume 37, issue 4, pages 1-32, December, DOI: 10.1007/s00148-024-01051-6.
- Georges Daw, 2024, "Impact of technical change via intermediate consumption: exhaustive general equilibrium growth accounting and reassessment applied to USA 1954–1990," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, volume 23, issue 1, pages 55-87, January, DOI: 10.1007/s10258-022-00224-z.
- Mark Setterfield & Y.K. Kim, 2024, "How financially fragile can households become? Household borrowing, the welfare state, and macroeconomic resilience," Review of Evolutionary Political Economy, Springer, volume 5, issue 1, pages 121-151, June, DOI: 10.1007/s43253-023-00106-w.
- Hiroaki Sasaki, 2024, "Effects of product and process innovation on growth and unemployment," SN Business & Economics, Springer, volume 4, issue 11, pages 1-32, November, DOI: 10.1007/s43546-024-00733-3.
- William Addessi & Ivan Etzo, 2024, "International immigration and final consumption expenditure composition," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), volume 160, issue 2, pages 427-454, May, DOI: 10.1007/s10290-023-00501-9.
- Domenico Delli Gatti & Tommaso Ferraresi & Filippo Gusella & Lilit Popoyan & Giorgio Ricchiuti & Andrea Roventini, 2024, "The complex interplay between exchange rate and real markets: an agent-based model exploration," LEM Papers Series, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, number 2024/24, Sep.
- Xiaodong Chen & Haoming Mi & Peng Zhou, 2024, "Whether to decentralize and how to decentralize? The optimal fiscal federalism in an endogenous growth model," Applied Economics, Taylor & Francis Journals, volume 56, issue 29, pages 3499-3516, June, DOI: 10.1080/00036846.2023.2206629.
- Guilherme R. Magacho & Danilo Spinola, 2024, "Supply and Demand in Kaldorian Growth Models: A Proposal for Dynamic Adjustment," Review of Political Economy, Taylor & Francis Journals, volume 36, issue 4, pages 1613-1634, October, DOI: 10.1080/09538259.2022.2139597.
- Grimaud, André & Gray, Elie, 2024, "Inter-Sectoral Knowledge Diffusion and Scale Effects in Schumpeterian Growth Models," TSE Working Papers, Toulouse School of Economics (TSE), number 24-1577, Sep.
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