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This article investigates Oskar Lange’s 1938 article, ‘The rate of interest and the optimum propensity to consume’, with the intention of providing a thorough interpretation of this rather...

Traditional development models focus on the sector rather than location of growth. Advocates of agriculture-led strategies emphasise agriculture's strong growth linkages and potential to...

This paper demonstrates the existence and robustness of partially revealing rational expectations equilibria in general exchange economies when some traders have non-smooth ambiguity-averse...

In this paper, we study asset prices in a dynamic, continuous-time, and general-equilibrium endowment economy in which agents have “catching up with the Joneses” utility functions and...

We argue that one major cause of the U.S. post-war baby boom was the rise in female labour supply during World War II. We develop a quantitative dynamic general equilibrium model with...

Carbon capture and storage (CCS) does not generate energy. CCS applied to fossil and modern bio-carbon fuels and feedstocks removes environmentally damaging CO₂ emissions. CoP21 stipulated...

We study a dynamic general equilibrium model in which firms choose their investment level and capital structure, trading off the tax advantages of debt against the risk of costly default....

This paper derives a concept of aggregate real income for a competitive economy in general equilibrium consisting of heterogeneous infinitely lived people and relates it to current and...

This paper deals with the changes in prices of production induced by variations in income distribution on the basis of a linear model of production with circulating capital and homogeneous...

Many net oil-importing developing countries, particularly African economies, have faced economic difficulties with high oil price increases. As a case study, this paper assesses the...

This study explores the reciprocal relationship between the nature and duration of competition, and innovation outcomes. We propose that the perpetually driven, reciprocal sequence of...

In this comment I scrutinise critically some of the views put forward in this Special Issue on Sraffa’s research programme, his accomplishments, and the relationship of his analysis to the...

In this article we examine the competitive equilibria of a dynamic stochastic economy with complete markets and collateral constraints. We show that, provided the sets of asset pay-offs and...

We study dynamic equilibrium in a Lucas economy with two stocks, two heterogeneous constant relative risk aversion investors, and portfolio constraints. We focus on margin and leverage...

This paper shows that economic linkages among commodities create a source of long-term correlation between futures returns. We extend the theory of storage to a multi-commodity level and...

We study the effect of introducing a nonredundant derivative on the volatilities of the stock market return and the locally risk-free interest rate. Our analysis uses a standard,...

We characterize competitive equilibria with perfect foresight in a deterministic, three-period pure-exchange overlapping generations economy with perfect information and no commitment to...

Zimbabwe has recently gone through a widely criticised land reform process. The country has suffered immensely as a result of this badly orchestrated reform process. Yet land reform can...