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Abstract In continuum economies, widespread externalities are those over which each individual has negligible control. Nash-Walrasian equilibria with lump-sum transfers are defined, and their existence proved. They are then characterized by the property of “f-constrained Pareto efficiency” for...
Abstract This paper analyses the optimal taxation of capital in a stochastically growing small open economy in which there is a perfect market for a traded bond. The analysis emphasizes the dependence of the optimal tax structure upon the policy rule guiding the growth of government expenditure,...
Abstract This paper proposes a general modelling framework for macroeconomic dynamic behaviour of a large collection of interacting agents, and illustrates the procedure for a simple case of agents having the same binary decision set. Evolution over time of the fractions of agents using the same...
Abstract Small sample properties are studied for the maximum likelihood test in determining the rank of cointegration. Firstly, some statistical methods are developed to determine the lag order of the vector auto-regressive (VAR) processes with unit roots. The asymptotic χ2 distribution of the...
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