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M Boldrin… - Economic policy, 2001 - Wiley Online Library
In this paper we take a critical look at current European regional policies. First, we document
the motivation for such policies, that is, the large income disparities across the regions of the
EU15. Large disparities are certainly present. Second, we illustrate the various ...
M Boldrin, LJ Christiano… - American Economic Review, 2001 - JSTOR
Two modifications are introduced into the standard real-business-cycle model: habit
preferences and a two-sector technology with limited intersectoral factor mobility. The model
is consistent with the observed mean risk-free rate, equity premium, and Sharpe ratio on ...
M Boldrin… - Journal of Economic Theory, 1986 - Elsevier
Abstract In neoclassical optimal growth models the stability of the accumulation paths
depends on the discount parameter. We prove that, for discount factors small enough, the
policy function which describes an optimal path can be of any type. The result is achieved ...
Abstract: According to a common argument, the presence of strong intellectual property
rights spurs innovation, which then leads to fiercer competition, higher economic growth and
increasing benefits for the average consumers. We argue that, in the case of intellectual ...
Summary: This book asks whether patents and copyrights are essential to creation and
innovation based on recent controversies in intellectual property. The authors found that a
teenager being sued for “pirated” music and the inability of patients in Africa to pay for ...
M Boldrin… - Journal of Monetary Economics, 1990 - Elsevier
Abstract This paper surveys current developments in dynamic general equilibrium theory
concerned with conditions under which endogenous fluctuations are possible. Existing
contributions are divided into two classes: the larger one consists of models with a unique ...
M Boldrin… - Journal of Monetary Economics, 2008 - Elsevier
Based partially on the belief that innovation is not possible under perfect competition, a huge
number of papers have been written about the nature of innovation under monopoly or
oligopoly. In fact, competitive rents can and do sustain innovation in the complete absence ...
M Boldrin, JJ Dolado, JF Jimeno… - Economic Policy, 1999 - Wiley Online Library
Unfunded state pension schemes are projected to become financially unsustainable. This is
usually attributed to demographic trends. Yet trends in unemployment and in female labour
force participation are quantitatively as important. Improvements in either or both might be ...
M Boldrin… - Review of Economic Dynamics, 2000 - Elsevier
We model pay-as-you-go social security systems as the outcome of majority voting within a
overlapping generations model with production. When voting, individuals make two choices,
pay the elderly their pensions or default, which amount to promise themselves next period. ...
M Boldrin… - Econometrica: Journal of the Econometric Society, 1994 - JSTOR
We study the indeterminacy of equilibria in infinite horizon capital accumulation models with
technological externalities. Our investigation encompasses models with bounded and
unbounded accumulation paths, and models with one and two sectors of production. ...
M Boldrin… - Journal of Political Economy, 1995 - JSTOR
This paper investigates the claim, often put forth by real business cycle proponents, that the
poor performance of their models in matching real-world aggregate labor market behavior is
due to the fact that observed real wage payments do not correspond to the actual marginal ...
M Boldrin… - Review of Economic Dynamics, 2002 - Elsevier
We develop a model of fertility choice by utility maximizing households, based on an explicit
notion of intergenerational external effects. In contrast to previous economic literature, we
assume that the external effects run from children to parents. This gives rise to a ...
M Boldrin, S Jimenez-Martin… - 1999 - nber.org
Public pensions represent the most important welfare program in Spain, absorbing almost
70 percent of the total expenditure for social protection programs, and representing about
11.5 percent of GDP in 1994. The average annual growth rate of public pension ...
Abstract: Taking both the enlargement process, as currently defined by the EU, and the
structural funds as a given, this Paper examines what is the best way for candidate countries
to fuel real convergence. The experience from earlier EU enlargements and current ...
M Boldrin… - Review of Economic Studies, 2005 - Wiley Online Library
When credit markets to finance investment in human capital are missing, the competitive
equilibrium allocation is inefficient. When generations overlap, this failure can be mitigated
by properly designed social arrangements. We show that public financing of education ...
M Boldrin - Journal of Economic Theory, 1992 - Elsevier
Abstract I consider an OLG model with production and a single commodity. I show that in
such an environment unbounded growth of income per capita is not possible if the
aggregate technology is of the constant returns to scale type. I introduce an external effect ...
The data show that an increase in government provided old-age pensions is strongly
correlated with a reduction in fertility. What type of model is consistent with this finding? We
explore this question using two models of fertility, the one by Barro and Becker (1989), ...
We develop a model which accounts for the observed equity premium and average risk free
rate, without implying counterfactually high risk aversion. The model also does well in
accounting for business cycle phenomena. With respect to the conventional measures of ...
M Boldrin, LJ Christiano… - Macroeconomic …, 1997 - Cambridge Univ Press
We examine asset prices and returns in the context of a pure exchange economy. Our
purpose is to identify the key channels by which changes in preferences affect the equity
premium and the risk-free rate and to develop intuition that is useful for understanding ...
M Boldrin… - The Economy as an Evolving Complex …, 1988 - econ.ucla.edu
The research effort that underlies the simple model we are presenting was motivated by a
few (to us), undisputable facts. The first, and most evident is that across the world different
countries have been growing at very different speeds during, say, the last fifty years. In ...
M Boldrin… - Journal of Economic Dynamics and Control, 1990 - Elsevier
Abstract This paper develops a tractable multisectoral dynamic equilibrium model and
provides a fairly complete analysis of the dynamics that may arise along the intertemporal
competitive equilibrium path. Despite the fact that the environment displays neither ...
M Boldrin… - Journal of Economic Theory, 2002 - Elsevier
It has been argued that concave models exhibit less “endogeneity of growth” than models
with increasing returns to scale. Here we study a simple model of factor saving technological
improvement in a concave framework. Capital can be used either to reproduce itself, or, at ...
Abstract I study an overlapping generations model where physical and human capitals are
used in production and can be accumulated by witholding resources from current
consumption. Human capital is accumulated through a schooling system which can be ...
[CITATION] Indeterminacy of equilibria in models with infinitely-lived agents and external effects
M Boldrin… - … Academy of Sciences of the United …, 2005 - National Acad Sciences
Abstract Innovation and the adoption of new ideas is fundamental to economic progress.
Here we examine the underlying economics of the market for ideas. From a positive
perspective, we examine how such markets function with and without government ...
M Boldrin… - International Economic Review, 2004 - Wiley Online Library
In the modern theory of growth, monopoly plays a crucial role both as a cause and an effect
of innovation. Innovative firms, it is argued, would have insufficient incentive to innovate
should the prospect of monopoly power not be present. This theme of monopoly runs ...
M Boldrin - Economic complexity: Chaos, sunspots, bubbles, …, 1989 - books.google.com
The 1980s have witnessed an increasing attention by the profession to endogenous,
deterministic explanations of the erratic dynamic behavior of many macro variables.
Examples of this new line of research are Benhabib and Day (1982), Benhabib and ...
M Boldrin… - Journal of Monetary Economics, 2004 - Elsevier
Innovations and their adoption are the keys to growth and development. Innovations are less
socially useful, but more profitable for the innovator, when they are adopted slowly and the
innovator remains a monopolist. For this reason, rent-seeking, both public and private, ...
M Boldrin… - Journal of Economic Theory, 2001 - Elsevier
Market booms are often followed by dramatic falls. To explain this requires an asymmetry in
the underlying shocks. A straightforward model of technological progress generates
asymmetries that are also the source of growth cycles. Assuming a representative ...
M Boldrin, K Nishimura, T Shigoka… - Journal of Economic Theory, 2001 - Elsevier
We study a class of two-sector endogenous growth models in the presence of a positive
external effect. The class of models exhibits global indeterminacy of equilibria. The
qualitative properties of a set of examples are analyzed by means of analytical and ...
M Boldrin - The Economy as an Evolving Complex System, 1988 - econ.ucla.edu
It is probably not unfair to say that Nonlinear Dynamics (NLD) has not had a major impact on
the development of modern economic theory. In fact one may even be tempted to add that,
until very recently, it was either an unfamiliar tool for the mathematical economist or one ...
The modern literature on economic growth focuses on technological innovation, its
determinants and its impediments, as the key for understanding long-run economic
development. A large portion of the modern industrial organization literature focuses on ...
M Boldrin, N Kiyotaki… - Journal of Economic Dynamics and …, 1993 - Elsevier
Abstract We study a general equilibrium model where agents search for production and
trading opportunities, that generalizes the existing literature by considering a large number
of differentiated commodities and agents with idiosyncratic tastes. Thus, agents must ...
M Boldrin… - Levine's Working Paper Archive …, 2005 - board.dklevine.com
ABSTRACT. Intellectual property (IP) protection involves a trade-off between the
undesirability of monopoly and the desirable encouragement of creation and innovation.
Optimal policy depends on the quantitative strength of these two forces. We give a ...
In this chapter we evaluate the quantitative impact that a number of alternative reform
scenarios may have on the total expenditure for public pensions in Spain. We consider five
scenarios: the first three are common to the other countries considered in this volume, ...
M Boldrin… - Nº.: UC3M Working Paper. Economics; …, 1995 - e-archivo.uc3m.es
We model pay-as-you-go (PAYG) social sucurity systems as the outcome of majority voting
within a standard OLG model with production and an exogenous population growth rateo At
each point in time individuals work, save, consume and invest by taking the social security ...
M Boldrin, S Jiménez-Martín… - 2004 - nber.org
For the average Spaniard receiving a pension still means receiving a public pension.
Among retired individuals, those drawing more than 10 percent of their annual income from
a private pension plan are a negligible fraction (less than one percent). The situation, ...
In a world in which credit markets to finance investments in human capital are rare, the
competitive equilibrium allocation generally cannot achieve either static or dynamic
efficiency. When generations overlap, this inefficiency can be overcome by properly ...
Abstract: In the modern theory of innovation, monopoly plays a crucial role both as a cause
and an effect of creative economic activity. Innovative firms, it is argued, would have
insufficient incentive to innovate should the prospect of monopoly power not be present. ...
[CITATION] The intergenerational welfare state. Public education and pensions
M Boldrin… - Manuscript. University of Minnesota, Department of …, 2000
M Boldrin… - The American Economic Review, 2009 - JSTOR
There is an emerging body of evidence (James Bessen and Michael Meurer 2008; Joshua
Lerner 2008; Joel Mokyr 2008, for example) that patents do not have much impact on
innovation. It is true that standard models of capital ladders such as Suzanne Scotchmer( ...
Two modifications are introduced into the standard real-business-cycle model: habit
preferences and a two-sector technology with limited intersectoral factor mobility. The model
is consistent with, thé observed mean risk-free rate, equity premium, and Sharpe ratio on ...
M Boldrin… - Journal of Economic Theory, 1986 - rcer.econ.rochester.edu
Abstract The presence of chaotic behavior in optimal growth models, with finite and infinite
planning horizon, is discussed. A density theorem is given which relates the optimal paths of
infinite horizon models to those of the finite horizon case. The theorem proves that chaotic ...
M Boldrin… - manuscript, Univ. of California, Los …, 1988 - micheleboldrin.com
In the tool kit of both applied and theoretical economics the basic model of intertemporal
utility maximization has always played a special role, at least since the time of Ramsey. It is
fair to say that it constitutes, as of today, the most often applied instruments of formal ...
[CITATION] Growth under Perfect Competition
M Boldrin… - UCLA and Universidad Carlos III de Madrid, October, 1997
M Boldrin… - International Economic Review, 2009 - Wiley Online Library
Intellectual property (IP) protection involves a trade-off between the undesirability of
monopoly and the desirable encouragement of creation and innovation. Optimal policy
depends on the relative strength of these two forces. We give a quantitative assessment of ...
Intellectual property (IP) protection involves a trade-off between the undesirability of
monopoly and the desirable encouragement of creation and innovation. Optimal policy
depends on the quantitative strength of these two forces. We give a quantitative ...
> If my property is stolen I don't have it any more> Suppose that instead of stealing my farm>
My rival sets up a farm next door> My rival farms harder and invests more> The price of food
is driven down> I lose my comfortable business, my customers are “stolen”> This is not theft
M Boldrin - Research in Economics, 2005 - Elsevier
I study an overlapping generations model where physical and human capitals are inputs of
production that can be accumulated by withholding resources from current consumption.
Human capital is the output of a schooling system which can be financed either by private ...
M Boldrin… - Wash. UJL & Pol'y, 2009 - HeinOnline
From a historical perspective, open source industries are the opposite of an exception: They
are the rule that almost every emerging industry has followed through the centuries.
Economic growth, one is tempted to argue, owes more to the open source approach to ...
[CITATION] Macroeconomic Lessons for Asset Pricing
M Boldrin, L Christiano… - NBER working paper, 1995
[CITATION] Micromodeling of social security and retirement in spain
M Boldrin, S Jiménez-Martín… - forthcomming in Gruber, J. and Wise, D. …, 2004
[CITATION] Against Intellectual Monopoly
B Michele… - 2008 - Cambridge University Press
M Boldrin, S Jiménez-Martín… - 2002 - ideas.repec.org
. In this work we analyze the role of financial incentives to retire on the individual propensity
to retire on a sample of Spanish Working histories from the Social Security administration.
The results obtained are used to simulate the impact of various reform, including the 1997 ...
[CITATION] F. Peracchi (1999),“The Future of Pensions in Europe”
M Boldrin, JJ Dolado… - Economic Policy
Abstract: In this paper we use a variety of data sources, both micro and macro, time series,
cross section, and panel data to provide an empirical evaluation of the current level of
economic wellbeing of the Spanish elderly, and of its determinants. We focus, in particular ...
M Boldrin… - International Economic Review, 1988 - JSTOR
It has long been recognized that no simple and general criterion exists for assuring the
global stability of dynamical systems which are solution of intertemporal optimization
problems. The literature on the argument is quite large and we refer to McKenzie [8] for a ...
M Boldrin… - Journal of Population Economics, 2009 - Springer
Abstract Theory says that, in an overlapping-generations context, intergenerational transfer
agreements are efficient if they induce equality between certain implicit rates of return. We
apply this theory to the case of public education and pensions, where public education is ...
M Boldrin… - FREEMAN-NEW SERIES-FOUNDATION FOR …, 2007 - fee.org
To understand the sources of competitive returns in this market, it is helpful to look at an
example. A leading and profitable open-source software firm is Red Hat, a company that
sells the computer operating system GNU/Linux, a modified and customized version of the ...
M Boldrin… - Spanish Economic Review, 2006 - Springer
Abstract. Innovation and the adoption of new ideas is fundamental to economic progress,
and so is free trade of goods and services. Here we examine the underlying economics of
the market for ideas and its implications for trade. From a positive perspective, we ...
J Hirshleifer,
M Boldrin… - Economic Inquiry, 2009 - Wiley Online Library
We show that with common knowledge and a common rate of time preference, the potential
loser can always avoid wasteful conflict through a time-consistent series of small
concessions. We examine how the failure of each of these assumptions may explain why ...
M Boldrin… - Journal of Economics, 1993 - kellogg.northwestern.edu
Abstract Growth theorists have almost always adopted the assumption of balanced growth in
their investigations of development phenomena. In reality countries growth rates oscillate.
sometimes wildly, around some average value. The latter is often taken tí) represent the ...
♦ Intellectual property: patents and/or copyrights♦ economically relevant good: copies of
ideas♦ not the same as real property–the ip holder has the right to control other people's
copies of his idea♦ provides a time-limited monopoly♦ economic rationale for ip: first copy ...
Standard business cycle theories, either of the real or imaginary type, share few things in
common. Constancy of the shares of national income going to labor and capital respectively
is one of them. The same is true for many different theories of economic growth, be them of ...
[CITATION] Innovation and the Size of the Market
M Boldrin… - Univesity of Minnesota and UCLA mimeo, 2004
Abstract: The extreme volatility of stock market values has been the subject of a large body
of literature. Previous research focused on the short run because of a widespread belief that,
in the long run, the market reverts to well understood fundamentals. Our work suggests ...
ABSTRACT Intellectual property protection involves a trade-off between the undesirability of
monopoly and the desirable encouragement of creation and innovation. As the scale of the
market increases, due either to economic and population growth or to the expansion of ...
[CITATION] 'The Effects of Infant Mortality on Aggregate Fertility and Investment Choices
M Boldrin… - 2001 - mimeo
M Boldrin… - UCLA on http://www. dklevine. com/ …, 2003 - levine.sscnet.ucla.edu
" There has grown up in the minds of certain groups in this country the notion that because a
man or corporation has made a profit out of the public for a number of years, the government
and the courts are charged with the duty of guaranteeing such profit in the future, even in ...
M Boldrin, R Deneckere… - 1989 - econ.ucla.edu
Here we adopt the modern framework of intertemporal competitive equilibrium, but at the
same time dispense with the need for stochastic forces in order to produce and sustain
oscillations in aggregate variables over time. We obtain endogenous oscillations despite ...
M Boldrin… - Regionalism in Europe, 2001 - Springer
Regional economic inequalities within the European Union are more than twice those in the
United States when measured by the standard deviation of regional per capita income. We
look at the evolution of a variety of indices of regional economic inequality in the ...
M Boldrin… - Review of Law & Economics, 2009 - usal.es
In this paper, we begin our analysis of copyrights and patents by asking: why should
creators have the right to control how purchasers make use of an idea or new good? This
gives creators a monopoly over the idea. We refer to this right as “intellectual monopoly,” ...
M Boldrin - European Economic Review, 1991 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
M Boldrin… - Discussion Papers, 1991 - ideas.repec.org
In this paper we study the indeterminacy of equilibria in infinite horizon capital accumulation
models with technological externalities. Our investigation encompasses both models with
bounded and unbounded accumulation paths, and models with one and two sectors of ...
ABSTRACT Which kind of intellectual property regime is more favorable to innovation: one
that enforces patents or one that does not? Economic theory is unable to answer this
question, as valid arguments can be made both for and against patents; hence we must ...
M Boldrin… - Journal of Economic Theory, 1995 - Elsevier
We study the asymptotic stability of infinite horizon concave programming problems. By
generalizing our preceding work we provide a one-parameter family of conditions that
guarantee convergence of the optimal paths to a stationary state. We call this property θ- ...
M Boldrin - Grebogi and Yorke, eds, 1997 - books.google.com
A proper assessment of the impact that chaotic dynamics has had on the field of economics
requires first an understanding of what the dominant paradigm of research in economic
dynamics was, and still is today. In fact, the idea that market mechanisms are inherently ...
N Gershun, SG Harrison, F Avalos… - Macroeconomic …, 2008 - Cambridge Univ Press
We explore asset pricing in the context of the one-sector Benhabib-Farmer-Guo (BFG)
model with increasing returns to scale in production and compare our results with financial
implications of the standard dynamic stochastic general equilibrium (DSGE) model. Our ...
[CITATION] Perfectly Competitive Innovation, 1 2003
M Boldrin… - Unpublished working paper. First version, 1997
Beginning in the late 1970s, Spain has witnessed dramatic social, economic, and
demographic changes. Life expectancy has increased substantially, and fertility rates have
dropped to some of the lowest levels in the European Union (EU). The Spanish public ...
M Boldrin… - Levine's Working Paper Archive, 2006 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your
bookmarks. Intellectual Property and the Efficient Allocation of Surplus from
Innovations. Michele Boldrin () and David K Levine. ...
[CITATION] Against intellectual monopoly
DK Levine… - 2008 - Cambridge: Cambridge University …
[CITATION] Against intellectual monopoly.[monograph on the Internet].[cited 2008 Feb 20]
B Michele…
CI Gonzalez, JI Conde-Ruiz… - Documento de Trabajo, 2009 - papers.ssrn.com
Abstract: The objective of this paper is to understand the impact of immigration on the
Spanish pension system during the next fifty years by building a quantitative theoretical
framework. In order to carry out the exercise of projection of revenues and expenditures in ...
M Boldrin… - November, unpublished, 2005 - micheleboldrin.com
Abstract This paper investigates the role of endogenous labor-saving technological choice
in the generation and propagation of business cycles. We emphasize the importance of
endogenously varying relative factor prices as a force behind the introduction of new ...
[CITATION] Learning-by-doing, International Trade and Growth: A Note,-in Philip W. Anderson, Kenneth Arrow, and David Pines eds., The Economy as an Elving …
M Boldrin… - 1988 - Reading, MA: Addison-Wesley …
A nineteenth-century drawing of a Cornish steam engine by 1792 to a peak of 26M. There
things rested until 1814 when the use of the high-pressure design of Richard Trevithick led
to engines with a duty of 55M. The duty then rose relatively continuously until it reached a ...
Ostroy [1980, 1984] and Ostroy and Makowski [1984, 2001]□ focus one idea of marginal
contribution of an individual to society□ if everyone is able to fully appropriate their
individual contribution to social surplus, perfect competition and efficiency are obtained ...
[CITATION] Mariachristina De Nardi, and Larry E. Jones.“Fertility and Social Security.”
M Boldrin - Manuscript. Minneapolis, MN: University of Minnesota …, 2005
[CITATION] What did (really) happened to the US stock market: Accounting for the last 50 year
B Michele… - 2005 - mimeo, U. of Miami
[CITATION] oThe Intergenerational State. Public Education and Pensions
M Boldrin… - 1997 - mimeo, Universidad Carlos III de …
[CITATION] Games Generations Play
M Boldrin… - 2003 - mimeo, University of Minnesota and …
[CITATION] le, and David K. Levine. 2005." The Economics of Ideas and Intellectual Property."
M Boldrin - Proceedings of the National Acad emy of Sciences
[CITATION] Against intellectual monopoly. 2008
M Boldrin… - Cambridge University Press
[CITATION] Alice Schoonbroodt,(2006),“The Fertility Response to Productivity Fluctuations in the Medium Run,” University of Minnesota
M Boldrin… - mimeo
[CITATION] Optimal Intergenerational Debt
M Boldrin… - 2003 - mimeo, University of Minnesota and …
[CITATION] Public education and long-run capital accumulation
M Boldrin - Universidad Carlos III de Madrid, mimeo, 1996
M Boldrin… - Levine's Working Paper Archive, 2003 - econpapers.repec.org
Related works: Working Paper: The Case Against Intellectual Monopoly, Chapter 1 (2003) This
item may be available elsewhere in EconPapers: Search for items with the same title. ... This
site is part of RePEc and all the data displayed here is part of the RePEc data set.
Abstract After the fall in fertility during the Demographic Transition, many developed
countries experienced a baby bust, followed by the Baby Boom and subsequently a return to
low fertility. Received wisdom from the Demography literature links these large ...
[CITATION] Public Education and Capital Accumulation
B Michele - 1993 - mimeo
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