This paper provides an analysis relating economic growth, human capital composition, income distribution and public education policies. In the model human capital is 'lumpy' and only the high skilled carry it. The government chooses capital taxes to nance education, which directly a ects growth, the number of high skilled people and wages. Growth and income equality depend positively on the pro...

This article considers three standard asset pricing models with adaptive agents and stochastic dividends. The models only di er in the parameters to be estimated. We assume that only limited information is used to construct estimators. Therefore, parameters are not estimated consistently. More precisely, we assume that the parameters are estimated by exponential smoothing, where past parameters...

In the model a ...scal stabilisation is announced under asymmetry of information between the government and the private investors. The government could be of two types: a dry type and a wet type, according to the amount of spending cuts it decides to make. Private investors may thus lack con...dence in the stabilisation program and interest rates would be too high, re‡ecting this lack of credib...

We consider hedging strategies against contingent claims depending on a large number of assets (typically options on an index). We introduce strategies involving a limited number of assets and give explicit formulae to characterize optimal strategies. Numerical methods to compute these formulae are also discussed. The purpose of this paper is to apply some ideas that appeared in the recent deve...

We develop and calibrate a two-sector, search-matching model of the labor market augmented to incorporate a housing market and a frictional goods market. The labor market is divided into a construction sector and a non-housing sector, and there is perfect mobility of unemployed workers across sectors. In the frictional goods market households, who lack commitment, …nance random consumption oppo...

This paper develops a theory why innovation often takes place in new rms that depend overproportionally on external nance usually supplied by specialist intermediaries called venture capitalists. It is argued that innovative projects are characterized by two features: uncertainty that is resolved through a learning by doing process and private bene ts for the entrepreneur from running the proje...

The aim of this work was to determine the compounds with antimicrobial capacity from crude extracts and leaf fractions Byrsonima crassifolia Inga edulis. A solid-liquid extraction performed using three solvent systems (acetate, methanol methanol: water). were submitted susceptibility tests for Gram-negative Gram-positive bacteria by disk diffusion Minimum Inhibitory Concentration (MIC) methods....