This paper is concerned with the role of the output-capital ratio in growth models. In the first part we highlight the behaviour of the output-capital ratio along the balanced growth path in the models of Solow (1956) and Romer (1986). In the second part we assess the stability of the ratio for some industrial countries. JEL classification: O40, N10

This paper revisits the question whether capital in a competitive equilibrium is overaccumulated from the perspective of the social planner in an incomplete market economy with risky human capital accumulation. As in Dávila, Hong, Krusell and RíosRull (2012), we consider a constrained social planner who cannot complete markets, but can improve welfare by only internalizing how individual alloca...

Introduction During the pioneering days of the electric utility industry, it was believed that utilities were natural monopolies, meaning that one utility could service a geographic area more cheaply than any combination of smaller utilities. More recently, the economic viability of transferring or wheeling electricity over long distances, the development of small-scale generators and efficient...

Among the large number of economic indicators that provide information on the current or future state of the economy, the index of capacity utilization (CU) published by the Federal Reserve Board is one of the more prominent. Low levels of the CU index number tend to be associated with below-average aggregate activity, and high levels are supposed to indicate inflationary pressures (Corrado and...

We examine the validity of a macroeconomic version of the ModiglianiMiller theorem. By this we understand that different equilibrium capital structures have no impact on the allocation of commodities and on welfare. We develop a general equilibrium model with two production sectors, riskaverse households, and financial intermediation by banks. Banks are funded by deposits and (outside) equity a...

In this paper we carry out a preliminary exploration of a time scales’ conjecture, which postulates that “reasonable” notions of sustainability must include a suitable synchronisation of time scales of both the processes of human development and those of the natural environment. We perform our analysis within a coarse, five variable, model of man-nature interactions expressed as a system of dif...

In this paper we carry out a preliminary exploration of a time scales’ conjecture, which postulates that “reasonable” notions of sustainability must include a suitable synchronisation of time scales of both the processes of human development and those of the natural environment. We perform our analysis within a coarse, five variable, model of man-nature interactions expressed as a system of dif...

Implementation credit rating for Corporates is influenced by Different circum-stances, systems, processes, and cultures in each country. In this study, we pro-posed a Factor analysis modified approach for determine important factors on real data set of 123 accepted corporate in Tehran Securities Exchange for the years 2009-2017 of diverse range of 52 variable. We estimated the priority score fo...