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Public Spending as a Source of Endogenous Business Cycles in a Ramsey Model w...
We introduce public spending, financed through income taxation, in the Ramsey model with heterogeneous agents. Public spending as a source of welfare generates more... -
Incomplete markets, liquidation risk, and the term structure of interest rates
We analyse the term structure of interest rates in a general equilibrium model with incomplete markets, borrowing constraint, and positive net supply of government... -
On Existence and Bubbles of Ramsey Equilibrium with Borrowing Constraints
We study the existence of equilibrium and rational bubbles in a Ramsey model with heterogeneous agents, borrowing constraints and endogenous labor. Applying a... -
Incomplete markets, liquidation risk, and the term structure of interest rates
We analyse the term structure of interest rates in a general equilibrium model with incomplete markets, borrowing constraint, and positive net supply of government...
