We build an infinite-horizon dynamic deterministic general equilibrium model with imperfect
markets (borrowing constraints), in which heterogeneous agents invest in capital or/and …

This paper explores the role of public debt and fiscal deficits on factor productivity in an
economy with credit market frictions and heterogeneous firms. When credit market …

We consider two models of economic growth with exhaustible natural resources and agents
heterogeneous in their time preferences. In the first model, we assume private ownership of …

We model a bubble in a productive asset (capital) on an explosive path, which diverges from
the fundamental equilibrium and bursts with a positive probability. When the bubble grows …

This paper considers a one-sector economic growth model with several infinitely-lived
heterogeneous households, who differ both in the discount factors as well as preferences …

We consider an overlapping generations model à la Diamond (1965) with two additional
ingredients: altruism and an asset (or land) bringing non-stationary positive dividends (or …

We build a dynamic general equilibrium model with heterogeneous producers and financial
frictions (collateral constraints and incompleteness). First, we provide a characterization to …

We consider a multi-sector infinite-horizon general equilibrium model. The issues of
equilibrium existence, efficiency, and bubble emergence are addressed. We show how …

This paper considers a multi-agent one-sector Ramsey equilibrium growth model with
borrowing constraints. The extreme borrowing constraint used in the classical version of the …

In this paper, we prove the necessity of a terminal condition for a solution of the Bellman
Equation to be the value function in dynamic optimization problems with unbounded payoffs …