International evidence on the historical properties of business cycles

Article Abstract:

Business cycles in Australia, Canada, Denmark, Germany, Italy, Japan, Norway, Sweden, the UK and the US were studied. Differences in prices, output and money were investigated over a 100-year period. The results revealed that business cycles before and after World War II were similar in many ways. However, inflation rates were less persistent before World War II and more persistent in the postwar period. Fluctuations in prices were procyclical before the war and countercyclical after the war.

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In search of scale effects in trade and growth

Article Abstract:

An analysis of possible scale economies arising from certain trade and economic growth theories is presented. The analysis assumes such scale effects from learning by doing, human capital investment or new product development. It is shown that no relation can be established between GDP growth rate per capita and scale measures. However, the manufacturing sector exhibits a vital relation between worker output and scale factors.

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Competitive equilibria with limited enforcement

Article Abstract:

An attempt is made to show how to decentralize efficient allocations that arise from enforcement constraints between sovereign nations. These efficient allocations can be decentralized with private agents acting competitively and taking as given government default decisions on foreign debt.

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