Details about Been-Lon Chen

Homepage:	https://www.econ.sinica.edu.tw/bchen
Workplace:	Institute of Economics, Academia Sinica, (more information at EDIRC)

Access statistics for papers by Been-Lon Chen.

Last updated 2024-05-09. Update your information in the RePEc Author Service.

Short-id: pch345

---

Jump to Journal Articles Edited books Chapters

Working Papers

2023

1. Land-Price Dynamics and Macroeconomic Fluctuations with General Household Preferences
   IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan
   See also Journal Article Land-price dynamics and macroeconomic fluctuations with general household preferences, Macroeconomic Dynamics, Cambridge University Press (2024) (2024)
2. Optimal Taxation in the Life Cycle with Human Capital Investment
   IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan
   See also Journal Article Optimal Taxation in the Life Cycle with Human Capital Investment, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2024) (2024)

2022

3. Optimal Long-run Money Growth Rate in a Cash-in-Advance Economy with Labor-Market Frictions
   IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan
   See also Journal Article Optimal long-run money growth rate in a cash-in-advance economy with labor-market frictions, Macroeconomic Dynamics, Cambridge University Press (2023) (2023)

2020

4. Capital Allocation and Wealth Distribution in a Global Economy with Financial Frictions
   KIER Working Papers, Kyoto University, Institute of Economic Research

2019

5. Income Taxation Rules and Stability of a Small Open Economy
   MPRA Paper, University Library of Munich, Germany
   See also Journal Article Income Taxation Rules and Stability of a Small Open Economy, Journal of Macroeconomics, Elsevier (2020) (2020)
6. Long-Run Tax Incidence in a Human Capital-based Endogenous Growth Model with Labor-Market Frictions
   NBER Working Papers, National Bureau of Economic Research, Inc
   See also Journal Article LONG-RUN TAX INCIDENCE IN A HUMAN-CAPITAL-BASED ENDOGENOUS GROWTH MODEL WITH LABOR-MARKET FRICTIONS, Macroeconomic Dynamics, Cambridge University Press (2021) (2021)
7. Stability of a Small Open Economy under Nonlinear Income Taxation
   MPRA Paper, University Library of Munich, Germany

2018

8. Does Nonlinear Taxation Stabilize Small Open Economies?
   KIER Working Papers, Kyoto University, Institute of Economic Research View citations (3)
9. Non‐separable Utilities and Aggregate Instability
   IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan View citations (1)
10. Optimal Capital Income Taxes in the infinite horizon model with Progressive Income Taxes
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan
11. Progressive Taxation and Macroeconomic Stability in Two‐sector Models with Social Constant Returns
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan
    See also Journal Article Progressive taxation and macroeconomic stability in two-sector models with social constant returns, Journal of Economics, Springer (2018) View citations (5) (2018)

2017

12. Durable Goods, Investment Shocks and the Comovement Problem
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan View citations (3)
    See also Journal Article Durable Goods, Investment Shocks, and the Comovement Problem, Journal of Money, Credit and Banking, Blackwell Publishing (2018) View citations (8) (2018)

2016

13. Stabilization Effects of Taxation Rules in Small-Open Economies with Endogenous Growth
    KIER Working Papers, Kyoto University, Institute of Economic Research

2014

14. Effects of Labor Taxes and Unemployment Compensation on Labor Supply in a Search Model with an Endogenous Labor Force
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan
    See also Journal Article Effects of labor taxes and unemployment compensation on labor supply in a search model with an endogenous labor force, Journal of Macroeconomics, Elsevier (2015) View citations (2) (2015)
15. Relative Effects of Labor Taxes and Unemployment Benefits on Hours Worked per Worker and Employment
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan
    See also Journal Article Relative Effects of Labour Taxes and Unemployment Benefits on Hours Worked Per Worker and Employment, Pacific Economic Review, Wiley Blackwell (2015) View citations (1) (2015)
16. The Role of Agricultural Productivity on Structural Change
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan
    See also Journal Article The Role of Agricultural Productivity on Structural Change, Review of Development Economics, Wiley Blackwell (2015) View citations (4) (2015)

2013

17. Capital, Credit Constraints and the Comovement between Consumer Durables and Nondurables
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan View citations (1)
    See also Journal Article Capital, credit constraints and the comovement between consumer durables and nondurables, Journal of Economic Dynamics and Control, Elsevier (2014) View citations (15) (2014)
18. Optimal Capital Taxation in A Neoclassical Growth Model
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan
    See also Journal Article Optimal Capital Taxation in a Neoclassical Growth Model, Journal of Public Economic Theory, Association for Public Economic Theory (2015) View citations (3) (2015)
19. Welfare Implications and Equilibrium Indeterminacy in a Two-sector Growth Model with Consumption Externalities
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan View citations (2)
    Also in KIER Working Papers, Kyoto University, Institute of Economic Research (2012)
    See also Journal Article WELFARE IMPLICATIONS AND EQUILIBRIUM INDETERMINACY IN A TWO-SECTOR GROWTH MODEL WITH CONSUMPTION EXTERNALITIES, Macroeconomic Dynamics, Cambridge University Press (2015) View citations (12) (2015)

2012

20. A Two-sector Model of Endogenous Growth with Leisure Externalities
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan View citations (3)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2012) View citations (3)
    See also Journal Article A two-sector model of endogenous growth with leisure externalities, Journal of Economic Theory, Elsevier (2013) View citations (20) (2013)
21. Optimal Factor Tax Incidence in Two-sector Human Capital-based Models
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan
    See also Journal Article Optimal factor tax incidence in two-sector human capital-based models, Journal of Public Economics, Elsevier (2013) View citations (22) (2013)

2011

22. Effects of Labor Market Regulation on Employment and Working Hours in a Labor Search Model
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan
23. Taxing capital is not a bad idea indeed: the role of human capital and labor-market frictions
    MPRA Paper, University Library of Munich, Germany View citations (5)
    Also in 2010 Meeting Papers, Society for Economic Dynamics (2010) View citations (4)

2010

24. A Note on R&D Spillovers, Multiple Equilibria and Indeterminacy
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan
    See also Journal Article On R&D spillovers, multiple equilibria and indeterminacy, Journal of Economics, Springer (2010) View citations (15) (2010)
25. Endogenous Time Preference in Monetary Growth Model
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan View citations (1)
26. Habits and Endogenous Investment Fluctuations
    KIER Working Papers, Kyoto University, Institute of Economic Research

2008

27. General fund financing, earmarking, economic stabilization and welfare
    MPRA Paper, University Library of Munich, Germany View citations (1)
    See also Journal Article General Fund Financing, Earmarking, Economic Stabilization, and Welfare, Public Finance Review (2009) View citations (1) (2009)

2007

28. Import Tariffs and Growth in a Model with Habits
    MPRA Paper, University Library of Munich, Germany View citations (1)
    See also Chapter Import Tariffs and Growth in a Model with Habits, Springer Books, Springer (2009) View citations (1) (2009)
29. Inflation and Growth: Impatience and a Qualitative Equivalence
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan
    See also Journal Article Inflation and Growth: Impatience and a Qualitative Equivalence, Journal of Money, Credit and Banking, Blackwell Publishing (2008) View citations (9) (2008)
30. Status and Multiple Growth Regimes
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan

2005

31. Congestible Public Goods and Indeterminacy in a Two-sector Endogenous Growth Model
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan View citations (1)

2004

32. Multiple Equilibria in a Growth Model with Habit Persistence
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan

2003

33. Economic Growth With Optimal Public Spending Compositional
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan
    See also Journal Article Economic growth with an optimal public spending composition, Oxford Economic Papers, Oxford University Press (2006) View citations (50) (2006)
34. Factor Taxation and Labor Supply In A Dynamic One-Sector Growth Model
    IEAS Working Paper : academic research, Institute of Economics, Academia Sinica, Taipei, Taiwan
    See also Journal Article Factor taxation and labor supply in a dynamic one-sector growth model, Journal of Economic Dynamics and Control, Elsevier (2007) View citations (21) (2007)

2000

35. Credit Market Imperfections, Financial Activity and Economic Growth
    Vanderbilt University Department of Economics Working Papers, Vanderbilt University Department of Economics View citations (7)
36. Market Frictions, Technology Adoption and Economic Growth
    Vanderbilt University Department of Economics Working Papers, Vanderbilt University Department of Economics View citations (1)
    See also Journal Article Market frictions, technology adoption and economic growth, Journal of Economic Dynamics and Control, Elsevier (2002) View citations (8) (2002)

1999

37. Empirical Evidence for the Endogenous Growth Generated by Evolution in Division of Labor
    Working Papers, Harvard - Institute for International Development View citations (1)

Journal Articles

2024

1. Land-price dynamics and macroeconomic fluctuations with general household preferences
   Macroeconomic Dynamics, 2024, 28, (5), 1097-1121
   See also Working Paper Land-Price Dynamics and Macroeconomic Fluctuations with General Household Preferences, IEAS Working Paper : academic research (2023) (2023)
2. Optimal Taxation in the Life Cycle with Human Capital Investment
   Review of Economic Dynamics, 2024, 52, 21-45
   See also Working Paper Optimal Taxation in the Life Cycle with Human Capital Investment, IEAS Working Paper : academic research (2023) (2023)

2023

3. News shocks to investment-specific technology in business cycles
   European Economic Review, 2023, 152, (C)
4. Optimal long-run money growth rate in a cash-in-advance economy with labor-market frictions
   Macroeconomic Dynamics, 2023, 27, (6), 1737-1766
   See also Working Paper Optimal Long-run Money Growth Rate in a Cash-in-Advance Economy with Labor-Market Frictions, IEAS Working Paper : academic research (2022) (2022)
5. Optimal long-run money growth rate in a cash-in-advance economy with labor-market frictions – CORRIGENDUM
   Macroeconomic Dynamics, 2023, 27, (7), 2029-2029

2021

6. LONG-RUN TAX INCIDENCE IN A HUMAN-CAPITAL-BASED ENDOGENOUS GROWTH MODEL WITH LABOR-MARKET FRICTIONS
   Macroeconomic Dynamics, 2021, 25, (2), 337-378
   See also Working Paper Long-Run Tax Incidence in a Human Capital-based Endogenous Growth Model with Labor-Market Frictions, NBER Working Papers (2019) (2019)

2020

7. Income Taxation Rules and Stability of a Small Open Economy
   Journal of Macroeconomics, 2020, 65, (C)
   See also Working Paper Income Taxation Rules and Stability of a Small Open Economy, MPRA Paper (2019) (2019)

2019

8. Comprehensive transcriptomic analysis of cell lines as models of primary tumors across 22 tumor types
   Nature Communications, 2019, 10, (1), 1-11 View citations (3)

2018

9. Durable Goods, Investment Shocks, and the Comovement Problem
   Journal of Money, Credit and Banking, 2018, 50, (2-3), 377-406 View citations (8)
   See also Working Paper Durable Goods, Investment Shocks and the Comovement Problem, IEAS Working Paper : academic research (2017) View citations (3) (2017)
10. Nonparametric Estimation and Forecasting for Time-Varying Coefficient Realized Volatility Models
    Journal of Business & Economic Statistics, 2018, 36, (1), 88-100 View citations (21)
11. Progressive taxation and macroeconomic stability in two-sector models with social constant returns
    Journal of Economics, 2018, 125, (1), 51-68 View citations (5)
    See also Working Paper Progressive Taxation and Macroeconomic Stability in Two‐sector Models with Social Constant Returns, IEAS Working Paper : academic research (2018) (2018)

2016

12. Relation between growth and unemployment in a model with labor-force participation and adverse labor institutions
    Journal of Macroeconomics, 2016, 50, (C), 273-292 View citations (1)
13. Relative effects of labor taxes on employment and working hours: role of mechanisms shaping working hours
    Journal of Economics, 2016, 117, (1), 49-84 View citations (1)

2015

14. Effects of labor taxes and unemployment compensation on labor supply in a search model with an endogenous labor force
    Journal of Macroeconomics, 2015, 43, (C), 300-317 View citations (2)
    See also Working Paper Effects of Labor Taxes and Unemployment Compensation on Labor Supply in a Search Model with an Endogenous Labor Force, IEAS Working Paper : academic research (2014) (2014)
15. Optimal Capital Taxation in a Neoclassical Growth Model
    Journal of Public Economic Theory, 2015, 17, (2), 257-269 View citations (3)
    See also Working Paper Optimal Capital Taxation in A Neoclassical Growth Model, IEAS Working Paper : academic research (2013) (2013)
16. Relative Effects of Labour Taxes and Unemployment Benefits on Hours Worked Per Worker and Employment
    Pacific Economic Review, 2015, 20, (2), 282-309 View citations (1)
    See also Working Paper Relative Effects of Labor Taxes and Unemployment Benefits on Hours Worked per Worker and Employment, IEAS Working Paper : academic research (2014) (2014)
17. The Role of Agricultural Productivity on Structural Change
    Review of Development Economics, 2015, 19, (4), 971-987 View citations (4)
    See also Working Paper The Role of Agricultural Productivity on Structural Change, IEAS Working Paper : academic research (2014) (2014)
18. WELFARE IMPLICATIONS AND EQUILIBRIUM INDETERMINACY IN A TWO-SECTOR GROWTH MODEL WITH CONSUMPTION EXTERNALITIES
    Macroeconomic Dynamics, 2015, 19, (3), 535-577 View citations (12)
    See also Working Paper Welfare Implications and Equilibrium Indeterminacy in a Two-sector Growth Model with Consumption Externalities, IEAS Working Paper : academic research (2013) View citations (2) (2013)

2014

19. Capital, credit constraints and the comovement between consumer durables and nondurables
    Journal of Economic Dynamics and Control, 2014, 39, (C), 127-139 View citations (15)
    See also Working Paper Capital, Credit Constraints and the Comovement between Consumer Durables and Nondurables, IEAS Working Paper : academic research (2013) View citations (1) (2013)

2013

20. A two-sector model of endogenous growth with leisure externalities
    Journal of Economic Theory, 2013, 148, (2), 843-857 View citations (20)
    See also Working Paper A Two-sector Model of Endogenous Growth with Leisure Externalities, IEAS Working Paper : academic research (2012) View citations (3) (2012)
21. Can consumption habit spillovers be a source of equilibrium indeterminacy?
    Journal of Economics, 2013, 109, (3), 245-269 View citations (5)
22. Mathematical Modeling for Resources and Environmental Systems
    Mathematical Problems in Engineering, 2013, 2013, 1-4
23. Optimal factor tax incidence in two-sector human capital-based models
    Journal of Public Economics, 2013, 97, (C), 75-94 View citations (22)
    See also Working Paper Optimal Factor Tax Incidence in Two-sector Human Capital-based Models, IEAS Working Paper : academic research (2012) (2012)

2012

24. Intersectoral Spillovers, Relative Prices and Development Traps
    Review of Development Economics, 2012, 16, (2), 243-261 View citations (1)
25. Locational Stratification by Environment
    Journal of Public Economic Theory, 2012, 14, (5), 711-735 View citations (3)
26. Two-sided micro-matching with technical progress
    Economic Theory, 2012, 50, (2), 445-462

2011

27. Friedman meets Becker and Mulligan in a monetary neoclassical growth model
    Journal of Economics, 2011, 104, (2), 99-126 View citations (1)
28. LABOR‐MARKET FRICTIONS, HUMAN CAPITAL ACCUMULATION, AND LONG‐RUN GROWTH: POSITIVE ANALYSIS AND POLICY EVALUATION
    International Economic Review, 2011, 52, (1), 131-160 View citations (17)
29. The Dynamic Relationship between Inflation and Output Growth in a Cash-Constrained Economy
    The B.E. Journal of Macroeconomics, 2011, 11, (1), 29 View citations (1)
30. The dynamic welfare cost of seignorage tax and consumption tax in a neoclassical growth model with a cash-in-advance constraint
    Journal of Macroeconomics, 2011, 33, (2), 247-258 View citations (4)

2010

31. A ONE‐SECTOR GROWTH MODEL WITH CONSUMPTION STANDARD: INDETERMINATE OR DETERMINATE?
    The Japanese Economic Review, 2010, 61, (1), 85-96 View citations (4)
32. On R&D spillovers, multiple equilibria and indeterminacy
    Journal of Economics, 2010, 100, (3), 247-263 View citations (15)
    See also Working Paper A Note on R&D Spillovers, Multiple Equilibria and Indeterminacy, IEAS Working Paper : academic research (2010) (2010)

2009

33. Consumption externality, efficiency and optimal taxation in one-sector growth model
    Economic Modelling, 2009, 26, (6), 1328-1334 View citations (3)
34. General Fund Financing, Earmarking, Economic Stabilization, and Welfare
    Public Finance Review, 2009, 37, (5), 507-538 View citations (1)
    See also Working Paper General fund financing, earmarking, economic stabilization and welfare, MPRA Paper (2008) View citations (1) (2008)
35. Intergenerational human capital evolution, local public good preferences, and stratification
    Journal of Economic Dynamics and Control, 2009, 33, (3), 745-757 View citations (9)
36. Is admiration a source of indeterminacy when the speed of habit formation is finite?
    Economics Bulletin, 2009, 29, (4), 3041-3049
37. Two‐Sector Growth Models with Productive Public Goods: Equilibrium (In)determinacy
    Southern Economic Journal, 2009, 75, (3), 639-662

2008

38. Credit Market Imperfections and Long-Run Macroeconomic Consequences
    Annals of Economics and Finance, 2008, 9, (1), 151-175 View citations (9)
39. Inflation and Growth: Impatience and a Qualitative Equivalence
    Journal of Money, Credit and Banking, 2008, 40, (6), 1309-1323 View citations (9)
    Also in Journal of Money, Credit and Banking, 2008, 40, (6), 1309-1323 (2008) View citations (1)
    See also Working Paper Inflation and Growth: Impatience and a Qualitative Equivalence, IEAS Working Paper : academic research (2007) (2007)
40. Time preference and two‐country trade
    International Journal of Economic Theory, 2008, 4, (1), 29-52 View citations (7)

2007

41. Admiration is a source of indeterminacy
    Economics Letters, 2007, 95, (1), 96-103 View citations (29)
42. Congestible public goods and local indeterminacy: A two-sector endogenous growth model
    Journal of Economic Dynamics and Control, 2007, 31, (7), 2486-2518 View citations (21)
    Also in Journal of Economic Dynamics and Control, 2008, 32, (4), 1356-1356 (2008)
43. Factor taxation and labor supply in a dynamic one-sector growth model
    Journal of Economic Dynamics and Control, 2007, 31, (12), 3941-3964 View citations (21)
    See also Working Paper Factor Taxation and Labor Supply In A Dynamic One-Sector Growth Model, IEAS Working Paper : academic research (2003) (2003)
44. Multiple BGPs in a Growth Model with Habit Persistence
    Journal of Money, Credit and Banking, 2007, 39, (1), 25-48 View citations (28)

2006

45. Agricultural Productivity and Economic Growth: Role of Tax Revenues and Infrastructures
    Southern Economic Journal, 2006, 72, (4), 891-914 View citations (1)
46. Economic growth with an optimal public spending composition
    Oxford Economic Papers, 2006, 58, (1), 123-136 View citations (50)
    See also Working Paper Economic Growth With Optimal Public Spending Compositional, IEAS Working Paper : academic research (2003) (2003)
47. Public capital, endogenous growth, and endogenous fluctuations
    Journal of Macroeconomics, 2006, 28, (4), 768-774 View citations (33)

2005

48. Evaluation of interest tax policies in a model of finance and growth
    Journal of Macroeconomics, 2005, 27, (3), 533-552
49. Income Inequality and Economic Growth: A Simple Theoretical Synthesis
    Annals of Economics and Finance, 2005, 6, (2), 319-329 View citations (2)

2003

50. An inverted-U relationship between inequality and long-run growth
    Economics Letters, 2003, 78, (2), 205-212 View citations (79)
51. Tax Evasion in a Model of Endogenous Growth
    Review of Economic Dynamics, 2003, 6, (2), 381-403 View citations (88)

2002

52. Market frictions, technology adoption and economic growth
    Journal of Economic Dynamics and Control, 2002, 26, (11), 1927-1954 View citations (8)
    See also Working Paper Market Frictions, Technology Adoption and Economic Growth, Vanderbilt University Department of Economics Working Papers (2000) View citations (1) (2000)

2001

53. Error Bounds for R0-Type and Monotone Nonlinear Complementarity Problems
    Journal of Optimization Theory and Applications, 2001, 108, (2), 297-316 View citations (6)
54. Time‐Series Wage Differential in Taiwan: The Role of International Trade
    Review of Development Economics, 2001, 5, (2), 336-354 View citations (11)

1999

55. Global Convergence Analysis of Algorithms for Finding Feasible Points in Norm-Relaxed MFD
    Journal of Optimization Theory and Applications, 1999, 100, (2), 287-309 View citations (1)
56. Trade Openness and Economic Growth: Evidence in East Asia and Latin America
    Journal of Economic Integration, 1999, 14, 265-295 View citations (8)

1998

57. Self-Fulfilling Expectations and Economic Growth: A Model of Technology Adoption and Industrialization
    International Economic Review, 1998, 39, (1), 151-70 View citations (23)

1997

58. Economic growth: Robert J. Barro and Xavier Sala-i-Martin, (McGraw-Hill, 1995), 539 pp
    Journal of Economic Dynamics and Control, 1997, 21, (4-5), 895-898 View citations (2)

1995

59. EXTERNAL ECONOMIES IN TAIWAN'S MANUFACTURING INDUSTRIES
    Contemporary Economic Policy, 1995, 13, (4), 118-130 View citations (4)
60. Self-fulfilling expectations, history, and big push: A search equilibrium model of unemployment
    Journal of Economics, 1995, 61, (3), 245-271 View citations (4)

Edited books

2004

1. Human Capital, Trade and Public Policy in Rapidly Growing Economies
   Books, Edward Elgar Publishing View citations (14)

Chapters

2009

1. Import Tariffs and Growth in a Model with Habits
   Springer View citations (1)
   See also Working Paper Import Tariffs and Growth in a Model with Habits, University Library of Munich, Germany (2007) View citations (1) (2007)

2004

2. Introduction: A Quick Reference to Growth Theory
   Chapter 1 in Human Capital, Trade and Public Policy in Rapidly Growing Economies, 2004, pp 1-18
3. Long-run Effects of Financial Policy in an Endogenously Growing Economy
   Chapter 10 in Human Capital, Trade and Public Policy in Rapidly Growing Economies, 2004, pp 219-240
4. Productivity Growth and Catch-up in Less-developed Economies
   Chapter 5 in Human Capital, Trade and Public Policy in Rapidly Growing Economies, 2004, pp 93-126