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journal contribution
posted on 24.08.2005, 00:00 authored by Christopher SleetChristopher Sleet, Sevin Yeltekin SleetSevin Yeltekin SleetWe characterize the long run outcome of a dynamic private information economy with public capital accumulation. The economy is typical of those assumed in the new dynamic public finance literature. We establish that almost all agents converge to misery or luxury and bound the fraction who are immiserated.