We evaluate the growth and welfare effects of budget-neutral reforms in the US tax system. Large gains in welfare and growth could result from adopting a consumption-based tax system. In contrast, significant welfare and growth losses would follow after implementing an income tax-based reform....

In this paper, we analyze the social planner solution of an endogenous growth model with physical capital, human capital and R&D. The model incorporates three sources of inefficiency: monopolistic competition in the intermediate-goods sector, duplication externalities and spillovers in R&D. A...

Based on various panel models, we study the profitability determinants of Portuguese service industries. The results obtained show that profitability is persistent over time, and that for larger companies with greater growth, a lower level of debt and lower level of fixed assets are more...