Most growth theorists agree that understanding the economics of innovation and technological change is central to understanding why some countries are richer and/or grow faster than other countries. The driving force behind recent developments in endogenous innovation models of growth is a...

We incorporate adaptive learning-based inflation expectations in an Unobserved Components model in order to study the link between inflation and the output gap. The forward-looking New Keynesian Phillips curve serves as the backbone for modeling inflation dynamics. We find that learning based...

New England has undergone significant change in its employment and labor force over the past three decades. Employment in the region has shifted from manufacturing into services at a faster rate than it has in the United States as a whole. Within manufacturing the trend has been away from...

Most growth theorists agree that understanding the economics of innovation and technological change is central to understanding why some countries are richer and/or grow faster than other countries. The driving force behind recent developments in endogenous innovation models of growth is a...

This paper explores the impact of cyclical macroeconomic fluctuations on corporate R&D spending. Most existing studies are conducted at the industry or firm level and find procyclical corporate R&D. Some of these studies also provide evidence suggesting credit constraints play an important role...

This paper investigates the impact of output and credit market shocks on R&D spending in advanced economies and builds on the commonly accepted view that credit constraints lead to procyclical R&D spending. A theoretical model is developed where output and credit shocks are treated separately,...

This paper employs a hazard model to analyse the impact of education and two types of prison employment programmes on recidivism over a ten-year period for 4515 prisoners released from Ohio prisons in 1992. Estimations with a Weibull mixture model and propensity score approach provide two means...

This paper formulates a theoretical model to investigate the determinants of the rate of innovation across economies that differ in important ways in industrial structure and face the possibility of asymmetric knowledge spillovers between industries. In particular, I wish to extend the model of...

Evidence of the importance of urban agglomeration and the offsetting effects of congestion are provided in a number of studies of productivity and wages. Little attention has been paid to this evidence in the economic growth literature, where the recent focus is on technological change. We...