This important new book presents the theoretical, econometric and applied foundations of the economics of innovation as well as offering a new approach to the measurement of technical change. The author, a leading expert in innovation economics and management, critically reviews current schools...

In spite of the widespread use of the concept of potential output in economic theory and empirical applications as well as in economic policy debates, the historical background and the assumptions inherent to this concept are rarely made transparent, let alone critically questioned. Against this...

We consider forecasting and prequential (predictive sequential) validation of meta-elliptical distributions with time varying parameters. Using the weak prequential principle of Dawid, we conduct model validation avoiding nuisance parameter problems. Results rely on the structure of...