This paper analyzes the dynamics of a monetary economy which is characterized by increasing returns to scale in financial intermediation. The intermediation technology is linear in deposits, but its operation requires a fixed verification cost to overcome the asymmetric information about a...

Summary This paper discusses recent contributions to the so-called new growth theory which attempt to provide an explanation for endogenous growth processes. Special attention is paid to the specification of technology in the R&D sector as well as the incorporation of new technological knowledge...

Abstract This paper introduces an economically important new idea for detrending macroeconomic time series and examines the Spanish business cycle pattern with respect to potential asymmetries. To address difficulties in the trend and cycle decomposition, a nonparametric trend estimation...

Das Thema Bildung und Wirtschaftswachstum hat Tradition. Während in den sechziger Jahren die Impulse direkt aus der Wachstumstheorie kamen, sind es heute zahlreiche Teilströmungen der Bildungsökonomie, die die Klammer zwischen Humanressourcen und Produktivitätswachstum neu beleben. Die in...