In this paper we investigate if the predictions of three different models of capital adjustment costs are consistent with the observed investment patterns among manufacturing firms in five African countries. We document a high frequency of zero investment episodes, which is consistent with both...

One of the most striking features of economic growth is the process of structural change whereby the share of agriculture in GDP decreases as countries develop. The cross-country growth literature typically estimates an aggregate homogeneous production function or convergence regression model...

The Addis Ababa Integrated Housing Development Program aims to tackle the housing shortage and unemployment that prevail in Addis Ababa by deploying and supporting small and medium scale enterprises to construct low-cost housing using technologies novel for Ethiopia. The motivation for such...