a model of endogenous growth with frictions. Productivity increases with knowledge, which advances via innovation, and … with the exchange of ideas from those who generate them to those best able to implement them (technology transfer). But … frictions in this market, including search, bargaining, and commitment problems, impede exchange and thus slow growth. We …

. Productivity is assumed to switch between two regimes (the high-growth state and the low-growth state) with different trend growth … rates according to a first-order Markov process. The author finds that labour productivity in Canada fell from the high-growth … to the low-growth state towards the end of the 1970s, and that it has not yet reverted to the high-growth state. In …

activity. The authors estimate the effect of current and past shocks to financial variables on U.S. GDP growth by constructing … two growthbased financial conditions indexes (FCIs) that measure the contribution to quarterly (annualized) GDP growth … percentage points from quarterly annualized real GDP growth in the United States in 2008Q4 and 2009Q1 and should subtract another …

share of consumption growth during the housing market boom-bust cycle of the late 1980s. -- Business fluctuations and cycles …

due to different realizations of firm-specific technology shocks, possibly leading to default by some firms. The paper …