random walk model of stock prices performs as well as any estimated model at one to twelve month horizons, even though we …, aggregate stock prices seem to be as difficult to model empirically as exchange rates. …

dynamic general equilibrium model with endogenous economic growth and heterogeneous overlapping generations. We calibrate the … model for the US economy. First, we establish that the net effect of a decline in population growth on the growth rate of … the growth performance and for individual welfare. Third, we show that the assessment of pension reform proposals may be …

Cross-country evidence is presented on resource dependence and the link between volatility and growth. First, growth … depends negatively on volatility of unanticipated output growth independent of initial income per capita, the average … growth. Second, the adverse effect of resources on growth operates primarily through higher volatility. The positive effect …

In this paper, we develop a North-South endogenous growth model to examine three phases of development in the South …: imitation of Northern products; imitation and innovation; and finally, innovation only. In particular, the model has the … model to analyse the impact of R&D subsidies. There are some clear global policy implications which emerge from our analysis …

education and R&D, is embodied in a model of a small open economy with growth choices. The structural model is estimated on post …The effect of business tax and regulation on growth, together with potential effects of government spending on …-war panel data for 76 countries and the bootstrap is used to produce the model's sampling variation for the analysis of panel …

One of the most striking regularities of the growth process is the massive reallocation of labour from agriculture into … industry and services. Balanced growth models are commonly used in macroeconomics because they are consistent with the well …-known Kaldor facts about economic growth. Unfortunately, these models are inconsistent with the structural change dynamics that are …

We develop a simple growth model with imperfect competition in which demand conditions can affect the dynamics of … capital accumulation, hindering or enhancing growth. In our model the elasticity of the demand schedule faced by a typical … to those found in the perfectly competitive one-sector growth model: there is a unique stationary equilibrium which is …

This Paper develops a model of economic growth and activity locating endogenously on a 3-dimensional featureless global … geography. The same economic forces influence simultaneously growth, convergence, and spatial agglomeration and clustering … egalitarian growth. Equality is stable but spatial inequality is needed to attain it. …

-differenced GMM in our estimation of an empirical growth model. …-country growth regressions. When the time series are persistent, the first-differenced GMM estimator can be poorly behaved, since …

We construct a model that combines elements of endogenous growth with the convergence implications of the neoclassical … growth model. In the long run the world growth rate is driven by discoveries in those economies that lead in their use of … costs to increase reduces followers' growth rates and thereby generates a pattern of conditional convergence. We discuss how …