. Growth is sustained by the development of new varieties of intermediate goods. Innovation is risky and the probability of … faster growth. Under plausible assumptions, the resulting changes in factor prices lower the relative cost of monitoring …

the context of two partial equilibrium endogenous growth models. In our first model, the scale of fickle outside … investment funds traces out a mean-variance tradeoff for the growth rate of the economy. In particular, the volatility of these … regulation of outside investment may increase growth. Our second model involves increasing returns and multiple equilibria. In …

This paper constructs a growth model that is consistent with salient features of the Chinese growth experience since … 1992: high output growth, sustained returns on capital investments, extensive reallocation within the manufacturing sector … growth model. Its building blocks are financial imperfections and reallocation among firms with heterogeneous productivity …

This paper assesses the ‘one big wave’ in multi-factor productivity (MFP) growth for the United States since 1870. The … wave-like pattern starts with slow MFP growth in the late 19th century, then acceleration peaking in 1928-50, and then a … substantive explanation for the big wave lies in the timing of inventions. MFP growth during the ‘big wave’ period benefited from …

This paper extends the standard growth regression model by adding an assumption that a country follows the global … technology frontier either fully or partially. This additional assumption changes significantly the growth regression model and … its results in three main ways. First, it shows that although a country converges to its long-run growth path, this path …

The issue of model uncertainty is central to the empirical study of economic growth. Many recent papers use Bayesian …

in accounting for productivity growth. An open question, particularly relevant for developing countries, is whether …

The controversy over the appropriate partitioning of East Asian growth into accumulation versus technical change has … Asian countries according to their growth performance. A parsimonious specification containing only initial income, initial … education, and institutional quality accounts for virtually all of the variation in the growth performance in the region, even …

time and/or countries. We demonstrate this argument by identifying structural breaks in growth regressions estimated with …-oriented reforms. We find robust evidence that the pattern of growth in transition has changed at least two times, yielding thus three … different models of growth associated with different stages of reform. The speed with which individual countries progress …

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