This paper assesses how structural transformation is affected by sectoral differences in labor-augmenting technological progress, capital intensity, and substitutability between capital and labor. We estimate CES production functions for agriculture, manufacturing, and services on postwar US...

Inflation targeting seems to have a small but positive effect on the synchronization of business cycles; countries that target inflation seem to have cycles that move slightly more closely with foreign cycles. Thus the advent of inflation targeting does not explain the decoupling of global...

We update Rose and Spiegel (2009a, b) and search for simple quantitative models of macroeconomic and financial indicators of the "Great Recession" of 2008-09. We use a cross-country approach and examine a number of potential causes that have been found to be successful indicators of crisis...

There has been considerable controversy over the apparent slowdown in productivity growth in Britain and in other industrial countries over 1971-80 and the apparent speed up in at least British productivity growth over 1980-83. This paper throws light on these matters by means of an aggregate...

Since the early 1980s, the role and general perception of entrepreneurship and start-up activities has changed drastically. In this paper, we investigate what determines regions’ entrepreneurial behaviour and the impact of it on regional economic performance. We argue that economic knowledge...

The neoclassical model of the production function, as applied by Robert Solow to build the neoclassical model of growth, linked labour and capital to output. More recently, Romer and others have expanded the model to include measures of knowledge capital. In this Paper we introduce a new factor,...

The paper contributes to the debate on relative levels of living in the early modern world by estimating the income of and probable range of income growth in Bengal before European colonization. The exercise yields two conclusions, (a) average income in Bengal was significantly smaller than that...

The measurement of national income has added greatly to our understanding of economic and social change in Europe over the past hundred years. But national income analysis does not take full account of changes in welfare and particularly of the causes and effects of long-term changes in the...