We explore the impact of large banks and of financial openness for aggregate growth. Large banks matter because of …-level do not cancel out in the aggregate but can affect macroeconomic outcomes. Financial openness may affect GDP growth in and …. Second, financial openness lowers GDP growth. Third, granular effects tend to be stronger in financially closed economies. …

We evaluate the impact of M&A activity on the growth of R&D spending and R&D intensity of 265 acquiring firms and 133 … R&D growth and intensity. We find that target firms substantially decrease their R&D efforts after a merger, while the R …

with low TFP. Development accounting exercises for a range of parameter values suggest that this human capital-technology …

Does a country's level of unemployment have an impact on the long-run growth rate? Incorporating unemployment into a … generalised Solow-type growth model, yields some answers. In the traditional Solow model, unemployment has no long-run influence … on the growth rate and the level of productivity. The long-run level of productivity is reduced if higher unemployment …

accumulation to regional growth. We model explicitly the political-economy process driving infrastructure investments; in doing so …

In this paper we used the procedures developed in the Kumar and Russell (2002) growth-accounting study to examine cross …-country growth during the 1990's. Using a data set comprising developed, newly industrialized, developing and transitional economies …, we decomposed the growth of output per worker into components attributable to technological catch-up, technological …