In this paper, I study the welfare properties of growth models with endogenous innovation, knowledge externalities, and … monopoly pricing of new goods. Since useful policy prescriptions cannot be inferred from a balanced growth analysis, welfare is …

technology growth rate will be bigger, the length of expansion will be longer and the length of contraction will be shorter. All … moderated with recent economic growth induced and supported by high technologies and their industries. We study endogenous … business cycles by a modified synthesized endogenous business cycles model “in which expansions are neoclassical growth …

long run data into several subperiods. We use a two stage approach in this work. We first model the growth rate of output … directly and use this model to estimate the long-run growth rate for the countries in our sample. We then use the estimates of … long-run growth in output to test for unconditional convergence and to test for equality of long-run growth across …

This paper presents an accumulation-driven growth model where investment depends on public policy which in turn depends … on economically important fundamentals. It is argued that conditioning on factor accumulation in growth regressions that … also include policy variables may be problematic. When policy is endogenous the measured effects of policy on growth will …

welfare gain from eliminating business cycles can exceed the gain from increasing the long-term growth rate by 1% forever. Our …

Recent economic growth theory has suggested that wealth differences across nations must be due, at least in part, to … adopt existing technology, including the political clout of those currently using or earning rents from inferior … inferior technology because the members of that group have a more similar culture, (2) old members of a society might wish to …

If firm sizes have a small dispersion, microeconomic shocks lead to negligible aggregate fluctuations. This has led … economists to appeal to macroeconomic (sectoral or aggregate shocks) shocks to explain aggregate fluctuations. However, the …, idiosyncratic fluctuations aggregate up to non-trivial macro fluctuations. We illustrate how this happens, and contend that business …

Based on a theoretical consideration of human capital production technology, this study empirically investigates the … growth implication of dispersion of population distribution in terms of educational attainment levels. Based on a pooled 5 … dispersion index as well as average index of human capital positively influences productivity growth. Given limited social …