Abstract: This paper estimates the aggregate productivity effects of Marshallian externalities generated by foreign direct investments (FDI) in the US. In contrast to earlier work, this paper puts special emphasis on controlling for Marshallian externalities and other intra- and inter-regional...

This paper investigates the effects of inward FDI on per-capita income and growth of the US states since the mid-1970s. Using a Markov chain approach, it shows that both quantitative and qualitative characteristics of FDI affect per-capita income and growth. Employment-intensive FDI,...

This paper estimates annual data on educational attainment for 3,076 mainland U.S. counties 1991 -- 2005. Being estimated without resorting to ancillary information, this data is suited particular well for panel regression analyses. Several plausibility checks indicate that the data is fairly...

This paper argues for an ambitious but realistic approach to defining the future role of the International Monetary Fund (IMF). The IMF is the only international institution with the analytical capacity and political standing to hold all national governments accountable to the same standards for...

Based on a standard idea-based model of endogenous growth we test the hypothesis that regional innovative activity is path-dependent, and investigate the geographical scope of knowledge spillovers. Using data for West-German regions, two alternative indicators of the stock of knowledge are...