We prove that the change in welfare of a representative consumer is summarized by the current and expected future … while taking prices parametrically. This result justifies TFP as the right summary measure of welfare (even in situations … where it does not properly measure technology) and makes it possible to calculate the contributions of disaggregated units …

country, as well as welfare differences across countries. The result holds regardless of the type of production technology and …We show that the welfare of a country's infinitely-lived representative consumer is summarized, to a first order, by … total factor productivity and by the capital stock per capita. These variables suffice to calculate welfare changes within a …

set on innovation for a large number of Italian firms over the 1990’s. There is evidence that banking development affects … the probability of process innovation, particularly for small firms and for firms in high(er) tech sectors and in sectors … more dependent upon external finance. The evidence for product innovation is weaker. There is also some evidence that …

of product market regulation on mark-ups, firm dynamics, investment, employment, innovation productivity, and output …