policies on long-run productivity and economic growth in a two-sector endogenous growth economy with credit frictions, with the … driver of growth lying in one sector (manufacturing) but not in the other (real estate). We show that it is not so much … aggregate credit expansion that matters for long-run productivity and economic growth but sectoral credit expansions. Credit …

human capital produces individual economic (income) growth, so do the corresponding social or national aggregates. At the … contribution to growth is greater the larger the volume of physical capital and vice versa. The framework of an aggregate … production function shows also that the growth of human capital is both a condition and a consequence of economic growth. Human …

; the relation between income growth and income and fertility distributions; and the relevance of human capital in … determining the skill distribution of immigrants in a balanced-growth global equilibrium setting. In all three illustrations …

In a second-best optimal growth setup with only factor taxes, it is in general optimal to fully replace capital by … labor income taxation in the long run. We revisit this important issue by developing a human capital-based endogenous growth … constrained social optimality. We then conduct tax incidence exercises in balanced growth by calibrating to the U.S. economy with …

Using a human capital based growth model, we show the essential role of labor mobility and cross-country tax … our efficient growth agenda for an economic union such as the EU …

of cross-national growth have done little to clarify the dimensions of relevant human capital or any implications for … have a strong and robust influence on growth. One standard deviation in measured cognitive skills translates into one … percent difference in average annual real growth ratesþan effect much stronger than changes in average years of schooling, the …

This paper considers the effects of fiscal and financial policy on economic growth in open and closed economies, when … growth versions of the basic OLG model are analyzed. We find that intergenerational redistribution policies that discourage … differences in productivity growth rates (in the endogenous growth version of the model) or in their levels (in the exogenous …

This paper studies the effects of human and physical capital income taxation on growth, and examines how these effects … are growth-reducing. In these cases, the optimal long-run tax on both capital and labor income is zero. The optimal …