when institutional quality is instrumented. Finally, the experience of Hong Kong, which has had a flat investment ratio … since the 1960s, is consistent with the idea that making the transition from a low-investment economy to a high-investment …

We estimate the rate of total factor productivity growth in Indian manufacturing industry for the period 1973-1992, and … it ignores the additional capital formation made possible by an increase in productivity and therefore understates … productivity's true importance. Our estimates suggest that the understatement may be quite large, and that one might better ask if …

quadrupling of the investment to GDP ratio in these economies, one arrives at total factor productivity growth rates, both for the … Kong) investment rates have risen rapidly in all four economies. In addition, there have been large intersectoral … productivity in these economies is not …

has led many economists to believe that productivity growth in these economies, particularly in their manufacturing … productivity) gains from an outward orientation. This view fails to take into account the equally unusual rapid growth of both … envelope calculations to show that, as regards productivity growth in the aggregate economy and in manufacturing in particular …

and investment, we are able to capture many of the key empirical properties of Germany and Japan's postwar transitions …, including persistently high but declining rates of labor and total-factor productivity growth, a U-shaped response of the … capital-output ratio, rising rates of investment and employment, and moderate rates of return to capital …

temporary bubble in 2002-03. (2) Why did productivity growth accelerate after 2000 when the ICT investment boom was collapsing … their claim that part of the post-1995 productivity growth revival reflected the normal cyclical correlation between … productivity and output growth. In contrast data through mid-2003 reveal only a negligible cyclical effect for 1995-99 but rather a …

. We use the theory to compare current accounting measures for labor productivity and investment with the corresponding … understate the boom in productivity and investment … 1990s, provided that variations in population growth, depreciation rates, total factor productivity, and taxes are …

adoption decisions of the users of new technologies. Technology adoption involves an implementation investment that determines … the initial productivity of a new technology. After implementation, learning increases the productivity of a technology to … growth model, but transitory shocks have permanent effects on the level of productivity …

-open-economy real-business-cycle model driven by nonstationary productivity shocks. We find that the RBC model does a poor job at … business cycles in emerging markets and, importantly, assigns a negligible role to nonstationary productivity shocks …