We develop a unified theory of endogenous business cycles in which expansions are neoclassical growth periods driven by … below potential output. Recessions allow skilled labor to be reallocated to growth promoting activities which fuel …

intermediation, on the one hand, and GDP per capita growth and growth volatility, on the other hand. Based on a sample of 77 … countries for the period 1980-2007, we find that intermediation activities increase growth and reduce volatility in the long run … time horizons a large financial sector stimulates growth at the cost of higher volatility in high-income countries …

economic development and growth. The financial system, however, is also subject to boom and bust cycles and fragility, with … related strands of literature – the finance and growth literature, the literature on financial fragility, and the politics and …

I present a model that combines the key features of a Schumpeterian growth model without scale effects and a North … - South model of trade.All open economies converge to parallel growth paths because of costly technological transfer.I study … the e¤ects of intellectual property rights (IPR) regimes and trade policies on the growth rate, as well as on a given …

inherent part of the long-run growth process.The cyclical equilibrium that we study has a higher long-run growth rate but lower … business cycles, and that across cycling economies, a negative relationship emerges between volatility and growth. …