random walk model of stock prices performs as well as any estimated model at one to twelve month horizons, even though we …, aggregate stock prices seem to be as difficult to model empirically as exchange rates. …

-differenced GMM in our estimation of an empirical growth model. …-country growth regressions. When the time series are persistent, the first-differenced GMM estimator can be poorly behaved, since …

We construct a model that combines elements of endogenous growth with the convergence implications of the neoclassical … growth model. In the long run the world growth rate is driven by discoveries in those economies that lead in their use of … costs to increase reduces followers' growth rates and thereby generates a pattern of conditional convergence. We discuss how …

epidemic disease such as AIDS. We establish that the disease can severely retard economic growth, even to the point of leading …

This paper examines how economic stratification affects inequality and growth over time. It studies economies where …-wide linkages (complementary skills, knowledge spillovers). It compares growth and welfare when families are stratified into … slower growth in the short run, but to higher output or even productivity growth in the long run. This trade-off occurs in …

and economic growth. Individuals (who differ in abilities) live for two periods, working when young and owning capital … lower pollution tax, a larger capital tax, and lower growth. …

economy displaying neoclassical growth. There are two vertically-integrated economies. Each consists of a large number of … growth need not be positively related. Furthermore, trade is not necessarily beneficial to regional growth, whereas trade …

dynamic general equilibrium model with endogenous economic growth and heterogeneous overlapping generations. We calibrate the … model for the US economy. First, we establish that the net effect of a decline in population growth on the growth rate of … the growth performance and for individual welfare. Third, we show that the assessment of pension reform proposals may be …

Cross-country evidence is presented on resource dependence and the link between volatility and growth. First, growth … depends negatively on volatility of unanticipated output growth independent of initial income per capita, the average … growth. Second, the adverse effect of resources on growth operates primarily through higher volatility. The positive effect …

In this paper, we develop a North-South endogenous growth model to examine three phases of development in the South …: imitation of Northern products; imitation and innovation; and finally, innovation only. In particular, the model has the … model to analyse the impact of R&D subsidies. There are some clear global policy implications which emerge from our analysis …