We consider an R&D-driven endogenous growth model in which innovation is risky and agents are risk averse. Growth is … social insurance, thus encouraging innovation and accelerating growth. The general equilibrium effects of the reallocation of …

. We find that the business cycle dynamics in the OLG model in response to both a technology shock and a monetary shock are …

We study the relation between the off-shoring of intermediates and services and productivity growth in the Italian … off-shoring") is beneficial for productivity growth, while the off-shoring of services is not. We also find that the way … productivity growth is there with our direct measures based on input-output data but disappears when either a broad measure or the …

This paper examines whether growth regressions should incorporate dualism and structural change. If there is a … factor productivity. The paper develops empirical growth models that allow for this effect in a more flexible way than … labour can explain a significant fraction of the international variation in TFP growth. …

We explore the impact of large banks and of financial openness for aggregate growth. Large banks matter because of …-level do not cancel out in the aggregate but can affect macroeconomic outcomes. Financial openness may affect GDP growth in and …. Second, financial openness lowers GDP growth. Third, granular effects tend to be stronger in financially closed economies. …

In this paper we present a new database that allows deep industry-level growth accounting from 1991-2003. The database … types in 52 different industries. The industry sources of productivity and output growth are crucial to the understanding of … the transformation of the German economy from manufacturing to information technology and service industries. The database …

We estimate the effect of political regime transitions on growth with semi-parametric methods, combining difference in … parametric estimates may have seriously underestimated the growth effects of democracy. In particular, we find an average … negative effect on growth of leaving democracy on the order of ?2 percentage points implying effects on income per capita as …

strengthens in the process of endogenous growth and moreover that it pushes the optimal trade-off between quantity and quality of … in relation to GDP growth. Countering this trend would therefore require an increase in the share of GDP spent on basic …