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comparison with the United States. It has been argued that lack of product market competition and poor corporate governance are … product market competition experience higher rates of productivity growth. We also find weak evidence for the notion that in …
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to a model of "interjurisdictional welfare competition." Although welfare competition may be generated from different … showing competition. …
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We analyze the contribution of credit spread, house and stock price shocks to GDP growth in the US based on a Bayesian VAR with time-varying parameters estimated over 1958-2012. Our main findings are: (i) The contribution of financial shocks to GDP growth fluctuates from about 20 percent in...
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