thereby fosters economic growth. We apply a structural estimation approach to fully track the endogenous mechanisms of the …This paper examines the impact of capital market integration (CMI) on higher education and economic growth. We take …. Using foreign direct investment (FDI) as a measure for capital flows, we present empirical evidence which largely confirms …

trade induced real income gains while the FDI related and innovation induced benefits have been largely neglected, although … the EU and the US are leading FDI host countries and FDI source countries. Moreover, from a theoretical perspective a … knowledge production function has to be considered in order to analyze FDI and innovation dynamics - and this can then be linked …

This paper provides a long-term view by studying the effect of the underground or shadow economy on economic growth in … the Unites States over the period 1870 to 2014. Shadow activities might spur or retard economic growth depending on their …-classical growth model, we use a relatively new time-series technique to estimate the short-run dynamics and long-run relationship …

In this paper we analyse a new Phillips curve (NPC) model and demonstrate that (i) frictional growth, i.e. the … interplay of wage-staggering and money growth, generates a nonvertical NPC in the long-run, and (ii) the Phillips curve (PC …) shifts with productivity growth. On this basis we estimate a dynamic system of macrolabour equations to evaluate the slope of …

This paper analyses the relation between US inflation and unemployment from the perspective of "frictional growth," a … phenomenon arising from the interplay between growth and frictions. In particular, we examine the interaction between money … growth (on the one hand) and various real and nominal frictions (on the other). In this context we show that monetary policy …

This paper empirically revisits the impact of birthplace diversity on economic growth. We use panel data on US states … growth. We provide converging evidence pointing at the existence of skill complementarities between workers trained in …

The prevailing consensus is that foreign direct investment (FDI) effects are conditional. At the macro level, they … FDI on performance. We find these effects tend to be larger in macro than in micro studies, and greater in low- than in …

Does a country's level of unemployment have an impact on the long-run growth rate? Incorporating unemployment into a … generalised augmented Solow-type growth model, yields some answers to this question. In particular, we show that the impact of … unemployment on productivity growth heavily depends on the influence of human capital in the production function. In the …