We estimate the effect of imports and exports of intermediates on economic growth in a panel of more than 100 among developed and developing economies across the period 1976-2008. We find that both capital and intermediate imports positively affect growth. The overall effect is driven by the...

We introduce demographic shocks in a multi-sector endogenous growth model, a-la Uzawa-Lucas. We show that an analytical solution of the stochastic problem can be found, under the restriction that the capital share equals both the inverse of the intertemporal elasticity of substitution and the...

We investigate the effects of political institutions on economic growth. We specifically explore this relationship while controlling for heterogeneity and model uncertainty. We use threshold regression (Hansen 2000) to search for possible nonlinearities and/or interaction effects with respect to...

Until recently the literature has found evidence of a positive, significant, and sizable influence of life expectancy on economic growth. This view has been challenged by Acemoglu and Johnson (2007). They find no evidence that the large exogenous increase in life expectancy led to a significant...

Capital (physical and human) doesn't flow from rich to poor countries. We show that in order to solve these twin paradoxes, assumption of externality of physical capital is better than assumption of externality of human capital.

This paper examined the nexus between energy consumption, CO2 emissions and economic growth in Nigeria, for the period 1970-2011 within a dynamic multivariate framework. Specifically, we rely on the Zivot-Andrews unit root test, Gregory-Hansen cointegration test and subsequently estimate our...

This paper investigates the impact of habits on economic growth in an overlapping generations (OLG) economy with physical and human capital in which altruistic parents finance the education of their children. Habit formation interacts with the role of human capital as an engine of growth by...

Using data for the years 1972-2006, we calibrate the dynamic general equilibrium model of structural change by Kongsamut et al. (2001) to Turkey. We then predict the shares of output and employment for the agricultural, manufacturing, and services sectors along the balanced growth path for...

In endogenous growth theory models exist which are characterized by local and global indeterminacy. These concepts imply that economies differ with respect to their growth rates on the transition path (local indeterminacy) as well as their long-run growth rates (global indeterminacy). While the...

The passage from the Malthusian Regime to the Modern Regime has been theoretically investigated only in recent times and the understanding of this process is still incomplete. This paper develops a neoclassical OLG model of neoclassical growth which embodies a stylised fact emerged in the second...