unclear. One candidate is intangible capital - a rising driver of economic growth that, being non-pledgeable as collateral, is … vulnerable to financial frictions. By sheltering intangible investment from financial shocks, counter-cyclical macroeconomic … policy could strengthen longer-term growth, particularly so where strong product market competition prevents firms from self …

We introduce a new suite of macroeconomic models that extend and complement the Debt, Investment, and Growth (DIG …'s properties by analyzing the growth, debt, and distributional consequences of big-push public investment programs with different … mixes of investment in human capital and infrastructure. We show that investment in human capital is much more effective …

The role of remittances in development and economic growth is not well understood. This is partly because the … economic growth. We test this prediction using panel methods on a large sample of countries. The results indicate that … remittances do have a negative effect on economic growth, which indicates that the moral hazard problem in remittances is severe …

This paper extends the Schumpeterian model of creative destruction by allowing followers' cost of innovation to … leaders and followers innovating in few industries with low aggregate growth …

traces the sources of TFP growth in the UK over the last two decades through the lens of a structural model of innovation …, using registry data on the universe of firms. The dominant innovation source in the pre-GFC decade were improvements by … recovery, survey data suggests that creative destruction (i.e., innovation replacing other firms' products) is expected to gain …

growth and investment, and new cross-country evidence on the link between corruption and the composition of government …

particular focus on the role played by financial frictions and investment dynamics. The paper provides two main contributions …. First, we empirically document that lower investment during financial crises is the key factor leading to permanent loss of …

lead to investment and growth, they reduce the government''s ability to increase supporters'' consumption. The model … predicts that resource abundance is conductive to poor policies and, consequently, to low investment. The implications of the …

The paper discusses some channels through which corruption affects growth such as the impact of corruption on … enterprises, on the allocation of talent, and on investment. It also discusses the impact of corruption on some aspects of public …

result of low investment. Latin America is poorer because of lower human capital levels and lower TFP-not because of a lower … business climate indicators converge rapidly. Poor countries without those attributes do not. We show that low investment is … the result of low TFP and thus GDP growth-not the cause …