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 …

This paper provides empirical support for the view that enhanced economic security fosters private investment and … growth in developing countries. An analysis for 53 developing countries suggests that most aspects of economic security have … improved since the mid-1980s; that private investment is mostly influenced by the risk of expropriation, the degree of civil …

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 …

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 …

This paper examines real and financial linkages between Saudi Arabia and other GCC countries. Growth spillovers from …

Although conventional wisdom suggests that reducing military spending may improve a country’s economic growth … performance, empirical studies have produced ambiguous results. This paper extends a standard growth model and estimates it using … growth-retarding effects of military spending via its adverse impact on capital formation and resource allocation. Model …

. GDP falls in the short run, however private consumption and investment rise, leading to an increase in GDP in the medium …

In the last few decades, real GDP growth and investment in advanced countries have declined in tandem. This slowdown … growth (which has shifted the Okun curve to the left). We analyze what happens if central banks mistakenly diagnose the … issue. We show that aggressive central bank action may revive gross investment, but it will not revive net investment or …