In the U.S. economy hours and productivity are negatively correlated, and volatility of hours is two times higher than volatility of productivity. In the standard one shock RBC model hours are positively correlated with productivity, and hours are two times less volatile than productivity. This...

In this paper, role of international trade in economic development is discussed, both from the perspective of theoretical development and empiricism. In particular, it revisits theories pertaining to intra-industry and inter-industry trade and presents evidences of resilience in intra-industry...

Since 1982 the Mexican economy was characterized by the presence of low economic growth rates, this situation has caused a severe reduction in employment and thus the welfare of the Mexican population. Following a kaldorian’s framework of development we assume that the process of stagnation...

The paper presents a new sectoral taxonomy that combines manufacturing and service industries within the same general framework. This exercise is relevant because it seeks to achieve a greater integration between the study of sectoral patterns of innovation in manufacturing and services, and to...

The paper presents the results of a new survey on the international activities of Norwegian enterprises in the service industries. The survey focuses on three main internationalization channels: international sales, international cooperation and R&D outsourcing. The empirical analysis studies...

This paper investigates the empirical relevance of a model of structural change and the growth of industrial sectors. The model analyses the process of diffusion of general-purpose technologies (GPTs) and how this affects the dynamic performance of manufacturing and service industries. The...

Professor Becker´s 1956 paper about free banking was originally intended as a reaction to the 100-percent reserve proposals that were then popular at the University of Chicago. Today the original paper clearly illustrates how considerably our views and theories about free banking have evolved...

The purpose of this paper is twofold. First, it presents a very concise way of measuring fiscal stance. This procedure is based on the assumption that the ‘neutral change’ in the government budget can best be simulated with a long-term approximation of the underlying trend of total output....