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that their functional form of how foreign R&D affects domestic productivity via imports is probably incorrect. We provide …
Persistent link: https://www.econbiz.de/10013221859
productivity gains for domestic firms. The size of FDI spillovers is economically important, accounting for about 14% of … productivity growth in U.S. firms between 1987 and 1996. In addition, there is some evidence for imports-related spillovers, but it …
Persistent link: https://www.econbiz.de/10013222892
Monte Carlo based robustness test is proposed which compares the elasticity of domestic productivity with respect to foreign … larger and explain more of the variation in productivity across countries than if true' bilateral trade patterns are employed …
Persistent link: https://www.econbiz.de/10013249690
Investment in research and development (R&D) affects a country's total factor productivity. Recently new theories of … total factor productivity of its trade partners. Following these theoretical developments we estimate the effects of a … country's R&D capital stock and the R&D capital stocks of its trade partners on the country's total factor productivity. We …
Persistent link: https://www.econbiz.de/10013246064
This paper deals with the international effects of taxation. Tax policies have profound effects on the temporal composition and on the intertemporal evolution of the macro economy. The analysis highlights key issues pertinent for the understanding of international effects of domestic tax...
Persistent link: https://www.econbiz.de/10013141194
We update Rose and Spiegel (2009a, b) and search for simple quantitative models of macroeconomic and financial indicators of the "Great Recession" of 2008-09. We use a cross-country approach and examine a number of potential causes that have been found to be successful indicators of crisis...
Persistent link: https://www.econbiz.de/10013139743
Financial systems are inherently fragile because of the very function which makes them valuable: liquidity transformation. Regulatory reforms can strengthen the financial system and decrease the risk of liquidity crises, but they cannot eliminate it completely. This leaves monetary policy with a...
Persistent link: https://www.econbiz.de/10013139754
This paper provides a survey of business cycle facts, updated to take account of recent data. Emphasis is given to the Great Recession which was unlike most other post-war recessions in the US in being driven by deleveraging and financial market factors. We document how recessions with financial...
Persistent link: https://www.econbiz.de/10013075147
For over a century, economists and policy makers have debated the relative merits of bank-based versus market-based financial systems. Recent research, however, argues that classifying countries as bank-based or market is not a very fruitful way to distinguish financial systems. This paper...
Persistent link: https://www.econbiz.de/10012774642
This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial...
Persistent link: https://www.econbiz.de/10012785451