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Innovation, Diffusion, and Trade
Eaton, Jonathan - 2012
We explore the determinants of research specialization across countries and its consequences for relative wages. Using … research regardless of trade barriers or research productivity. As long as trade barriers are not too high, faster diffusion … shifts research activity toward the country that does it better. This shift in research activity raises the relative wage …
Persistent link: https://www.econbiz.de/10012755480
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Growth and Welfare in a Small Open Economy
Grossman, Gene M. - 2010
We construct a model of growth based on endogenous technological change in a small, open economy. Entrepreneurs develop new intermediate products whenever the present value of potential profits exceeds the cost of R&D. Diversity of intermediates contributes to total factor productivity in the...
Persistent link: https://www.econbiz.de/10013139328
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Knowledge Growth and the Allocation of Time
Lucas, Robert E. - 2014
for this economy, thereby obtaining a theory of endogenous growth that captures in a tractable way the social nature of …
Persistent link: https://www.econbiz.de/10013067292
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Financial Innovation and Endogenous Growth
Michalopoulos, Stelios - 2014
Is financial innovation necessary for sustaining economic growth? To address this question, we build a Schumpeterian model in which entrepreneurs earn profits by inventing better goods and profit-maximizing financiers arise to screen entrepreneurs. The model has two novel features. First,...
Persistent link: https://www.econbiz.de/10013070763
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Internal Increasing Returns to Scale and Economic Growth
List, John A. - 2012
This study develops a model of endogenous growth based on increasing returns due to firms' technology choices. Particular attention is paid to the implications of these choices, combined with the substitution of capital for labor, on economic growth in a general equilibrium model in which the...
Persistent link: https://www.econbiz.de/10013112760
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Technological Growth and Asset Pricing
Garleanu, Nicolae - 2009
In this paper we study the implications of general-purpose technological growth for asset prices. The model features two types of shocks: "small", frequent, and disembodied shocks to productivity and "large" technological innovations, which are embodied into new vintages of the capital stock....
Persistent link: https://www.econbiz.de/10013156420
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The Implications of Knowledge-Based Growth for the Optimality of Open Capital Markets
Kohn, Meir - 2008
This paper reexamines the view that opening capital markets must have long-run benefits. The analysis shows that the desirability of opening a country's capital markets depends on the nature of the technology assumed. Models of knowledge-based growth predict that changes which alter the...
Persistent link: https://www.econbiz.de/10012774845
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New Activities, the Welfare Cost of Uncertainty and Investment Policies
Aizenman, Joshua - 2008
This paper studies the effect of policy uncertainty on the formation of new activities in Romer's (1994) type of an economy, where productivity of labor increases with the number of capital goods. Adding a new capital good requires a capital specific set-up cost, invested prior to using the...
Persistent link: https://www.econbiz.de/10012774962
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Convergence in Growth Rates : A Quantitative Assessment of the Role of Capital Mobility and International Taxation
Razin, Assaf - 2006
We provide an exploratory quantitative analysis of the role of capital mobility and international taxation in explaining the observed cross-country diversity in the long-run rates of growth of per capita and total incomes as well as the population growth rates. Corroborative evidence is found...
Persistent link: https://www.econbiz.de/10012783883
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Finance and Growth : Theory and Evidence
Levine, Ross - 2004
This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the … is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease … economic growth. The paper highlights many areas needing additional research …
Persistent link: https://www.econbiz.de/10012785451