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We construct an endogenous growth model that includes a cultural variable along the dimension of individualism-collectivism. The model predicts that more individualism leads to more innovation because of the social rewards associated with innovation in an individualist culture. This cultural...
Persistent link: https://www.econbiz.de/10013069257
Any economic analysis of climate change policy requires some model that describes the impact of warming on future GDP … and consumption. Most integrated assessment models (IAMs) relate temperature to the level of real GDP and consumption, but … there are theoretical and empirical reasons to expect temperature to affect the growth rate rather than level of GDP. Does …
Persistent link: https://www.econbiz.de/10013070326
An increase in the household debt to GDP ratio in the medium run predicts lower subsequent GDP growth, higher … supply hypothesis,” we show that low mortgage spreads predict an increase in the household debt to GDP ratio and a decline in … subsequent GDP growth when used as an instrument. The negative relation between the change in household debt to GDP and …
Persistent link: https://www.econbiz.de/10013014671
GDP growth is often measured poorly for countries and rarely measured at all for cities or subnational regions. We …
Persistent link: https://www.econbiz.de/10013151806
Incomes per capita have grown dramatically over the past two centuries, but the increase has been unevenly spread across time and across the world. Growth accounting is the principal quantitative tool for understanding this phenomenon, and for assessing the prospects for further increases in...
Persistent link: https://www.econbiz.de/10013156417
capita GDP and a second wave in countries with higher per capita incomes. The first wave appears to be made up primarily of …
Persistent link: https://www.econbiz.de/10013159735
Concerns about the quality of China's official GDP statistics have been a perennial question in understanding its …
Persistent link: https://www.econbiz.de/10012958590
to underestimate of the rates of growth of real GDP, real personal income, and productivity. That underestimation is …
Persistent link: https://www.econbiz.de/10012959380
PPP-based national accounts have become an important part of the database for macroeconomists, development economists, and economic historians. Frequently used global data come from the Penn World Table (PWT) and the World Bank's World Development Indicators; a substantial fraction of the world...
Persistent link: https://www.econbiz.de/10012758136
broader array of countries, we establish a clear positive link between average levels of subjective well-being and GDP per …
Persistent link: https://www.econbiz.de/10012758453