Human capital accumulation is introduced in a growth model with R\&D-driven expansion in variety and quality of intermediate goods andknowledge spillovers from both research activities. Economic growth is no longer uniquely tied to population growth as previous growth models without scale...

We present a microeconometric study of the impact of financial constraints on investment decisions of 755 quoted and unquoted West German firms over the period 1989 to 1994. The underlying theoretical model is based upon rational expectations and convex adjustment costs. The panel data estimates...