This paper calculates the quantitative significance of the welfare effects of wage compression in Sweden. This is done in a dynamic general equilibrium model with overlapping generations where agents choose both schooling (human capital) and assets (physical capital). This paper shows that when...

The paper recalculates total factor productivity (TFP) in Hungary, and based on this, presents an updated decomposition of GDP growth. Compared to the previous literature on Hungary, contributions include the quantification of human capital and the inclusion of the capacity utilization of...

If Janossy's theory should concisely be drafted, one might say that he had been researching the "real carrier of economic development" in a very original way and having formulated his theory in a specific language. He managed to identify the "carrier" of development focusing on the systematic...

If Janossy's theory should concisely be drafted, one might say that he had been researching the "real carrier of economic development" in a very original way and having formulated his theory in a specific language. He managed to identify the "carrier" of development focusing on the systematic...

The paper recalculates total factor productivity (TFP) in Hungary, and based on this, presents an updated decomposition of GDP growth. Compared to the previous literature on Hungary, contributions include the quantification of human capital and the inclusion of the capacity utilization of...

The volume index of GDP reflects the change in real income generated by production, which differs from the change in real domestic income (RGDI) available consumption and investment in case of movements in the terms of trade (ToT). If the ToT improve (the price index of exports is above that of...

Significant cross-country differences in real income levels are accompanied by sizable differences in price levels, and, in the longer run, convergence in real income levels goes together with convergence in price levels. Although the cross-country comparison of nominal per capita GDP levels at...

In this paper we investigate the relationship between productivity growth and firm dynamics using firm-level data between 1992 and 2006. Theories emphasising firm-level heterogeneity show that industry-level productivity may not only increase as a consequence of increasing within-firm...