The aim of this paper is to account for both the short-run uctuations and thevery-long run transformations induced by technological change in analysing long-rungrowth patterns. The paper investigates the possible imprint left by short-run uctuationson the long run dynamics by aecting the...

In a neoclassical economy with endogenous capital- and labor-augmentingtechnical change the steady-state growth rate of output per worker is shown to increasein the elasticity of substitution between capital and labor. This conrms theassessment of Klump and de La Grandville (2000) that the...

In this paper we show that vocational training is an important determinant of productivitygrowth. We construct a multi-country, multi-sectoral dataset, and quantify empirically to whatextent vocational training has contributed to increase the growth rate of labor productivity inEurope between...

In this paper, I present a theory of dynamic economic growth, business cycles, and asset pricing that integrates (1) Marx's idea (and emphasized by Klein) of a two-class heterogeneity of the ownership structure of physical capital and human capital in a capitalist society, (2) Keynes' idea of...

This paper constructs a two-country stochastic growth model in which neutraland investment-specic technology shocks are nonstationary but cointegrated acrosseconomies. It uses this model to interpret data showing that while real investmenthas grown faster than real consumption in the United...

We derive an R&D-based semi-endogenous growth model where technological progressdepends on the available amount of technological opportunity. Incremental innovationsprovide direct increases in the knowledge stock but they reduce technological opportunityand thus the potential for further...

This model adds to the standard neoclassical model of business fluctuations by introducing a more realistic capital structure problem, where firms have to balance the tax benefits of debt with the costs of potential financial distress. Therefore, firms solve a dynamic problem with both an...

This paper discusses the paper "The Source of Historical Economic Fluctuations: An Analysis using Long-Run Restrictions" by Neville Francis and Valerie A. Ramey. It argues that these authors have made great progress both in the precise measurement of labor input as well as determining the effect...

Using a unique German firm-level data set, this paper is the first to jointlystudy the cyclical properties of the cross-sections of firm-level real value addedand Solow residual innovations, as well as capital and employment adjustment.We find two new business cycle facts: 1) The cross-sectional...

Is time-varying firm-level uncertainty a major cause or amplifier of the businesscycle? This paper investigates this question in the context of a heterogeneousfirmRBC model with persistent firm-level productivity shocks and lumpy capitaladjustment, where cyclical changes in uncertainty...