The benefits from the New Economy should accrue as improvements in productivity and economic growth. But while the use of information and communication technology seems to have had a substantial impact on the performance of the United States economy, the evidence for other countries is much...

Recent econometric analyses of growth in industrialized countries reveal that energy?s elasticity of production systematically exceeds its factor cost share, whereas for labor the opposite holds. The paper reviews these analyses that reflect the observed direction of technological change towards...

This paper reviews the emergence and evolution of major topics in economics of innovation. Throughout the paper, particular attention is devoted to the analysis of the cumulative aspects and complementarities between di_erent paths of research over time. Moreover, this survey highlights the...

Of the diverse factors motivating technological change, one factor that has received increasing attention in the recent past has been the protection of intellectual property rights. Given fairly recent changes in the international policy ethos where a regime of stronger intellectual property...

The growth rate of total factor productivity seems to have increased recently, at least in the United States. Higher US productivity growth may justify higher stock market valuations than in the past and thus herald an emerging New Economy. However, the size of the estimated growth rate of total...

This paper incorporates the cost of adjustment between observed and optimal leverage in explaining the variation in firm?s equity or bank-debt financing investments. Using a dynamic adjustment approach identifies the determinants to capital structure between different financial systems. In...

Die Weltkonjunktur zeigt sich im Frühsommer 2003 leicht aufwärtsgerichtet. Zu einer durchgreifenden Erholung ist es bisher noch nicht gekommen. Belastend wirkten insbesondere die Irak-Krise, der zwischenzeitliche Höhenflug des Erdölpreises, der Ausbruch der Lungenkrankheit SARS sowie die...

This paper provides a critique of the ?unemployment invariance hypothesis,? according to which the behavior of the labor market ensures that the long-run unemployment rate is independent of the size of the capital stock, productivity, and the labor force. Using Solow growth and endogenous growth...