Showing 1 - 7 of 7
Standard models of economic development typically ignore geography and transport. In this paper, we argue that we should model the transport sector, as it plays a quantitatively important role.\\ To understand what will determine the importance of the transport sector, consider the transport...
Persistent link: https://www.econbiz.de/10004977911
We model an environment in which different vintages of capital with their different productivities coexist. A reduction in the cost of investment induces investment in new capital which raises both measured capital and measured productivity simultaneously. We calibrate this model to...
Persistent link: https://www.econbiz.de/10005069227
There has been a vast recent literature which has emphasized the role of human capital and knowledge on the economic growth process. This paper presents a model where the knowledge occurs through solving "problems." These problems which are partially idiosyncratic to the country. We think of a...
Persistent link: https://www.econbiz.de/10005069290
Persistent link: https://www.econbiz.de/10005069396
The relative stability of aggregate labor's share constitutes one of the great macroeconomic ratios. However, changes in individual industry labor's shares are essentially statistically independent of one another, and the average values of industry labor's shares vary widely. We present a...
Persistent link: https://www.econbiz.de/10005090726
Persistent link: https://www.econbiz.de/10005051305
This article presents a group of exercises of level and growth decomposition of output per worker using cross-country data from 1960 to 2000. Its shown that at least until 1975 factors of production ( capital and education) were the main cause of output dispersion and that productivity variance...
Persistent link: https://www.econbiz.de/10005051445