In this paper we explore whether the changing composition of output in response to technology shocks can play a significant role in the propagation of shocks over time. For this purpose we study two multisector RBC models, with two and a three sectors. We find that, whereas the two sectors model...

We examine the diffusion of more than twenty technologies across twenty-three of the world ’s leading industrial economies. Our evidence covers major technology classes such as textile production, steel manufacture, communications, information technology, transportation, and electricity for...

This paper derives an indirect production function that is, in a special case, of a constant elasticity of substitution form. This is not a contribution to the theory of aggregation generally. Instead it is a microfoundation for a specific but popular production function -- the CES-- that helps...

The Grameen Bank's success in Bangladesh has made microcredit the hot new idea for reducing poverty. This paper uses panel data from two Bangladeshi villages to test if loan recipients are poorer and more vulnerable than non-recipients. Poverty is measured by levels of consumption. Vulnerablitiy...

Using two unifying models and an empirical exercise, this paper presents and extends the main theories linking income distribution and growth, as well the relevant empirical evidence.

A large literature has identified a variety of "ancillary variables", such as political instability, income distribution, and financial development as important determinants of income growth in cross-sectional studies. This leaves open the question of whether these variables influence growth...