Difficulties in measuring the production of software might result in significant underestimation of economic growth. The magnitude of this underestimation is likely to increase over time, if software development continues its current trajectory of making up an increasingly large share of...

Proprietary software firms have recently begun to emulate the open source software community in opening up some of their software. We analyze this phenomenon in the context of resource allocation between fixing defects and the development of the next version of the software — an important...

An exact maximum likelihood method is developed for the estimation of parameters in a nonlinear non-Gaussian dynamic panel data model with unobserved random individual-specific and time-varying effects. We propose an estimation procedure based on the importance sampling technique. In particular,...

"This paper estimates, using data from the United States and Euro Area, a two-country stochastic growth model in which both neutral and investment-specific technology shocks are nonstationary but cointegrated across economies. The results point to large and persistent swings in productivity,...