Against the backdrop of Baumol's model of unbalanced growth, a recent strand of literature has presented models that manage to reconcile structural change with Kaldor's stylized fact of the relative constancy of per-capita GDP growth. Another strand of literature goes beyond this, arguing that...

The volatility of unanticipated output growth in income per capita is detrimental to long-run development, controlling for initial income per capita, population growth, human capital, investment, openness and natural resource dependence. This effect is significant and robust over a wide range of...

We derive asymptotic properties of estimators and test statistics to determine - in a grouped data setting - common versus group-specific factors. Despite the fact that our test statistic for the number of common factors, under the null, involves a parameter at the boundary (related to unit...

We provide cross-country evidence that rejects the traditional interpretation of the natural resource curse. First, growth depends negatively on volatility of unanticipated output growth independent of initial income, investment, human capital, trade openness, natural resource dependence, and...

The volatility of unanticipated output growth in income per capita is detrimental to long-run development, controlling for initial income per capita, population growth, human capital, investment, openness and natural resource dependence. This effect is significant and robust over a wide range of...

The number of studies seeking to empirically characterize the reduced-form relationship between a country economic growth and the quantity of various pollutants produced has recently increased significantly. In several cases researchers have found evidence in favor of an inverted-U...

Since its first inception in the debate on the relationship between environment and growth in 1992, the Environmental Kuznets Curve hypothesis (EKC hereafter) has been subject of continuous and intense scrutiny. The most recent line of investigation criticizes the EKC hypothesis on more...

This paper disaggregates energy consumption and GDP data according to end-use to analyze a broad number of developed and developing countries grouped in panels by similar characteristics. Panel long-run causality is assessed with a relatively under-utilized approach recommend by Canning and...

The number of studies seeking to empirically characterize the reduced-form relationship between a country economic growth and the quantity of pollutants produced in the process has recently increased significantly. In several cases researchers have found evidence pointing to an inverted-U...