In recent years, a large body of empirical research has investigated whether the predictions of second-generation growth models are consistent with actual data. This strand of literature has focused on the long-run properties of these models by using productivity and innovation data but has not...

In recent years, a large body of empirical research has investigated whether the predictions of secondgeneration growth models are consistent with actual data. This strand of literature has focused on the longrun properties of these models by using productivity and innovation data but has not...