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This paper explores the stability of the stationary state for a dynamic growth model with wealth and human capital accumulation. Knowledge is created through research and learning-by-doing, while the time allocation between labor and leisure is endogenized. We analyze the model in both its...
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This essay discusses the reasons for and implications of the decline in real interest rates around the world over the past several decades. It suggests that the decline in interest rates is largely explicable from trends in saving, growth, and markups. In this environment, greater government...
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This book investigates the relation between investment, R&D, and long-run growth. Its first part surveys the literature … economic growth as being driven by the complementary processes of physical capital investment and R&D activity, rather than by … of this study acquires a fundamental understanding of the relation between investment, R&D, and long-run growth. Thus …
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