Most macroeconomic models assume that aggregate output is generated by a specification for the production function with total physical capital as a key input. Implicitly this assumes that private and public capital stocks are perfect substitutes. In this paper we test this assumption by...

We study the characteristics of credit booms in emerging and industrial economies. Macro data show a systematic relationship between credit booms and economic expansions, rising asset prices, real appreciations and widening external deficits. Micro data show a strong association between credit...

We identified the impact of the expansionary monetary policy in China during the 2008–2009 global financial crisis on the credit and investment allocation among firms after controlling for the simultaneous fiscal stimulus. We utilized the extent of the exposure to the construction sector,...

ResumenEn este articulo se describen y analizan distintos enfoques que explican la relación entre las variables agregadas: el crecimiento economico, la productividad y la competitividad de la economia. Se senalan y agrupan las controversias sobre la causalidad desigualdad - crecimiento, y...

The objective of this report is to develop a more comprehensive understanding, from a policy perspective, of key drivers of labour productivity in selected OECD countries and their impact on enhanced productivity performance. The report is divided into three major parts. The first part will...

In this paper, we attempt to support the argument regarding the endogeneity of productivity to effective demand. Unlike most of the works on the topic, we focus on the role that both public investment and public consumption have on productivity. We suggest, at the theoretical level, that public...

In this paper, we attempt to support the argument regarding the endogeneity of productivity to effective demand. Unlike most of the works on the topic, we focus on the role that both public investment and public consumption have on productivity. We suggest, at the theoretical level, that public...

The collapse of the Cuban economy following the cessation of Soviet assistance gave way to a strong recovery in 1994-96. There are three possible explanations for this recovery: (i) that it never took place; (ii) that it reflected a surge in productivity resulting from stabilization and...

The objective of this report is to shed light on the relationship between information and communications technologies (ICT) and productivity in the Canadian economy.The key conclusion of the report is that ICT has been the driving force behind the acceleration of productivity growth in Canada...

If bigger objects go into a jar, then there will be space to fill it with smaller objects in sequence. If the order of the objects are reversed, then it ends in filling it at the starting point. Happiness in life is similar to this. Fill high priority needs in the life, and smaller needs can be...