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Externalities play a central role in most theories of economic growth. We argue that international externalities, in … particular, are essential for explaining a number of empirical regularities about growth and development. Foremost among these is … that many countries appear to share a common long run growth rate despite persistently different rates of investment in …
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This paper proposes a conceptualization of business cycle fluctuations in which the role of financial conditions and nonlinear dynamics are explicitly incorporated. We highlight the role of investment demand in driving economic fluctuations, consider its endogenous dynamic interactions with...
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to estimate the structural parameters of the neoclassical growth model …
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authors apply their procedure to estimate the structural parameters of the neoclassical growth model …
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We construct a new indicator of de facto financial integration in the EU. The resulting indicator is pro-cyclical as it evolves along the cyclical pattern of economic activity in the European Union. It is then appended to a set of relevant financial and macroeconomic variables, within a FAVAR...
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