economic growth that has accumulated over the past quarter-century. The bulk of the historical evidence suggests that financial … development a¤ects economic growth in a positive, monotonic way, yet recent research endeavors have provided useful and important … society, as well as the channels through which finance can slow down long-term growth. …

growth. We further demonstrate that banking market structure can be responsible for the emergence of development traps in … competition ; economic growth ; oligopoly ; lending …

This paper analyzes growth and welfare effects of income taxation in a stochastic endogenous growth model with … effect on the expected growth rate. Paradoxically, this may induce welfare gains. The opposite results can be derived for a … ascribed to the specific int eraction of consumption and portfolio choice in the determination of growth and welfare. …

economic development at critical junctures during the growth process." Institutionen, als Faktoren der "dritten Art", liefern …

economic development at critical junctures during the growth process." Institutionen, als Faktoren der "dritten Art", liefern …

This paper explores how revenue-neutral tax reforms impact employment and economic growth in a model of endogenous … growth and search frictions on the labor market. We analyze how savings and the incentive to create new jobs are affected by … observe an increase in both growth and, via the capitalization effect, employment. Most other tax reforms, however, imply a …

This paper explores how revenue-neutral tax reforms impact employment and economic growth in models of exogenous and … endogenous growth and search frictions on the labor market. We show that (i) a cut in the payroll tax financed by an increase in … the wage tax lowers both equilibrium employment and the equilibrium growth rate, that (ii) a higher energy tax combined …