The year 2017 marks the 50th anniversary of William J. Baumol’s seminal model of "unbalanced growth", which predicts the so-called "Growth Disease", i.e., the tendency of aggregate productivity growth to slow down in the process of tertiarisation. In an important contribution published in...

I propose a two-sector endogenous growth model with heterogeneous sectoral productivity and sector-specific, nonlinear hiring costs to analyse the link between sectoral resource allocation, low productivity growth and stagnant real wages. My results suggest that an upward shift in the labor...

I propose a two-sector endogenous growth model with heterogeneous sectoral productivity and nonlinear hiring costs to analyse the link between sectoral resource allocation, low productivity growth and stagnant real wages. My results suggest that an upward shift in employment, triggered for...

Numerous bank productivity studies indicate rapid changes in the structure of the financial services industry and advances in financial and nonfinancial technologies. Based on the literature review, this paper analyses the theoretical background of two concepts of performance evaluation – the...