This study is an attempt to test the hypothesis “international trade contributes to economic growth through its effects on human capital accumulation.” To assess the hypothesis empirically, we employed the extended Neo-Classical growth model that reflects some features of the endogenous...

Economic analysts have used trends in total factor productivity (TFP) to evaluate the effectiveness with which economies are utilizing advances in technology. However, this measure is problematic on several different dimensions. First, the idea that it is possible to separate out the relative...

The article refers to the new Synthetic Efficiency Indicator for Economic Growth (SEI-EG) proposed in an earlier publication. Research from 2016-2018 in 11 EU countries revealed small nations were notably more effective at sustainable growth than their larger counterparts. This prompted the...

This paper documents several stylized facts on the real effects of economic uncertainty. First, higher uncertainty is associated with a more dispersed and negatively skewed distribution of output growth. Second, the response of economic growth to an increase in uncertainty is highly nonlinear...

The present paper shows empirically that the youth dependency ratio (the population below working age divided by the population of working age) reduces economic growth even after controlling for institutions. The institutional variable, the paper controls for, is the measure for institutions...

We review the growth experience of middle-income countries. Economic factors associated with growth appear to differ between middle income and other countries. The efficiency of the financial system is importantly related to the growth rate in low- and middle-income countries, but appears to...

En los 90's se dieron cambios sustanciales en materia económica en el país. Se pretende encontrar una relación entre estos cambios, el aumento en la desigualdad y la mayor volatilidad y menor dimensión de las tasas de crecimiento del PIB a partir de la misma fecha. Para esto se comenzó por...

In the last two decades, large scale CGE models used for environmental policy assessment underwent an important upgrade to integrate endogenous technological progress. Nevertheless, several complexities of innovation are still neglected even if they are of primary interest for policymakers. This...

This paper constructs a model of growth based on Adam Smith's notions of specialization and extent of the market. We seek to explain the following stylized facts. 1) The share of household production in total output has fallen over time as the economy has grown. 2) Services as a percent of GDP...

A growing body of empirical research highlights substantial changes in the US economy during the last three decades. Business dynamism is declining, market power seems to be on the rise, and aggregate productivity growth is sluggish. We show analytically that a decline in the rate of growth of...