We extend the benchmark model of Aghion and Blanchard (1994), assuming two segments of the emerging private sector that differ in workers' productivity. We look at the paths of employment, wages, taxes, labor costs and profits during and after the transition, up until the shock is fully...

The credit union movement has experienced rapid growth across the United States in recent years. After the financial crisis of 2007-2008, US credit unions emerged more resolutely as trusted financial partners, able to maintain lending during the credit crunch and offering better loan and deposit...

In 2008-2009, the US and the UK undertook quantitative easing to drive interest rates to near zero to combat the Global Financial Crisis, and China increased the growth rate of base money slightly. The resulting credit growth was very slight in US and UK but over 100% in China. The US and UK...

The integration of China into the global economy is one of the most spectacular events in economic history. This paper investigates to what extent this process affects output growth and inflation in the advanced countries. A GVAR model is specified to explore interdependencies between business...

Technology is a key factor for economic development and economic power. This chapter tries to evaluate the sources and the impact of technological power and its changes in the US and China in the 2000-2018 years in a comparative way. The analysis of capital accumulation, education, R.&D....