The historical context -- Two centuries of South American reflections on the development gap between the United States and Latin America / Tulio Halperin Donghi -- Looking at them: a Mexican perspective on the gap with the United States / Enrique Krauze -- Explaining Latin America's lagging...

We construct and estimate a model that features endogenous growth and technology diffusion. The spillover effects from research and development provide a link between business cycle fluctuations and long-term growth. Therefore, productivity growth is related to the state of the economy. Shocks...