We examine the effect of research and development (R&D) on long-term economic growth using the Bayesian model averaging (BMA) to deal rigorously with model uncertainty. Previous empirical studies investigated the effect of dozens of regressors on long-term growth, but they did not examine the...

Criticisms vis-à-vis cluster policy are numerous, often confusing and really unhelpful; while some authors systematically question the merits, others on the contrary play a genuine role of counsel in his favour. This paper attempts to refocus the debate and analyses the economic issues, impacts...

This paper theoretically and empirically analyzes the interaction of emigration of highly skilled labor, an economy's income gap to potential host economies of expatriates, and optimal public infrastructure investment. In a model with endogenous education and Ramp;D investment decisions we show...

We study four issues in R&D-productivity dynamics: does R&D Granger cause productivity, is there a lag between R&D and its productivity effects, does the potency of R&D vary in timing and magnitude, and what is the role of R&D spillovers and aggregate shocks. The results suggest that R&D causes...

If an emission reduction agreement with participation of all players is not enforceable because politicians are too myopic or not able to commit themselves to sustainable policies or costs of reducing emissions are too high, strategic investments in research and development (R&D) of green...

The importance of tertiary education for economic growth and competitiveness is increasingly recognized as critical not just for middle-income and advanced countries, but also for low-income ones. Access to a solid, world-class curriculum helps develop a skilled, productive, and flexible labor...