This paper examines the ability of the endogenous growth and medium frequency cycle model of Holden (2016) to explain global imbalances and the puzzles of open economy macroeconomics. The model features complete international financial markets, and intrinsically multi-national R&D, yet is still...

In the last few years, U.S. telecoms policy has shifted from encouraging the sharing of existing networks to facilitating the deployment of advanced communications networks. Given the large capital expenditures required for these networks, there can be only a few of such networks. In light of...

This paper provides new evidence on the relationship between innovation, competition and distance to the technology frontier, using enterprise surveys from 40 developing and transition countries. Different from previous empirical studies, the distance to frontier is measured by a firm's...