This paper analyzes the channels through which financial crises exert long-term negative effects on output. Recent models suggest that a shortfall in productivity-enhancing investments temporarily slows technological progress, creating a gap between pre-crisis trend and actual GDP. This...

I study the effects of uncertainty on technology adoption and thereby on volatility and growth. I present an analytically-tractable model in which: (i) uncertainty about the returns to adoption delays technology diffusion; and (ii) the mean and volatility of output growth are jointly determined...

This paper aims at assessing the role of the United States in the global economy and its evolution over time. The emergence of large economic players, like China, is likely to have weakened the role of the U.S. economy as a driver of global growth. Based on a Global VAR modelling approach, this...

This paper aims at assessing the role of the United States in the global economy and its evolution over time. The emergence of large economic players, like China, is likely to have weakened the role of the U.S. economy as a driver of global growth. Based on a Global VAR modelling approach, this...

This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model features a monetary transmission mechanism, a fiscal transmission mechanism, and extensive macrofinancial linkages, both within...

The Job Guarantee (Mosler 1997-8, Mitchell and Muysken 2008, Wray 1998; hereafter, JG) is a policy proposal designed as an alternative to the neoclassical natural rate of unemployment or non-accelerating inflation rate of unemployment (NAIRU). Whereas that approach presumes that some positive...

The purpose of this paper is to research the effect of abandoning the assumption of long-term time horizon in terms of reliability of the Global Competitiveness Report (GCR) findings. In order to achieve this goal we will compare the GCR findings with the findings of a composite index of...