In macroeconomic dynamic models the speed at which output converges to its steady state is of outstanding interest. Theoretical investigations usually focus on the asymptotic speed of convergence only. This procedure is, however, unnecessarily restrictive and hides important information. The...

India's emergence in the world economy over the last decade, has often, in popular discourse, been attributed, at least to a large extent, to its sustained efforts towards technological learning and capacity building. In this paper we present an overview of India's technological trajectory with...

India’s emergence in the world economy over the last decade, has often, in popular discourse, been attributed, at least to a large extent, to its sustained efforts towards technological learning and capacity building. In this paper we present an overview of India’s technological trajectory...

In macroeconomic dynamic models the speed at which output converges to its steady state is of outstanding interest. Theoretical investigations usually focus on the asymptotic speed of convergence only. This procedure is, however, unnecessarily restrictive and hides important information. The...

This study investigates the causal relationship between financial innovation and economic growth in China, India, and Pakistan over the period of 1970-2016. Using an Auto-regressive Distributed Lag (ARDL) bound testing and Granger causality-based Error Correction Model (ECM), this study finds...

Because positive spillovers give investment in innovation a social rate of return several times higher than its internal rate of return to innovators, innovation is chronically underfunded. Recurrent manias, panics, and crashes in stock markets inundate “hot” new technologies with capital....

We study the features of the incentives for investing in capital goods with higer durability. We argue that economies which invest in capital goods with less durability may have a lower economic growth. We build a theoretical model with endogenous depreciation rate. The model we present is one...

This paper employs a new global panel data set on innovation related variables to examine patterns of R&D investment across the development process. We find that R&D effort measured as a share of GDP rises with development at an increasing rate, but that several countries have experienced...

The literature on unemployment has mostly focused on labor market issues while the impact of capital formation is largely neglected. Job-creation is often thought to be a matter of encouraging more employment on a given capital stock. In contrast, this paper explicitly deals with the long-run...

The literature on unemployment has mostly focused on labor market issues while the impact of capital formation is largely neglected. Job-creation is often thought to be a matter of encouraging more employment on a given capital stock. In contrast, this paper explicitly deals with the long-run...