This study examines the relationship between Financial Sector Development and Economic Growth in Ghana using time series data from 1980-2009. The study investigates empirically the impact of financial sector development on economic growth in Ghana using the Granger Causality Test, the Johansen...

Using a dynamic factor model that allows for changes in both the long-run growth rate of output and the volatility of business cycles, we document a significant decline in long-run output growth in the United States. Our evidence supports the view that most of this slowdown occurred prior to the...

A major puzzle is that despite the apparent importance of innovation around the knowledge economy, UK macro performance appears unaffected: investment rates are flat, and productivity has slowed down. We investigate whether measurement issues might account for the puzzle. The standard National...

For more than fifty years, the Solow decomposition (Solow 1957) has served as the standard measurement of total factor productivity (TFP) growth in economics and management, yet little is known about its precision, especially when the capital stock is poorly measured. Using synthetic data...

After a severe crisis in the early 1990s, the Swedish economy experienced a boom in productivity growth. Economists have presented three explanations for the fast productivity growth in 1995–2004: market reforms, crisis recovery and the impact of information and communication technology (ICT)....

This paper looks at the channels through which intangible assets affect productivity. The econometric analysis exploits a new dataset on intangible investment (INTAN-Invest) in conjunction with EUKLEMS productivity estimates for 10 EU member states from 1998 to 2007. We find that (a) the...

Published macroeconomic data traditionally exclude most intangible investment from measured GDP. This situation is beginning to change, but our estimates suggest that as much as $800 billion is still excluded from U.S. published data (as of 2003), and that this leads to the exclusion of more...

Two alternative measures of demand adjusted capital input for the U.S. non-farm private business sector are derived and their differential impacts on the potential supply of output are compared to those obtained using the unadjusted index of capital input published by the Congressional Budget...

The objective in this paper is to highlight the complex linkages of capital input to potential output in the U.S. nonfarm private business sector. For this purpose the analytical framework used by the Congressional Budget Office (CBO) is adapted and re-estimated using data from the U.S. Bureau...

This paper looks at the channels through which intangible assets affect productivity. The econometric analysis exploits a new dataset on intangible investment (INTAN-Invest) in conjunction with EUKLEMS productivity estimates for 10 EU member states from 1998 to 2007. We find that (a) the...