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...

China's investment rate is one of the highest in the world, which naturally leads one to suspect that the return to capital in China must be quite low. Using the data from China's national accounts, we estimate the rate of return to capital in China. We find that the aggregate rate of return to...

China's investment rate is one of the highest in the world, which naturally leads one to suspect that the return to capital in China must be quite low. Using the data from China's national accounts, we estimate the rate of return to capital in China. We find that the aggregate rate of return to...

For more than half a century, inventory investment has attracted wide attention as a major cause of short-term macroeconomic fluctuations, and the mechanisms involved have been the focus of many major studies. Yet microeconomists and business people familiar with corporate behavior have...

I estimate the elasticity of GDP with respect to aggregate capital and labor using industry-specific cost structures and without assuming an aggregate production function exists. Different assumptions about industry capital costs provide upper and lower bounds for the elasticities. In the U.S....

Romania joined the European Union after many years of uneven efforts and uncertainty about the effective date of integration. In this paper we try to evaluate the economic situation of Romania at the moment of joining the European Union. We try to identify the main macroeconomic developments...

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 this slowdown started prior to the Great...

Nighttime lights data are a measure of economic activity whose measurement error is plausibly independent of the errors of most conventional indicators. Therefore, we can use nighttime lights as an independent benchmark to assess existing measures of economic activity (Pinkovskiy and...

Based on satellite photos of night light from NASA and the U.S. Department of Defense, and using the methodology proposed by Henderson, Storeygard and Weil (2012), this paper measures the economic growth of the main 15 beach tourist areas in Mexico for the period from 1993 to 2017. This...

Nighttime lights data are a measure of economic activity whose measurement error is plausibly independent of the errors of most conventional indicators. Therefore, we can use nighttime lights as an independent benchmark to assess existing measures of economic activity (Pinkovskiy and...