It is common practice to estimate the volatility-growth link by specifying a standard growth equation such that the … variance of the error term appears as an explanatory variable in this growth equation. The variance in turn is modelled by a … biased and inconsistent estimate of the volatility-growth link. Our simulations show that this effect is large. Once the …

from middle to low- and high-income workers, while average wage growth has been slower for middle-income workers than at … explanation for polarization. Productivity growth through raising national income leads to a partial marketization of home …

accumulation in an R&D-based growth model with endogenous fertility and endogenous education. In line with the empirical evidence …, our model allows for i) a negative association between long-run economic growth and population growth, ii) a positive …We analyze the di fferential growth e ffects of basic research, applied research, and embodied human capital …

This paper shows that the consumption-based asset pricing model (C-CAPM) with low-probability disaster risk …

We study the effects of a labor-intensive health care sector within an R&D-driven growth model with overlapping … health care enhances growth and welfare. Even if the provision of health care diverts labor from productive activities, it … may still fuel R&D and economic growth if the additional wealth that comes with expanding longevity translates into a more …

income groups. This paper presents a growth model which is consistent with (i)-(iv) at the same time, a result the existing …Growth is associated with (i) shifts in the sectoral structure of the economy, (ii) changes in relative prices and (iii … literature has not been able to generate. The theory is simple and parsimonious and contains an analytical solution. The model s …

-sector neoclassical growth model of Ramsey (1928), Cass (1965), and Koopmans (1965) extended to allow for endogenous capital- and labor …The determinants of the direction of technical change and the implications for economic growth are studied in the one … investments are associated with new technological knowledge that accumulates over time. We analyze a version of the model with …

growth across the globe. In a large sample of countries, equality in the distribution of income as measured by the World Bank … in the World Values Survey, and democracy, all of which are good for growth as reflected in the purchasing power of per …