Since the late 1980s, declines in defense spending have resulted in dramatic employment reductions in defense-related sectors of the economy. Although considerable information exists on the fate of major defense contractors and military bases in New England, little is known about what has...

This paper clarifies one of the puzzling results of the economic growth literature: the impact of military expenditure is frequently found to be non-significant or negative, yet most countries spend a large fraction of their GDP on defense and the military. We start by empirical evaluation of...

One reason that business cycle turning points are hard to understand and predict may be that economists typically employ linear models, while a growing body of research suggests that many economic variables interact in a nonlinear fashion. This study measures the contribution of changes in...