Economic research has considered Private Debt a determinant of GDP growth for years. By keeping this perspective, the objective of this work is to understand how much of the GDP response to a monetary shock is due to the variation of private debt. This is the marginal contribution of private...

Mit dem neuen Jahr beherrschen andere Sichtweisen die wirtschaftspolitische Diskussion. Trotz relativ guenstiger Prognosen wird die Wirtschaftsentwicklung in den Vereinigten Staaten ganz anders beurteilt. Es hat den Anschein, als ob Stimmungsschwankungen zunehmen. Mehr und aktuelle Informationen...

Using data on the US and EU top R&D spenders from 2004 until 2012, this paper investigates the sources of the US/EU productivity gap. We find robust evidence that US firms have a higher capacity to translate R&D into productivity gains (especially in the high-tech industries), and this...

This paper builds on the literature on growth in searching for explanations for the divergent growth performance between the EU countries and the United States.We emphasise the role of R&D investment and perhaps different degrees of elasticity of substitution between capital and labour.We...

The process of political, economic and socio-cultural integration is underway of rapid pace in terms of globalization. Consequently, changes in one state will be reflected in other countries or region as a result of increased interdependence. The U.S. and Turkey have a historically strong...

Using data on the US and EU top R&D spenders from 2004 until 2012, this paper investigates the sources of the US/EU productivity gap. We find robust evidence that US firms have a higher capacity to translate R&D into productivity gains (especially in the high-tech industries), and this...

Mainstream economic research regards private debt as a determinant of GDP growth in the longrun. Levine (2005) surveys in details this branch of literature and explains the channels by which debt fuels growth. In this paper we switch the focus from the long to the short-run and study whether...

Theoretical predictions of the impact of TFP growth on unemployment are ambiguous, and depend on the extent to which new technology is embodied in new jobs. We evaluate a model with embodied and disembodied technology, capitalization, and creative destruction effects by estimating the impact of...

" Switzerland is the growth laggard in the industrial world " - this dismal view has become part and parcel of today's conventional wisdom in Switzerland and elsewhere. We show it to be but partially true : accurate when judged by the trend growth rate of officially recorded real GDPs in...

The objective of this paper is to develop a more comprehensive understanding, from a policy perspective, of key drivers of labour productivity in selected OECD countries and their impact on enhanced productivity performance. The paper first presents some general lessons from the productivity...