We estimate and compare two empirical measures of the weak sustainability of an economy for the first time: the change in augmented green net national product (GNNP), and the interest on augmented genuine savings (GS). Yearly calculations are given for each measure for Scotland during 1992-99....

In this paper we estimate industry-level VAR models at the 4- digit SIC level for a number of US manufacturing sectors, using TFP series which allow for variable factor utilisation over the cycle. This allows us to verify the relevance of alternative theoretical modelling approaches to the...

This paper operates at the interface of the literature on the impact of foreign direct investment (FDI) on host countries, and the literature on the determinants of institutional quality. We argue that FDI contributes to economic development by improving institutional quality in the host country...

This paper introduces technological progress into an efficiency wage model, and argues that changes in the rate of technical change affect not only the demand for but also the effective supply of labour. This creates a new mechanism through which technological progress impacts on the wage of...

Output fluctuations are driven by expectations about the degree of competition in the product market (and R&D sector). We examine how the characteristics of endogenous cycles change in the long run, as labour productivity grows faster. Main results: (i) expansion (or contraction) occurs more (or...