The National Bureau of Economic Research (NBER) confirmed in November 2001 what many had long suspected - that the U.S. economy was in recession and had been since March 2001. Thus ended an economic expansion that had begun in March 1991, the longest in the NBER chronology that dates to the...

Some technologies save lives -- new vaccines, new surgical techniques, safer highways. Others threaten lives -- pollution, nuclear accidents, global warming, the rapid global transmission of disease, and bioengineered viruses. How is growth theory altered when technologies involve life and death...

No region of the United States fared worse over the postwar period than the "Rust Belt," the heavy manufacturing region bordering the Great Lakes. This paper hypothesizes that the Rust Belt declined in large part due to a lack of competitive pressure in its labor and output markets. We formalize...

We use a Schumpeterian model in which both the economy's growth rate and its volatility are endogenously determined to assess some welfare and policy implications associated with business cycle fluctuations. Because it features a higher average growth rate than its acyclical counterpart,...

We use a Schumpeterian model in which both the economy's growth rate and its volatility are endogenously determined to assess some welfare and policy implications associated with business cycle fluctuations. Because it features a higher average growth rate than its acyclical counterpart,...

We develop measures of labor-saving and labor-augmenting technology exposure using textual analysis of patents and job tasks. Using US administrative data, we show that both measures negatively predict earnings growth of individual incumbent workers. While labor-saving technologies predict...

This paper shows how and why the Solow growth accounting framework is useful for linking entrepreneurship capital to economic growth. The knowledge filter impedes the spillover of knowledge for commercialization, thereby weakening the impact of knowledge investments on economic growth. By...

There is increasing empirical evidence that creative destruction, driven by experimentation and the adoption of new products and processes when investment is sunk, is a core mechanism of development. Obstacles to this process are likely to be obstacles to the progress in standards of living....

This paper empirically investigates the extent to which technological characteristics in exports affect the patterns of trade-led economic growth across countries. Data of the Balassa index, which captures a country's revealed comparative advantage, are obtained for industries classified by...