We introduce publicly funded education in R&D-based economic growth theory. The framework allows us to i) incorporate a … realistic process of human capital accumulation for industrialized countries, ii) reconcile R&D-based growth theory with the …

Conventional R&D-based growth theory argues that productivity growth is driven by population growth but the data …

This paper proposes a theory for the gradual evolution of knowledge diffusion and growth over the very long run. A …

liquidity constraint so that tuition must be paid out of pre-university income. It is shown that student loans provided by home …

literature, the present framework can reconcile R&D-based growth theory with the available empirical evidence. …

expectancy. We integrate the theory into a unified growth model and reestablish increasing life expectancy as an engine of long …

households hold a portfolio of domestic and foreign assets, shift balances depending on risk-return considerations, and maximise … investments at the cost of in ation, currency devaluation, distortions of interest rates, and risk clusters on the central bank … risk clusters on central bank's balance sheet or changes in the domestic price level emerge. This consequently results in …