Trade and access to international capital markets are often assumed to support countries’ development, notably through technology transfers that support convergence. In this chapter we review economic developments in the EU Central, Eastern and Southeastern (CESEE) countries (namely Bulgaria,...

The permanent decline of equipment prices relative to nondurable consumption prices rendered fixed-base quantity indexes obsolete, because of the well-known substitution bias. National Income and Product Accounts (NIPA) responded by switching to a flexible-base quantity index to measure GDP...

La caida sostenida del precio de los bienes de equipo, relativo al de los bienes de consumo, se interpreta como unamanifestación de progreso técnico incorporado (PTI). En este artículo revisaremos la metodología de la medición del crecimiento y veremos que la presencia de PTI nos obliga a...

The new U.S. data from NIPA contradict some of the well-known Kaldor stylized facts, and call for a reformulation of the modern theory of economic growth. Among these new facts, three must be stressed: A permanent decline in the relative price of durable goods, a permanent increase in the real...