What determines firm growth over the life-cycle? Exploiting unique firm panel data on internal organization, balance sheets and innovation, representative of the entire Canadian economy, we study recent theories that examine life-cycle patterns for firm growth. These theories include...

Traditional U.S. industries with higher firm-specific stock return and fundamentals performance heterogeneity use information technology (IT) more intensively and post faster productivity growth in the late 20th century. We argue that elevated firm performance heterogeneity mechanically reflects...

Recent studies warn that the U.S. economy may return to a phase of secular stagnation. In the next 20 to 50 years, U.S. economic growth will be negatively affected by lower contributions of hours worked and education. But some studies also add that productivity could decelerate sharply and that...

Recent studies warn that the U.S. economy may return to a phase of secular stagnation. In the next 20 to 50 years, U.S. economic growth will be negatively affected by lower contributions of hours worked and education. But some studies also add that productivity could decelerate sharply and that...

We use detailed information about wages, education and occupations to shed light on the evolution of the U.S. financial sector over the past century. We uncover a set of new, interrelated stylized facts: financial jobs were relatively skill intensive, complex, and highly paid until the 1930s and...

We analyse the impact of industry on non industrial production, as well as its effect on wages and employment in 6 OECD countries: France, Germany, Italy, Spain, the United Kingdom and the United States for the period 1960-2012. Our approach to macro-econometric modelling have into account both...

The approach put forward in this article is based on Schumpeter`s idea of creative destruction, the competitive process by which entrepreneurs are always looking for new ideas that will render their rivals` ideas obsolete. I present a model in which the rate of economic growth is sensitive to...

The present paper provides an overview of literature on the shift to services. It follows the three dimensions of structural change - final demand, the inter-industry division of labor and inter-industry productivity differences. It first looks at the ?classics?, however (Fisher (1935), Clark...

I study a model where Information Technology, while typically increasing overall inequality, is likely to harm some people at intermediate and high levels of the distribution of income but to benefit people at the bottom. Within a given occupation it may harm some workers while benefitting...

This paper looks at productivity growth rates in Malta and Cyprus and proposes policies as to how these island states countries might augment their productivity and competitiveness. We identify three possible growth strategies for the islands: an Innovation-Oriented Economy, a Controlled...