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Economics and Politics of Alternative Institutional Reforms
Caselli, Francesco - 2007
constraints on entry, but in addition it facilitates transfers of control of incumbent firms, from untalented to talented managers …
Persistent link: https://www.econbiz.de/10012465823
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Economic Growth and Decline with Endogenous Property Rights
Tornell, Aaron - 1993
This paper introduces endogenous property rights into a neoclassical growth model. 1t identifies a mechanism that generates growth rates which are increasing at low levels of capital. and decreasing at high levels of capital. The driving force behind changes in property rights is the attempt of...
Persistent link: https://www.econbiz.de/10012474602
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Financial development and growth in the short and long run
Fisman, Raymond - 2004
"We analyze the relationship between financial development and inter-industry resource allocation in the short- and long-run. We suggest that in the long-run, economies with high rates of financial development will devote relatively more resources to industries with a 'natural' reliance on...
Persistent link: https://www.econbiz.de/10010523015
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The Effect of Health on Economic Growth : Theory and Evidence
Bloom, David E. - 2001
Macroeconomists acknowledge the contribution of human capital to economic growth, but their empirical studies define human capital solely in terms of schooling. In this paper, we extend production function models of economic growth to account for two additional variables that microeconomists...
Persistent link: https://www.econbiz.de/10012470129
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When Does Capital Account Liberalization Help More than It Hurts?
Arteta, Carlos - 2001
In this paper we reconsider the evidence on capital account liberalization and growth. While we find indications of a positive association, the effects vary with time, with how capital account liberalization is measured, and with how the relationship is estimated. The evidence that the effects...
Persistent link: https://www.econbiz.de/10012470268
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Empirical Bayes Forecasts of One Time Series Using Many Predictors
Knox, Thomas - 2001
We consider both frequentist and empirical Bayes forecasts of a single time series using a linear model with T observations and K orthonormal predictors. The frequentist formulation considers estimators that are equivariant under permutations (reorderings) of the regressors. The empirical Bayes...
Persistent link: https://www.econbiz.de/10012470584
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Growth Economics and Reality
Brock, William A. - 2000
the perspective of economic theory as well as from the perspective of the historical experiences of the countries under … model specification. Model uncertainty consists of two types: theory uncertainty, which relates to which growth determinants … draws from the same statistical model. We propose ways to account for both theory and heterogeneity uncertainty. Finally …
Persistent link: https://www.econbiz.de/10012470690
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A Re-examination of the Predictability of Economic Activity Using the Yield Spread
Hamilton, James D. - 2000
This paper revisits the yield spread's usefulness for predicting future real GDP growth. We show that the contribution of the spread can be decomposed into the effect of expected future changes in short rates and the effect of the term premium. We find that both factors are relevant for...
Persistent link: https://www.econbiz.de/10012470782
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Creative Destruction and Development : Institutions, Crises, and Restructuring
Caballero, Ricardo J. - 2000
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....
Persistent link: https://www.econbiz.de/10012470894
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The Equity Premium and Structural Breaks
Pastor, Lubos - 2000
A long return history is useful in estimating the current equity premium even if the historical distribution has experienced structural breaks. The long series helps not only if the timing of breaks is uncertain but also if one believes that large shifts in the premium are unlikely or that the...
Persistent link: https://www.econbiz.de/10012470972