The budgetary implications of an aging population in the OECD are often considered dire. This study argues that this need not be the case provided that older educated workers are more innovative than their younger counterparts, and that workers with tertiary education stay in the labor force...

Empirical estimates point towards wealth effects in consumption that are significantly higher than predicted by economic theory. This paper argues that the wealth effects are partly or fully driven by an unobserved macroeconomic factor such as credit conditions because asset prices affect the...

This study examines the extent to which high performance work practices (HPWP) are correlated with participation in, and frequency and duration of, workplace training, controlling for worker and workplace characteristics. To do so, the study uses a unique matched employee-employer dataset from...

We study the role of institutional development as a causal mechanism of history affecting current economic performance. Several indicators capturing different dimensions of early development in 1500 AD are used to remove the endogenous component of the variations in institutions. These...

This paper proposes a new way to empirically model netput functions. It argues for the flexibility and rationality of specifying netputs as a function of competitive prices, fixed inputs, and restricted profit. We call these implicit netput functions because they depend on restricted profit....

Agricultural production is subject to supply risk. Expected and realized farm outputs and output prices are unknown and unobservable when inputs are chosen. Crop and livestock production decisions are linked over time. Producers’ expectations are particularly difficult to model. This paper...

There is debate over the relationship between ownership structure and firm performance. Most existing studies look at established listed companies in developed countries, in which the market mechanism is well developed. Meanwhile, the relationship between ownership structure and firm performance...

We examine the relationship between globalisation, corporate governance and firm productivity by breaking down total effects into direct and indirect effects. The estimation results, using longitudinal data from Korea, indicate that the positive effect of liberalising equity ownership on...

This paper examines the importance of the domestic R&D stock and foreign knowledge spillovers on total factor productivity for six Asian miracle economies over the period from 1955 to 2006. The productivity effects of international knowledge spillovers through the following channels are...

Although ideas production plays a critical role for growth, there has been only a modicum of research on the role played by financial forces in fostering new inventions. Drawing on Schumpeterian growth theory, this paper tests the roles of risk capital and private credit in stimulating knowledge...