This paper studies fiscal policy in a New Keynesian DSGE model with endogenous technology growth in which scarring can occur endogenously through hysteresis effects in TFP. Both demand- and supply-driven recessions can weaken investment in R&D and technology adoption, thus depressing the...

We incorporate the spatial dimension into a standard expanding variety growth model based on R&D. The spatial interaction is introduced through spatial production spillovers, knowledge diffusion across space, and the capability for spatial heterogeneity. Forward-looking agents who operate in a...

This paper considers a class of growth models with idiosyncratic human capital risk and private information about individual effort choices (moral hazard). Households are infinitely-lived and have preferences that allow for a time-additive expected utility representation with a one-period...

This paper proposes a new economic growth model in which each household determines consumption based on an optimization problem for a finite look-ahead period. This growth model indicates that the economy usually moves from a high-growth period to a low-growth one, and an asset gap or an...

Various econometric specifications and levels of data aggregation have yielded different results for labor productivity convergence. However, few studies have modeled convergence while formally accounting for regional spatial interactions, notwithstanding a wide recognition of their importance...

Various econometric specifications and levels of data aggregation have yielded different results for labor productivity convergence. However, few studies have modeled convergence while formally accounting for regional spatial interactions, notwithstanding a wide recognition of their importance...

We build an endogenous growth model featuring a new mode of human capital accumulation in a data economy. Data are generated as the byproducts of economic activities and then used by consumers for human capital accumulation apart from education. Although we find similar growth patterns compared...

We study the coevolutionary dynamics of knowledge creation and diffusion with the formation of R&D collaboration networks. The novel examination of a large R&D collaboration network over several decades reveals a pronounced oscillatory (cyclical) pattern in the R&D collaboration intensity, which...