This paper extends the q-theory of investment to model explicitly the decision of firms to invest in intangibles and …

How important is foreign knowledge for domestic innovation outcomes? How is this relation shaped by globalization and … barriers to the domestic diffusion of foreign knowledge have fallen significantly for emerging economies. For all countries …, and especially for emerging economies, inflows of foreign knowledge have a growing and quantitatively important impact on …

The knowledge production function is central to R&D-based growth models. This paper empirically investigates the … knowledge production function and intertemporal spillover effects using cointegration techniques. Time-series evidence suggests … there are two long-run cointegrating relationships. The first captures a long-run knowledge production function; the second …

This paper reviews the ""Austrian"" theory of the business cycle first proposed by Friedrich Hayek in the 1920s. His … theory claimed that credit creation by monetary authorities would push investment beyond society''s long-term willingness to … save, creating a mismatch between supply and demand that would inevitably cause recession. The theory argued, moreover …

The advancement of the knowledge frontier is crucial for technological innovation and human progress. Using novel data … talent is a central ingredient in the production of knowledge. Second, such talented individuals born in low- or middle …-income countries are systematically less likely to become knowledge producers. Our findings suggest that policies to encourage …