Innovation is the main engine of growth in an increasing number of economies. Innovation economies are, according to the Quadruple Helix (QH) Innovation Theory, sustained by four pilars – Firms, Academia, Government and Consumers –, all operating in a systemic, interactive environment. We...

<title>Abstract</title> We develop a R&D-based growth model with productive public expenditure in order to frame the Quadruple Helix (QH) innovation concept, based on four helices: <italic>Academia & Technological Infrastructures</italic>, <italic>Firms</italic>, <italic>Government</italic> and <italic>Civil Society</italic>. Our motivation stems from acknowledgment that the...

Multidisciplinary innovation is the main engine of growth for an increasing number of economies. Innovation requires the participation of and interaction between all economic agents. It also requires public spending on education, research and infrastructures. Our main goal is to emphasize the...

We assess U.S. monetary policy across time and frequencies in the framework of the Taylor Rule (TR). First, we portray the deviations between policy interest rates and the TR-prescribed rates with a set of continuous wavelet tools, comprising the coherency, phase-diference and gain. Then, using...

This paper examines the effects of elections on central governments’ fiscal policy conducts. We construct a unique database of disaggregated spending and revenue series at the central government level, for a panel of up to 107 countries over the 1975-2010 period. Using this data, we show that...

In this paper we study the effect of reference pricing on pharmaceutical prices and expenditures when generic entry is endogenously determined. We develop a Salop-type model where a brand-name producer competes with generic producers in terms of prices. In the market there are two types of...

We use wavelet analysis to investigate to what extent individual U.S. states' business cycles are synchronized. The results show that the U.S. states are remarkably well synchronized compared to the previous findings w.r.t. the Euro Area. There is also a strong and significant correlation...

Multidisciplinary innovation is the engine of growth of an increasing number of economies. Innovation output depends increasingly on information sharing and cooperation between creative agents. Sharing and cooperation requires the existence of generalised trust. Social capital consists of trust...

Using the vector auto-regression (VAR) and the vector error-correction Models (VECM), this paper analyzes the short-term dynamics of the prices of CO2 emissions in response to changes in the prices of oil, coal, natural gas, electricity and carbon emission allowances. The results show that: (i)...

Using a spatial competition framework with three ex ante identical firms, we study the effects of a horizontal merger on quality, price and welfare. The merging firms always reduce quality. They also increase prices if demand responsiveness to quality is sufficiently low. The non-merging firm,...