This paper proposes a new filter technique to separate trend and cycle based on stylised economic properties of trend and cycle, rather than relying on ad hoc statistical proper-ties such as frequency. Given the theoretical separation between economic growth and business cycle literature, it is...

This paper proposes a nonlinear teaching approach, based on learning theories in cognitive psychology, with a special focus on large-cohort economics modules. The fundamental rationale is to match the features of teaching with the nature of learning. This approach was implemented in an...

Immigrants and offshore workers become important disturbing factors of domestic employment in the globalized economy. In this study we build a model with this feature to test how the three groups of workers in the labor force interact using a panel data of 155 countries over the period...

We model how R&D enters the innovation system in four ways (intramural, extramural, cooperative, and spillover). Despite measuring three different spillovers together, for a very large sample of European enterprises we conclude that the productivity effects of spillovers were at best smaller...

This paper examines the historical development and cross-sectional heterogeneities of Financial Market Infrastructure (FMI). From an evolutionary perspective, we review and compare FMIs in the US, Europe, and China. We identify an emerging trend in which the development of FMI is transitioning...

This paper investigates the long-run nexus between wealth inequality and aggregate output using a DSGE model in which wealth inequality endogenously affects individual entrepreneurship incentives, thereby influencing aggregate output. Our model passes the indirect inference test against the UK...