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We estimate a model in which fiscal and monetary policy obey the targeting rules of distinct policy authorities, with potentially different objective functions. We find: (1) Time-consistent policy fits U.S. time series at least as well as instrument-rules-based behavior; (2) American policies...
Persistent link: https://www.econbiz.de/10014537046
Persistent link: https://www.econbiz.de/10011604325
We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which prices are sticky and the only available sources of government revenue are distorting taxes. Our linear-quadratic approach allows us to nest both conventional analyses of optimal...
Persistent link: https://www.econbiz.de/10011604391
This paper investigates the role of regional financial development, in addition to FDI, for regional innovation in … regional innovation (patenting) performance. This positive effect is found to be higher for minor innovations such as external … would otherwise impede regional innovation performance. …
Persistent link: https://www.econbiz.de/10010275701
and export intensity. We investigate theoretically and empirically how financial constraints affect a firm's innovation … export and innovation activities to become substitutes although they are generally natural complements. …
Persistent link: https://www.econbiz.de/10010333877
Persistent link: https://www.econbiz.de/10011384883
's innovation and export activities, using unique firm survey data which provides direct measures for innovations and firm … export and innovation activities to become substitutes although they are generally natural complements. …
Persistent link: https://www.econbiz.de/10010269463
Industrialization has long been seen as the answer to underdevelopment and poverty. First this led countries to follow protectionist import substitution policies but as these failed developing countries have opened up to trade and FDI and tried to follow strategies of export driven...
Persistent link: https://www.econbiz.de/10010273444
The globalized Western culture of innovation, as propagated by major aid institutions, does not necessarily lead to … empowerment or improvement of the well-being of the stakeholders. On the contrary, it often blocks viable indigenous innovation … cultures. In African societies and African Diasporas in Latin America, cultures of innovation largely accrue from the informal …
Persistent link: https://www.econbiz.de/10010275975
Innovation is key to technology adoption and creation, and to explaining the vast differences in productivity across … and within countries. Despite the central role of the entrepreneur in the innovation process, data limitations have … restricted standard analysis of the determinants of innovation to consideration of the role of firm characteristics. We develop a …
Persistent link: https://www.econbiz.de/10010330094