We study a model of economic growth and development with a threshold externality. The model has one steady state with a low and stagnant level of income per capita and another steady state with a high and growing level of income per capita. Both of these steady states are locally stable under...

We include learning in a standard equilibrium business cycle model with explicit growth. We use the model to study how the economy's agents could learn in real time about the important trend-changing events of the postwar era in the U.S., such as the productivity slowdown, increased labor force...

Memphis, Tenn., Oct. 14, 2008

Memphis, Tenn., Oct. 14, 2008

Address before Bryant College, Providence, R.I., Oct. 14, 2003

Presentation to the St. Louis Regional Commerce and Growth Association, Leadership Circle - July 15, 1998

This paper draws on the experiences of the United States and European Community to speculate on the effects of agreements to integrate high and low income economies. The evidence suggests that reducing barriers to the flow of goods or resources will promote convergence, even among integrating...